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Automotive elastomer market forecast to reach $58.8 billion by 2022  

Monday, December 11, 2017

Pune, India - The report, "Automotive Elastomers Market by Type (Natural Rubber, SBR, Nitrile Elastomer, EPDM, Silicone Rubber, Fluoroelastomer, Styrene Block Copolymers, TPU, TPO, TPV, TPC), Application (Tire and Non-Tire), and Region - Global Forecast to 2022," published by MarketsandMarkets, the market is projected to grow from an estimated $46.13 billion in 2017 to $58.82 billion by 2022, at a CAGR of 5.0 percent from 2017 to 2022. Globally, people are opting for products that deliver superior automotive performance and have a long life cycle. Automotive elastomers are used as replacement for traditional rubber due to their unique set of properties such as heat resistance, weathering and ozone resistance, flexibility, durability, aging resistance, variety, chemical resistance, and oil and gas resistance. These factors are leading to an increase in the demand for automotive elastomers globally. Automotive elastomers are used in tire and non-tire applications. Among these two, the tire application is expected to lead the automotive elastomers market between 2017 and 2022, followed by the non-tire application. Because of the implementation of stringent environmental regulations regarding emission levels, the design of vehicles has changed drastically over the past few decades. Manufacturers are designing compact, lightweight, and more efficient vehicles. This requires that various under-the-hood components should be in close proximity to each other, resulting in increased heat levels. Vehicle manufacturers require an automotive elastomer that can operate under such tough conditions. Among various types, the natural rubber segment is expected to lead the automotive elastomers market during the forecast period. Natural rubber is known for its excellent properties, such as outstanding resistance to weathering and ozone, good compression set, high physiological inertness, resistance to bacteria and fungi, and high temperature stability. Owing to these properties and ease of handling, natural rubber is used in a wide variety of applications such as tires, air filters, fan couplings and radiator hoses. Asia Pacific is projected to be the largest market for automotive elastomers, to reach $29.87 billion by 2022. China is projected to be the largest market for automotive elastomers, whereas, India is estimated to be the fastest-growing market for automotive elastomers in the Asia Pacific region, between 2017 and 2022. Low manufacturing costs, high economic growth rate, and large population with enhanced middle class lifestyles are the major factors that have led to the growth of the automotive elastomers market in this region. The demand for automotive elastomers from the automotive and transportation industry is expected to grow in the Asia Pacific due to rapid industrialization and the increasing number of application industries in the region. Major players in the global Automotive Elastomers Market are Arlanxeo (Netherlands), Dow (U.S.), ExxonMobil (U.S.), JSR Corporation (Japan), DuPont (U.S.), BASF (Germany), LG Chem (South Korea), SABIC (Saudi Arabia), Teknor Apex (U.S.) and Zeon Corporation (Japan).


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