Automotive Elastomers Market 2019 | Driving Factors, Industry Analysis, Investment Feasibility and Trends, Outlook -2023
Automotive Elastomers are produced by cross-linking of carbon, hydrogen and oxygen atoms which offers significant properties such as excellent flexibility, elongation, and durable nature to the finished material. Moreover, they also provide versatility and reliability to the product.
The Global Automotive Elastomers Market has been driven by the range of its application in various sectors such as automotive, construction, aviation, footwear, electrical & electronics and others. Moreover, it is estimated that the construction segment is set to witness the highest growth in the market due to the growing consumption of thermoplastic materials in the sector over the forecast period.
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Some of the major players functioning in the Global Automotive Elastomers Market are BASF SE (Germany), ARLANXEO (the Netherlands), The Dow Chemical Company (U.S.), Exxon Mobil Corporation (U.S.), DuPont (U.S.), SABIC (Saudi Arabia), 3M ( U.S.), Huntsman International LLC (U.S.), LyondellBasell Industries Holdings B.V. (the Netherlands), and Asahi Kasei Corporation (Japan) among others.
The Global Automotive Elastomers Market is segregated into the Type, Application and End-Use.
On the Basis of the Type, the market is further categorized into natural rubber, styrene butadiene rubber, nitrile elastomer, ethylene propylene diene monomer, silicone rubber, fluoroelastomers, styrene block copolymers, thermoplastic polyurethane (TPU), thermoplastic vulcanizates (TPV), and thermoplastic polyester elastomer (TPC) segments.
On the Basis of Application, the market is segmented into tire and non-tire segments.
On the Basis of Application, the market is classified into automotive, construction, aviation, footwear, electrical & electronics, and others.
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The natural rubber segment is the most widely used type in the market due to its growing consumption in heavy end-use industries such as automotive, electrical & electronics, footwear, and others. Moreover, it is estimated that this segment is set to grow at a rapid rate in the market due to strength and durable nature offered by the product.
The tire application is the leading segment in the market on account of growing consumption of low density elastomers in the product. These materials provide unique elasticity, elongation and tensile strength to the finished material.
The automotive sector is the leading segment in the market and is anticipated to observe a higher CAGR due to an increased demand for low density materials in various applications. These materials are used to improve the performance, efficiency of the engines and systems. Moreover, excellent flexibility, mechanical properties, elasticity, and others are some of the properties offered by these polymers in the industry.
The Global Automotive Elastomers Market is spanned across five key regions: Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Among these, Asia Pacific holds the major portion of the global market and is anticipated to continue its dominance due to rising demand for thermoplastic materials in various applications. Countries such as China, Japan and India are the major players in this region. The North America region is estimated to witness a higher growth in the U.S., Canada and Mexico owing to increasing demand for lightweight materials in automotive, construction, aviation, electrical & electronics, and others. The enactment of new rules and regulations set by the European Union has driven the manufacturers to use efficient and high performance materials in the end-use industries. Moreover, it is projected that the advancing research & development of thermoplastic materials in the market has propelled this region to witness a significant growth in Germany, the U.K and Italy.
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The Middle East & Africa is estimated to observe a significant growth due to increasing consumption of low density materials in aviation, industrial, medical, and others. Additionally, the growing demand for elastic and resilience materials is projected to boost the market in the Latin American region.
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