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The automotive elastomers market size is projected to reach US$ 66.57 billion by 2031 from US$ 42.98 billion in 2023. The market is expected to register a CAGR of 5.6% during 2023–2031. The rising demand for sustainable elastomers is likely to bring new trends to market.
Automotive Elastomers Market Analysis
The rise in fuel prices and the environmental impact of conventional gasoline vehicles have paved the way for alternative fuel vehicles across the globe. Buyers are gradually getting inclined to use battery-powered or hybrid automobiles, which is anticipated to boost the demand for electric vehicles. According to the International Energy Agency's annual Global Electric Vehicle Outlook, over 10 million electric cars were sold worldwide in 2022, and the number is projected to grow by 35% in 2023 to reach 14 million. As the automotive industry witnesses a transformative shift toward electric vehicles (EVs), the role of elastomers has become more crucial. Elastomers are used for recyclability, reducing the weight of the vehicles, and enhancing tire rolling resistance for improved EV performance and energy efficiency. Thus, the growing adoption of electric vehicles drives the demand for automotive elastomers.
Automotive Elastomers Market Overview
The automotive elastomers market has been experiencing significant growth, driven by the rising demand for lightweight, durable, and high-performance materials in the automotive industry. Elastomers, known for their flexibility, resilience, and ability to return to their original shapes after deformation, are increasingly being used in various automotive applications, including seals, gaskets, hoses, and vibration-damping systems. The shift toward electric vehicles (EVs) and the focus on fuel efficiency have further accelerated the demand for elastomers, as they contribute to weight reduction and improve overall vehicle performance. Automotive manufacturers are increasingly adopting elastomers that are recyclable and have a lower carbon footprint. Additionally, advancements in elastomer technology, such as the development of thermoplastic elastomers (TPEs), are offering enhanced properties such as higher thermal stability, better chemical resistance, and ease of processing, making them highly desirable in the automotive sector.
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Automotive Elastomers Market: Strategic Insights
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Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Automotive Elastomers Market: Strategic Insights
Shejal
Have a question?
Shejal will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
Automotive Elastomers Market Drivers and Opportunities
Advantages of Automotive Elastomers
Elastomer is the best material to utilize when creating lightweight parts for automobiles, which has led to a rise in demand for elastomers in the automotive sector. Elastomers are extensively utilized in automobiles because of their superior strength-to-weight ratio, outstanding viscoelasticity, and sound-absorbing qualities. Because of their superior abrasion resistance, automotive elastomers are easily molded and found in radiator hoses, bumper guards, under the hood, seat coverings, and other applications. They are utilized in automotive seat covers, instrument panels, and caster wheels since they are lightweight and fuel-efficient. Therefore, the growing automobile industry is expected to increase the demand for automotive elastomers.
The rising awareness regarding various benefits of automotive elastomers, such as noise reduction, emissions reduction, safety improvement, and performance improvement, is likely to boost the demand for various types of automotive elastomers. The advantages and beneficial properties of automotive elastomers are boosting their demand for use in passenger vehicles, commercial vehicles, two wheelers.
Growth of Automotive Industry in Emerging Economies
In the last few years, the automotive industry has been significantly growing across emerging economies such as Brazil, China, India, Mexico, and South Africa. With the increasing disposable income, the demand for both passenger and commercial vehicles is growing in developing countries. For instance, according to the Federation of Automobile Dealers Associations (FADA), in India, sales of passenger vehicles increased to 2,854,242 units in November 2023, an increase from 2,409,535 units in November 2022. The automotive industry also paved its way in Brazil and South Africa. According to the International Organization of Motor Vehicle Manufacturers (OICA), South Africa's automobile production increased by 24% to 555,889 units in 2022. Thus, the growth of automotive industries in emerging economies is expected to create lucrative opportunities for the automotive elastomers market growth.
Automotive Elastomers Market Report Segmentation Analysis
Key segments that contributed to the derivation of the automotive elastomers market analysis are type and application.
- The automotive elastomers market, based on type, is segmented into thermoset elastomers and thermoplastic elastomers. The thermoset elastomers segment dominated the market in 2023.
- The automotive elastomers market, based on application, is segmented into tire, interior, exterior, and under the hood. The tire segment dominated the market in 2023.
- By vehicle type, the market is segmented into passenger vehicles, light commercial vehicles (LCV), heavy commercial vehicles, and two wheelers and others. The passenger vehicles segment accounted for the largest share of the automotive elastomers market in 2023.
Automotive Elastomers Market Share Analysis by Geography
The geographic scope of the automotive elastomers market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
Asia Pacific is home to major automotive companies, including Toyota Motor Corp, Tata Motors Ltd, Hyundai Motor Co, Nissan Motor Co Ltd, and Honda Motor Co Ltd. Further, Asia Pacific is a center for automotive manufacturing, with a significant presence of international and domestic players in the region. The development of automotive parts and components in the region and the rise of electric vehicle production will create lucrative opportunities for elastomer manufacturers. Extensive innovation and prototyping from major automakers are driving the market growth.
Automotive Elastomers Market Report Scope
Automotive Elastomers Market News and Recent Developments
The automotive elastomers market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the automotive elastomers market are listed below:
- Arkema increased its global manufacturing capacity for Pebax elastomers by 40% at its Serquigny plant in France. Arkema successfully started its new Pebax elastomer unit at the Serquigny plant in France. This new unit, designed with the latest advancements in industrial processes, can produce both the bio-circular Pebax Rnew and classical Pebax elastomer ranges. (Source: Arkema, Press Release, February 2024)
Automotive Elastomers Market Report Coverage and Deliverables
The "Automotive Elastomers Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
- Automotive elastomers market size and forecast for all the key market segments covered under the scope
- Automotive elastomers market trends, as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed Porter's Five Forces and SWOT analysis
- Automotive elastomers market analysis covering key market trends, country framework, major players, regulations, and recent market developments.
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the automotive elastomers market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The rising demand for sustainable elastomers is expected to emerge as a future trend in the market.
The tire segment dominated the global automotive elastomers market in 2023.
The increasing adoption of electric vehicles is the key factor responsible for the automotive elastomers market growth.
KRAIBURG TPE, APAR Industries Ltd, Arkema SA, Asahi Kasei Corp, BASF SE, DuPont de Nemours Inc, Evonik Industries AG, Kraton Corp, Huntsman International LLC, LG Chem Ltd, LyondellBasell Industries NV, Mitsui Chemicals Inc, Saudi Basic Industries Corporation, Sumitomo Chemical Co Ltd, and The Lubrizol Corporation are among the leading market players.
The market is expected to register a CAGR of 5.6% during 2023–2031.
The thermoset elastomers segment held a larger share of the global automotive elastomers market in 2023.
The List of Companies - Automotive Elastomers Market
- KRAIBURG TPE
- APAR Industries Ltd
- Arkema SA
- Asahi Kasei Corp
- BASF SE
- DuPont de Nemours Inc
- Evonik Industries AG
- Kraton Corp
- Huntsman International LLC
- LG Chem Ltd
- LyondellBasell Industries NV
- Mitsui Chemicals Inc
- Saudi Basic Industries Corporation
- Sumitomo Chemical Co Ltd
- The Lubrizol Corporation
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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