According to Data Bridge Market Research new Market report, global automotive rubber molded components market will account to an estimated USD 35.01 billion in 2018 growing at a CAGR of 6.4% during the forecast period of 2019 to 2026.
Global Automotive Rubber Molded Components Market
Automotive rubber molded components are parts of the vehicles that are utilized in the various divisions of the vehicle such as engines, transmissions, suspension, braking systems, tires. These parts are made of various different materials such as ethylene propylene diene monomers, natural rubber, styrene-butadiene rubber. These components are of varied types such as gaskets, seals, weather strips, hoses, bellows, grommets and various other varieties.
Global automotive rubber molded components market is segmented on the basis of material, vehicle type, components and geography.
By Material (EPDM, NR, SBR, Others), Vehicle Type (Passenger Car, LCV, HCV, Others), Components (Seals, Weather Strips, Gaskets, Hoses, Grommets, Bellows, Others) and Geography (North America, South America, Europe, Asia-Pacific, Middle East & Africa)
FACTORS DRIVING GROWTH IN AUTOMOTIVE RUBBER MOLDED COMPONENTS MARKET
Rapid rise in demand of vehicles
According to International Organization of Motor Vehicle Manufacturers, in 2015 the total sales of vehicles amounted up to an estimated 89 million, where passenger car vehicles amounted up to 66 million of those sales and 23 million of commercial vehicles. This number rose to an estimated 94 million in 2016, where passenger car vehicles amounted to 70 million and 24 million of commercial vehicles sales. In 2017, this number rose to an estimated 97 million in 2017, 71 million of those sales in passenger car vehicles and 26 million in commercial vehicle sales. This rise in demand of vehicles bodes well for the growth of automotive rubber molded components as these components are heavily used in the operations of the vehicle.
Few of the major competitors currently working in the automotive rubber molded components market are Continental AG, Dana Limited, Federal-Mogul LLC, HUTCHINSON, Cooper Standard, TOYODA GOSEI Co. Ltd., Sumitomo Riko Company Limited, SKF, Freudenberg & Co. KG, Trelleborg AB, ALP GROUP, Bohra Rubber Pvt. Ltd., Hebei Shida Seal Group Co. Ltd., NOK CORPORATION, Steele Rubber Products, Rubber The Right Way, Timco Rubber, Tubular Products Company, CGR Products and Minnesota Rubber and Plastics.
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