Market overview
Elastomers are synthetic rubber-like materials that can be easily bent, twisted, stretched or deformed at room temperature and can return back to their original shape and dimensions. There are many elastomers that are used in the automotive industry for manufacturing numerous components such as seals, insulators, hoses, bushes, and gaskets. Some elastomeric polymers include natural rubber, polyisobutylene, polyurethanes, and other petroleum-based polymers.
There are a number of applications that vary to a broad perspective starting from automotive to footwear to consumer goods to sports. There are many factors such as the improvement of the stability, durability, and viscosity of rubber. The automotive industry is the largest application sector that consumes over 45% of the overall elastomer production across the world. Automotive elastomers have the properties for the higher failure strain, and with a lower Young’s modulus as compared to other materials.
The global automotive elastomers market size report presents the data and figures, where the market is expected to rise at a CAGR of 5.32%, reaching around USD 46,463 million by the end of 2027. The factors that are favouring the growth of the automotive market include the demands from both the passenger and commercial vehicles. The growing use of high-performance lightweight material vehicles by the consumers is increasing the market growth of the automotive elastomers market.
Market segmentation
The global automotive elastomers market can be segmented based on the type of applications, such as:
- Tire
- Interior
- Exterior
The tire segment is dominating the market with the largest share accounting for the huge consumption of synthetic and natural elastomers for automotive manufacturing.
To further categorize the interior segmentation can be done as:
- Hoses and seals
- Airbags
- Breaks and suspension
- Door panels
- Dashboard
- Transmission and conveyor belts
- Seating
- Instrument and soft-touch panel
All the above sub-segments are anticipated to grow at a higher CAGR rate and the trade will increase for boosting transportation. These factors are favoring the growth and surging of the demand and supply of the global automotive elastomers market.
Regional analysis
The geographical segmentation can be divided into North America, Europe, Latin America, Asia-Pacific, the Middle East, and Africa. The European market can be divided into Spain, France, Russia, Germany, the UK, Poland and the Rest of Europe. North America is offering a significant growth potential of over 5% CAGR that will reach around USD 8,000 million by 2025.
The global automotive elastomers market will reach over USD 10,000 million by the end of 2025. The Asia-Pacific is also offering growth potential for automotive elastomers and will register the highest share of over 50% by 2025. This fast-paced industrialization and the rising establishment of the automotive industries and the growing number of exports is fuelling the market growth in the region during the forecast period.
Industry news
Mitsui Chemicals Inc. has announced the planning of closure for the Mitsui Chemicals Exclusive Railway, for conveying raw materials to the company’s Omuta Works in Fukuoka, Japan. These coal trains were in service for more than 100 years and therefore a farewell project for these trains accounting for the long history and to capture the legacy of these trains for the future.
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