Pune, India, Aug. 21, 2018 (GLOBE NEWSWIRE) -- Global Automotive Elastomers Market valuation is estimated to reach USD 45,618.21 million by 2023, as per a new report by Market Research Future (MRFR). Its previous size was touted to be USD 31,763.25 million in 2016. Rapid industrialization in China, India, Indonesia, Mexico, and Brazil and urbanization ae factors expected to expedite market growth over the forecast period (2017-2023). The change in emission standards and demand for lightweight materials are likely to induce demand for elastomers.
Market Overview
Elastomers are polymers with the unique characteristic of viscoelasticity. The pressing demand for materials with exceptional performance standards, cost-effective prices, and processing in the automotive industry has culminated in its massive production. In addition, customized shapes and designs of interiors and exteriors due to changing preferences of consumers is ensures to fuel the demand for elastomers. The latest trends to lower fuel consumption and emission rates can be a catalyst for future growth opportunities for the elastomers industry.
Rising demand for passenger and commercial vehicles is anticipated to fuel automotive elastomers market demand. The increase in applications for sealants, adhesives, and flexible molded parts for industries other than automotive such as consumer goods, sports, and building & construction can fuel the supply chain of manufacturers. The rise in expendable incomes of consumers and improved living standards can push the demand for better cars and prompt the need for elastomers.
Key Players and Competition Outlook
Noteworthy players operating in the automotive elastomers market include Sumitomo Chemical Co., Ltd., The Dow Chemical Company, ARLANXEO, Versalis S.p.A, Kuraray Co., Ltd., Solvay, BASF SE, Kuraray Co., Ltd., Teknor Apex Company, Inc., Saudi Basic Industries Corporation (SABIC), Nizhnekamskneftekhim PJSC, LG Chem Ltd., Kraiburg TEP GmbH & Co. Kg, Mitsui Chemicals, Inc., and Exxon Mobil Corporation. Mergers and acquisitions are commonly witnessed in the market as companies engage in these to gain a larger market share. In 2018, Haydale, a U.K. firm, has finished the construction of a new facility in Loughborough to increase its production capacity. This move lets the company to integrate nanomaterials into elastomers for enhancing its performance.
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Industry News
- The emphasis on comfort has led manufacturers to turn to polyolefin elastomers to produce customized shapes. The ENGAGE series of elastomers by Dow Chemicals has answered this call by being suitable for interior and exterior parts. The elastomers are easy to process and paint, reduce overall vehicle weight, and create a striking impression by being appealing to customers. Their applications include rocker panels, knee bolsters, instrument panel components, front-end body panels, and others.
- Kuraray Elastomers relies on liquid butadiene rubber (LBR) for rubber applications which need to function in high temperatures. They are a perfect fit for cables, gaskets, and hoses in cars. The incorporation of LBR in EPDM can enhance its hardness, compression set, and curing properties with other components.
Segmentation
The Automotive Elastomers Market is segmented by product, application, and vehicle type. Different types of elastomers are categorized in the product segment. They include thermoset elastomers (TSE), ethylene propylene diene monomer (EPDM), chlorinated elastomers, thermoplastic elastomers (TPE), silicone Rubber (Q), acrylic rubber (ACM), fluoroelastomers, natural rubber, butyl rubber (IIR), styrene butadiene rubber (SBR), nitrile butadiene rubber (NBR), and polybutadiene rubber (BR).
Major market applications include tire, interior, and exterior. The interior segment comprises seatings, dashboards, airbags, door panels, hoses & seals, breaks & suspensions, instrument & soft touch panels, and transmission & conveyor belts. Similarly, the exterior segment consists of roof molds & window shields, front end body panel, rocker panel, and bumper fascia. Among these, the tire segment accounted for 61.4% share of the market.
The vehicle types discussed include light commercial vehicles (LCV), medium & heavy commercial vehicles (MCV/HCV), and passenger cars.
Browse the market data and information spread across 138 pages with 392 data tables and 26 figures of the report “Automotive Elastomers Market Report - Forecast 2017-2023” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/automotive-elastomers-market-4992
APAC to Lead in Revenue Generation
Geographically, the automotive elastomers market looks at the latest trends and opportunities in minute detail in the following regions – Latin America, North America, the Middle East & Africa (MEA), Europe, and Asia Pacific (APAC).
The APAC market is expected to cement its position at the top of the market as its best revenue generator by the end of the forecast period. The demand for elastomers can rise at an incremental rate owing to the massive scale of production of tires and various types of interiors. China and India are expected to lead this market in terms of revenue and volume owing to influx of foreign direct investment, low labor costs, and supportive policies fueling industrialization.
The Europe and North America markets will follow APAC owing to its stringent emission policies and fiats prioritizing consumer safety. The resurgence of the automotive sector coupled with increasing under-the-hood applications can drive the demand of these markets. The Latin America and MEA markets are projected to acquire the smallest shares owing to their developing economies.
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