Global Automotive Elastomer Market – Industry Trends and Forecast to 2029

Global Automotive Elastomer  Market, By Type (Natural Rubbers (NR), Butyl Elastomers (IIR), Butadiene (BR) (Polybutadiene) Elastomers, Ethylene-propylene (EPM/EPDM) Elastomers, Polyisoprene (IR) Elastomers, Nitrile (NBR) Elastomers, Silicones (Q), Polychloroprene (CR) (Neoprene) Elastomers , Acrylic (ACM) Elastomers, Fluoroelastomers, Styrene Block Copolymers (SBC), Thermoplastic Polyolefins, Thermoplastic Polyurethanes, Thermoplastic Vulcanizates, Thermoplastic Copolyesters, Thermoplastic Polyether Block Amides), Application (Tire and Non-Tire), Vehicle Type (Passenger Cars, Light Commercial Vehicles, Medium and Heavy Commercial Vehicles) - Industry Trends and Forecast to 2029.

Automotive Elastomer Market Analysis and Size

Automotive elastomer are one of the most essential component of the vehicles. In recent years, there has been a rise in demand for lightweight materials to improve quality of vehicle throughout the world are expected to considerably boost demand for automotive elastomers, which is expected to drive the global market. Furthermore, the government's strict policies and rules to increase vehicle efficiency, reduce pollution, and ensure passenger safety have increase the demand for automotive elastomers. Therefore, rising demand for lighter and more compact vehicles is one of the major factors expected to drive the global automotive elastomer market growth during the forecast period of 2022-2029.

Data Bridge Market Research analyses that the automotive elastomer market was valued at USD 32.90 billion in 2021 and is expected to reach USD 49.54 billion by 2029, registering a CAGR of 5.25% during the forecast period of 2022 to 2029. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Automotive Elastomer Market Scope and Segmentation

Market Definition

Elastomers are the rubber material made of long chainlike molecules or polymers. Hence, they are used in various automotive, footwear, sports, and many more industries. Another property of elastomers is the thermosetting property. This means that they can be converted into thermoplastic to improve their durability, stability, and viscosity through vulcanization. Out of all the industries, the automotive industry holds around 45% of the elastomer market.

Global Automotive Elastomer Market Dynamics

Drivers

• Development of automotive sector

Growing production of vehicles both in emerging and developed economies is one of the major factors recognized to the growth of the automotive elastomer market globally. For instance, according to the International Organization of Motor Vehicle production, the total number of vehicles produced in 2016 was 95 million units, which augmented to 97 million units in 2017, globally. Therefore, the growing number of vehicles on road is leading the demand for automotive elastomer, which is anticipated to increase the market growth rate during the forecast period of 2022-2029.

• Increasing awareness regarding benefits of automotive elastomers

Increasing awareness about several benefits of automotive elastomers such as noise reduction, performance improvement, emissions reduction, and safety improvement is expected to boost the demand for numerous types of automotive elastomers and drive the market growth rate.

• Growing demand for light weight vehicle

Increase in demand for lightweight vehicles in order to upsurge fuel efficiency of the vehicle, is expected to increase the automotive elastomer market across the globe. Also, the rise in manufacturing and sale of passenger vehicles is likely to significantly boost the demand for automotive elastomer across the globe, which is anticipated to drive the global growth of the automotive elastomer market.

Opportunities

• Growing stringent government rules

The rising awareness regarding the automotive elastomer and strict government rules and regulations associated with the use of rubber will increase the demand of automotive elastomer in automotive sector which will create immense opportunities to the automotive elastomer market players during the forecast period of 2022 to 2029.

Furthermore, the widespread adoption of elastomers in the automotive sector and the ongoing research and development activities and technological developments in the field of automotive elastomers will further provide lucrative opportunities for the growth of the automotive elastomer market in upcoming years.

Restraints/ Challenges

• Fluctuating price of raw materials

Fluctuating the price of raw materials, mostly petroleum-based, will act as a restrain and further challenge the growth of the automotive elastomer market during the forecast period of 2022-2029.

This automotive elastomer market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the automotive elastomer market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

COVID-19 Impact on Automotive Elastomer Market

The outbreak of COVID-19 pandemic has continued to impact the growth of the automotive and many other sector across the globe. This pandemic has hampered a majority of businesses overall the globe due to imposed lockdown, which caused the people to stay at home. The imposed lockdown led to a decrease in the sales of vehicle, consequently, contracting the global automotive elastomer market. Thus, the leading to a decrease in demand of automotive elastomer as it is dependent on the demand and sales of the vehicles in automotive industry.  However, the market is anticipated to recover rapidly and reach pre-COVID levels over the above mentioned period.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Global Automotive Elastomer Market Scope

The automotive elastomer market is segmented on the basis of type, application and vehicle type. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Natural Rubbers (NR)
• Butyl Elastomers (IIR)
• Butadiene (BR) (Polybutadiene) Elastomers
• Ethylene-propylene (EPM/EPDM) Elastomers
• Polyisoprene (IR) Elastomers
• Nitrile (NBR) Elastomers
• Silicones (Q)
• Polychloroprene (CR) (Neoprene) Elastomers  
• Acrylic (ACM) Elastomers
• Fluoroelastomers
• Styrene Block Copolymers (SBC)
• Thermoplastic Polyolefins
• Thermoplastic Polyurethanes
• Thermoplastic Vulcanizates
• Thermoplastic Copolyesters
• Thermoplastic Polyether Block Amides

Application

• Tire
• Non-Tire

 Vehicle Type

• Passenger Cars
• Light Commercial Vehicles
• Medium and Heavy Commercial Vehicles

Automotive Elastomer Market Regional Analysis/Insights

The automotive elastomer market is analysed and market size insights and trends are provided by country, type, application and vehicle type as referenced above.

The countries covered in the automotive elastomer market report are U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Switzerland, Netherlands, Russia, Turkey, Belgium, Rest of Europe, Japan, China, South Korea, India, Australia & New Zealand, Singapore, Thailand, Malaysia, Indonesia, Philippines, Rest of Asia-Pacific, South Africa, Israel, U.A.E., Saudi Arabia, Egypt, Rest of Middle East and Africa, Brazil, Argentina and Rest of South America.

Asia Pacific dominates the automotive elastomer market in terms of market share and revenue growth. This is due the availability of raw materials and labour at a lower price, presence of major market players and the high adoption of advanced technologies in this region

Europe is expected to fastest growing region during the forecast period of 2022-2029 due to the rising demand of for new vehicles, significant disposable incomes, strict environmental regulations and technological developments in this region

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Automotive Elastomer Market Share Analysis

The automotive elastomer market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to automotive elastomer market.

Some of the major players operating in the automotive elastomer market are:

• Arkema (France)
• Asahi Kasei Corporation (Japan)
• BASF SE (Germany)
• Dow (U.S.)
• Covestro AG (Germany)
• Huntsman International LLC. (U.S.)
• Teknor Apex (U.S.)
• The Lubrizol Corporation (U.S.)
• Tosh Corporation (Japan)
• Kraton Corporation (U.S.)
• China Petroleum Corporation (China)
• Mitsubishi Chemical Company (Japan)
• DuPont (U.S.)
• SIBUR (Russia)
• Evonik (Germany)
• Dynasol Group (Spain)