Elastomer refers to a type of
polymer which inhibits the properties of elasticity. Elastomers deform when
force is applied and return to their original shape after the removal of the
force. It is composed of oxygen, hydrogen, carbon and silicon monomers. Rapid
growth of automotive industry across the globe has fostered the growth of the
elastomers in automotive sector. Automotive elastomers are used in the
manufacturing of automobiles parts such as seals, hoses, insulators, engine
mounts, gaskets and other parts.
Market
Size and Forecast
Global automotive elastomers market
is anticipated to grow at a CAGR of 5.72% over the forecast period. The automotive elastomers market accounted
for USD 9.2 Billion in 2015. Rising demand for lightweight vehicles is
anticipated to intensify the growth of global automotive elastomers market.
Significant growth of automotive sector in the developing regions such as
Asia-Pacific and Latin America is envisioned to bolster the demand for
automotive elastomers in the region.
Asia-Pacific captures the largest market
share in the global automotive elastomers and is likely to showcase a lucrative
growth over the forecast period. Spiked growth of automotive industry in the
region is likely to garner the growth of automotive elastomers market.
Asian countries such as China, Japan and others have the potential to be the
key suppliers of automotive elastomers in the near future. Moreover, China and
India are anticipated to hold the largest market share in the automotive
elastomers on the account of largest vehicle production countries in the
Asia-Pacific region.
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Europe region is anticipated to
showcase modest growth in the next few years. This can be attributed to various
factors such as strict emission regulation and rising adoption of low weight
vehicles. Apart from this, well established automotive industry in the Europe
region is envisioned to bolster the growth of automotive elastomers market in
the region.
North America region is likely to
provide a significant boost to the market of automotive elastomers market. This
is primarily due to increased demand for lightweight and fuel-efficient
automotive. Further, automotive elastomers market in the North America region
is anticipated to showcase an expansion on the account of strict emission
rules.
The automotive elastomers market in
Middle East region is projected to grow owing to the rising presence of
automotive companies. Further, rising disposable income of the population along
with higher purchase of automobiles is expected to drive the automotive
elastomer market in the Middle East region.
Market
Segmentation
Our in-depth analysis segmented the
global automotive elastomers market in the following segments:
By
Type
Synthetic Elastomers
Thermoplastic Elastomers
By Application
Exterior Application
Interior Application
Under the Hood
Weather Seal Application
Molded Parts Application
By
Region
Global automotive elastomers market
is further classified on the basis of region as follows:
North America (U.S. & Canada)
Market size, Y-O-Y growth & Opportunity Analysis
Latin America (Brazil, Mexico, Rest
of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
Western and Eastern Europe (U.K.,
Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg,
Rest of Western Europe) Market size, Y-O-Y growth & Opportunity Analysis
Asia-Pacific (China, India, Japan,
Singapore, Australia, New Zealand, South Korea & Rest of Asia-Pacific)
Market size, Y-O-Y growth & Opportunity Analysis
Middle East and North Africa (MENA)
Market Size and Y-O-Y Growth Analysis
Growth
Drivers and Challenges
The growth of automotive elastomers
market is driven by increasing demand for lightweight vehicles and strict
emission rules. Further, increased demand and adoption of fuel-efficient
vehicles is expected to positively impact the growth of global automotive
elastomer market. Moreover, spiked growth of automotive industry in the
developing regions is expected to garner the growth of global automotive elastomer
market.
Ongoing trend of electrification of
vehicle is anticipated to be the dynamic factor behind the growth of automotive
elastomer market.
Government regulatory bodies are
focused toward creating awareness among consumers regarding the carbon emission
generated from automotive. For instance, the government bodies based in Europe
provide incentives such as tax reduction or exemption for electric vehicles.
Further, these tax rates play an important role for the demand of product.
Apart from this, increasing demand
for low weight automobiles has been witnessed in recent years. The automotive
elastomers help the vehicle manufacturers to reduce the weight of the vehicle.
Moreover, advantages offered by automotive elastomers such as customization and
high performance is one of key factors driving the growth of the automotive
elastomer market.
However, high cost of the elastomer
is projected to dampen the growth of global automotive elastomer market.
Moreover, fluctuating price of raw material of elastomers is anticipated to
further restrain the growth of the market.
Key
players
Huntsman International LLC
Company Overview
Key Product Offerings
Business Strategy
SWOT Analysis
Financials
Bayer AG
LyondellBasell Industries N.V.
Huntsman International LLC
The Dow Chemical Company
LANXESS
BASF SE
Exxon Mobil Corporation
E. I. du Pont de Nemours and Company
Saudi Basic Industries Corporation
Scope
and Context
Overview of the Parent Market
Analyst View
Segmentation
The global automotive elastomers
market is segmented as follows:
By Type Market Size & Y-O-Y
Growth Analysis
By Application Market Size &
Y-O-Y Growth Analysis
By Region Market Size & Y-O-Y
Growth Analysis
Market Dynamics
Supply & Demand Risk
Competitive Landscape
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT
Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and
Challenges
Key Information for Players to
establish themselves in current dynamic environment
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