Automotive Elastomers Market - Global Industry Analysis 2023
Thermoplastic automotive elastomers have dominated the automotive elastomers market in the past few years. A similar trend is expected to continue during the forecast period due to its chemical geometry, which provides it the flexibility of desired customization. Automotive parts made of thermoplastic automotive elastomers are lighter as compared to parts made of synthetic automotive elastomers. This is likely to drive the thermoplastic automotive elastomers market during the forecast period. Several key players have introduced specialty grades for synthetic automotive elastomers. This is expected to propel growth of the automotive elastomers market during the forecast period.
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Interior applications such as air bags is expected to be the fastest-growing application of automotive elastomers due to recent sanctions levied on automotive manufacturers, which made airbags compulsory for all cars across the globe. Automotive elastomers being lightweight aid manufacturers in reducing the overall weight of the vehicle. Introduction of stringent emission norms and growing preferences toward high-efficiency automobiles are expected to primarily boost the automotive elastomers market.
Asia Pacific is expected to be the leading regional market during the next few years on account of growing population in emerging economies such as China and India. Growth in the automobile industry in China and India due to rising disposable income is expected to be a key factor propelling the automotive elastomers market in the region. Europe is anticipated to witness a similar growth trend owing to presence of well-established automotive industry in the region. Stringent emission norms in Eurozone are anticipated to boost the market in Europe.
Similarly, the automotive elastomers market in North America is expected to be driven by emission norms and growing preferences toward high-efficiency automobiles. Latin America is projected to witness steady growth during the next few years due to growth in automotive and textile industries in economies such as Brazil. Middle East and Africa is estimated to be a highly lucrative regional segment of the automotive elastomers market due to presence of growing automotive industry and high disposable income in countries in GCC and South Africa during the forecast period.
Some of the major players in the automotive elastomers market include BASF SE, LANXESS, The Dow Chemical Company, Exxon Mobil Corporation, E. I. du Pont de Nemours and Company, Saudi Basic Industries Corporation (SABIC), 3M, Huntsman International LLC, LyondellBasell Industries N.V., Bayer AG, China Petrochemical Corporation (Sinopec), Kraton Performance Polymers Inc., PJSC "Nizhnekamskneftekhim", SIBUR, Versalis S.p.A., Momentive, Mitsui Chemicals, Inc., KURARAY CO., LTD., Asahi Kasei Corporation, TSRC Corporation, and Sumitomo Corporation.
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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