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Automotive Elastomers Market to Surpass $44.7 Billion by 2029 | Key Trends & Insights
Automotive Elastomers
How Will the Automotive Elastomers Market Grow by 2025 in Terms of Size and Growth?
In recent times, the automotive elastomers market has demonstrated significant growth. It is projected to expand from $34.5 billion in 2024 to $36.24 billion in 2025, with a compound annual growth rate (CAGR) of 5.0%. The surge in growth during the historical period is thanks to factors such as elevated automotive production, advancement in elastomer formulation, establishment of strict emissions standards worldwide, an increase in the production and acceptance of electric vehicles, and the automotive manufacturers' emphasis on decreasing vehicle weight.
What Are the Estimated Growth Rates for the Automotive Elastomers Industry Through 2029?
In the coming years, the automotive elastomers market size is anticipated to experience robust growth, reaching a projected value of $44.7 billion in 2029, with a compound annual growth rate (CAGR) of 5.4%. Factors contributing to this growth during the forecast period include the increased acceptance of electric and autonomous vehicles, escalating environmental concerns, and regulatory pressures. Additionally, continuous research and development, the rising interest in smart materials that can respond to environmental adjustments, and the surging popularity of hybrid vehicles also play a significant part. Key trends projected for the forecast period encompass smart elastomers with incorporated sensors, self-healing elastomers, advancements in bio-based elastomer technology, the inclusion of nanomaterials, and the generation of elastomers exhibiting electrical conductivity.
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What Are the Strategic Drivers Boosting Automotive Elastomers Market Performance?
Anticipated growth in the automotive elastomers market is linked to a burgeoning demand for new vehicles. The push for new automobiles stems from a boost in consumer confidence, economic resurgence, and innovative advancements in automotive technology. Automotive elastomers are employed in vehicles for their sealing, vibration isolation, and flexible features in a variety of elements such as seals, gaskets, tires, and suspension systems. For example, over 2.3 million electric cars were sold in the first quarter of 2023, revealing a 25% rise in sales from the same period in 2022 according to July 2023 data from the Internal Energy Agency, a France-based independent intergovernmental organization. Projected end-of-year sales are estimated to hit 14 million, reflecting a 35% year-on-year surge, with growth expected to pick up in the latter half of the year. Hence, enhanced demand for new vehicles is fuelling expansion in the automotive elastomers market.
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What Are the Segments in the Automotive Elastomers Market?
The automotive elastomers market covered in this report is segmented -
1) By Type: Natural Rubbers (NR), Butyl Elastomers (IIR), Butadiene (BR) (Polybutadiene) Elastomers, Ethylene-Propylene (EPM Or EPDM) Elastomers, Polyisoprene (IR) Elastomers, Nitrile (NBR) Elastomers, Silicones (Q), Polychloroprene (CR) (Neoprene) Elastomers, Acrylic (ACM) Elastomers, Other Types
2) By Vehicle Type: Passenger Cars, Light Commercial Vehicles, Medium And Heavy Commercial Vehicles
3) By Application: Tire, Interior, Exterior, Under The Hood
Subsegments:
1) By Natural Rubbers (NR): Solid Natural Rubber, Liquid Natural Rubber
2) By Butyl Elastomers (IIR): High-Cis Butyl Elastomers, Bromobutyl Elastomers
3) By Butadiene (BR) (Polybutadiene) Elastomers: High-Polymer Polybutadiene, Low-Polymer Polybutadiene
4) By Ethylene-Propylene (EPM or EPDM) Elastomers: EPM Elastomers, EPDM Elastomers
5) By Polyisoprene (IR) Elastomers: Synthetic Polyisoprene Elastomers, Natural Polyisoprene Elastomers
6) By Nitrile (NBR) Elastomers: Carboxylated Nitrile Elastomers, Hydrogenated Nitrile Elastomers
7) By Silicones (Q): Solid Silicones, Liquid Silicones
8) By Polychloroprene (CR) (Neoprene) Elastomers: Chloroprene Rubber (CR), Neoprene Rubber (CR)
9) By Acrylic (ACM) Elastomers: Acrylic-Modified Elastomers, Cross-Linked ACM Elastomers
10) By Other Types: Fluoroelastomers, Thermoplastic Elastomers (TPEs)
What Are the Key Adoption Trends in the Automotive Elastomers Market?
Leading automotive elastomers market players are concentrating on producing innovative solutions such as electrically conductive thermoplastic elastomers to meet the growing needs of the industry and improve functionality. The concept of electrically conductive thermoplastic elastomers involves merging the flexibility inherent in elastomers with the electrical conductivity generally found in metals or conductive polymers. These materials are mainly used for applications that demand both electrical conductivity and mechanical flexibility. KRAIBURG TPE, a thermoplastic elastomer manufacturer based in Germany exemplified this trend when they introduced THERMOLAST R RC/UV/AP, a Thermoplastic Elastomer compound series for auto exteriors in November 2023. This series incorporates recycled materials and delivers better weather resistance which boosts durability. The product is created for diverse exterior applications in cars, comprising cowl gaskets, window seals, underbody components, handles, and functional design elements.
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Which Companies Lead the Competitive Landscape of the Automotive Elastomers Industry?
Major companies operating in the automotive elastomers market are BASF SE, ExxonMobil Chemical Company, Saudi Basic Industries Corporation (SABIC), Continental AG, LG Chem Ltd., Covestro AG, Asahi Kasei Corporation, Evonik Industries AG, DuPont de Nemours Inc., Arkema Group, Mitsui Chemicals Crop & Life Solutions Inc., Celanese Us Holdings LLC, Lanxess AG, Huntsman International LLC, Solvay S.A., Kuraray Co. Ltd., Trelleborg AB, Japan Synthetic Rubber Co. Ltd., Zeon Chemicals Asia Co. Ltd., Teknor Apex Elastomers Inc., Kraton Polymers LLC, Momentive Performance Materials Inc.
Where Are the Key Automotive Elastomers Market Opportunities by Region?
Asia-Pacific was the largest region in the automotive elastomers market in 2024. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive elastomers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Asia: +44 7882 955267 & +91 8897263534,
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