Automotive Elastomers Market Business Growth, Development Factors, Applications, Future Prospects, Dynamics, Segments, Size and Demand Forecast till 2023
The amorphous nature of Automotive Elastomers is creating high levels of demand in the market which are expected to amplify particularly in the forecast period. Increasing usage of high performance lightweight materials in automotive industry especially due to strict emission regulations in developed economies has been cited as a potential growth opportunity for the market. As the automotive industry is one of the principal applications industries in the market, it accounts for over 45% of the overall elastomer production across the world. The rapid rise in demand for both commercial and passenger vehicles is expected to contribute heavily to the expansion of the market.
The range of applications of the market span uses such as adhesives, sealants, and flexible molded parts which serve a vast number of end-use industries such as building & construction, automotive, sports, and consumer goods, among other industrial applications. The industry giants that are seen shaping the current demand and supply trends of the market are BASF SE for example which is a German chemical giant, which takes on the production of a range of chemical products and a variety of intermediates solutions. Another notable player in the market is Exxon Mobil Corp. which is among one of the principal oil & natural gas companies, which is involved in the development, exploration, and distribution of oil, gas, and other petroleum products. The company is also well recognized provider of a wide range of products in both non-tire and tire applications.
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The regional forecast of the market is expected to favor the developments in especially the Asia Pacific region, which is already consolidating its position as the largest revenue pocket globally. This growth surge in the region is primarily attributed to the swelling demand for automotive elastomers in the manufacturing of tires and interior parts of various vehicle types. The charge for development of the market in the region is chiefly led by the nations like China which is projected to dominate the global market, because the consumption of Automotive Elastomers is relatively high in the country among others in the market along with India which is also emerging as a substantial revenue pocket with healthy market growth forecasted in the coming years owing to increasing focus of policymakers on rapid industrialization, transforming transportation sector, and FDI in the country.
Global Competitive Analysis
The costs involved in pursuing potential customers are expected to be practical so as to be conducive to the expansion of the market. The likelihood for increasing revenue inflow in the business are expected to grow through the forecast period. Facets of the market related to pricing power and profit margins are anticipated to contribute in a major way to the revenue appeal of the market. The ability to withstand their competitive edge is one of the key factors fuelling their efforts in this period. The room for development in the market seems to be promising through the forecast period.
BASF SE, Solvay, Exxon Mobil Corp., LG Chem Ltd., The Dow Chemical Company, Mitsui Chemicals, Inc., JSR Corporation, ARLANXEO, Kuraray Co., Ltd., Teknor Apex Company, Inc., Sumitomo Chemical Co Ltd. and Kraiburg TEP GmbH & Co. Kg among others are a few of the important players shaping the Global Automotive Elastomer Market.
The segmental overview of the Automotive Elastomers Market globally comprises of Vehicle Type, Application, Type, and Region. The type based segment of the market is segmented broadly into thermoplastic elastomers (TPE) and thermoset elastomers (TSE). The TSE segment is further segmented into styrene butadiene rubber (SBR), natural rubber, polybutadiene rubber (BR), butyl rubber (IIR), chlorinated elastomers, acrylic rubber (ACM), nitrile butadiene rubber (NBR), silicone rubber (Q), ethylene propylene diene monomer (EPDM), and fluoroelastomers. Likewise, the TPE segment further comprises of thermoplastic olefins (TPO), copolyamides (COPA), styrene block copolymer (SBC), thermoplastic polyurethane (TPU), thermoplastic vulcanizates (TPV), copolyesters (COPE), and polyether block amide (PEBA). The application segment of the market is segmented into exterior, tire and interior. The interior application segment is additionally segmented into hoses & seals, airbags, breaks& suspensions, seatings, transmission & conveyor belts, door panels, dashboards, and instrument & soft touch panels. Meanwhile, the exterior segment consists of rocker panel, bumper fascia, front end body panel, and roof molds & window shields.
The market on the basis of vehicle type is segmented globally into light commercial vehicle (LCV), passenger cars and medium & heavy commercial vehicle (M/HCV).Latin America, Asia Pacific, North America, Europe, and the Middle East & Africa are the geographical segmentations of the market.
Detailed Regional Analysis
The Automotive Elastomers Market globally includes regions such as Middle East & Africa, Asia Pacific, Latin America, North America and Europe. The Asia Pacific region is likely to be the principal market for automotive elastomers in the duration of the forecast period. This is largely due to the growing standards of living and growing disposable income of the people in developing economies namely South Korea, China, and India who are incentivizing the automotive production to meet the increasing domestic demand in this region. Following the Asia Pacific region, the European region is the second major region in this market. The North American region is another important region in this market. The Latin America and the Middle East & Africa region, on the other hand, has the least numbers acquired in terms of shares in this market.
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