Automotive Elastomers Market Size Expected To Reach $ 96.6 Billion By 2026

Automotive Elastomers Market

Rising demand for light-duty vehicles to reduce carbon oxides emissions will improve uptake of automotive elastomers market

Automotive Elastomers Market The size is expected to reach $ 96.6 billion by 2026, after increasing at a CAGR of 4.6% in 2021-2026. Automotive elastomers reduce the overall weight of vehicles and are used in the production of high performance vehicles. Elastomers are used in automotive vehicles due to various applications such as durability, impact resistance, low weight, smoothness, improved thermal resistance, and improved vehicle safety. Elastomeric materials such as thermoplastic polyolefins, thermoplastic copolyesters, styrene block copolymers and others are lightweight and improve fuel efficiency, so they are used in interior and exterior automotive expertise. They help reduce emissions, improve safety and paint in a superior way, widely used in the automotive industry. Hence, increasing usage of recyclable rubber elastomers is expected to drive the growth of automotive elastomers market.

Due to COVID-19, the automotive elastomer market has been affected worldwide. Thermoset synthetic rubber is used as a vehicle material, which is derived from crude oil. But due to the pandemic, the production of crude oil and other materials has been halted. As a result, all manufacture of thermosetting material has been suspended, which limits the production of automotive elastomer.

Automotive Elastomers Market Segment Analysis – By Type

Automotive thermosetting elastomers held the largest share of the automotive elastomers market in 2020 as they are widely used in vehicles due to their thermal stability. The thermoset helps reduce material cost, improve tear resistance, abrasion resistance and tensile strength. Synthetic rubber has low temperature flexibility, so it is used for tires, wire insulation, gaskets, etc. Natural thermosetting rubber is used as a vehicle material due to its various properties such as excellent processability, excellent elastic properties, high tensile strength, high tear resistance, low heat build-up under dynamic stress and an excellent electrical insulator. Synthetic and natural rubber are used to make gaskets in cars. Therefore, these properties of thermosetting elastomers are believed to increase the consumption of automotive elastomers.

Automotive Elastomers Market Segment Analysis – By Application

Non-pneumatic segment dominated the automotive elastomers market in 2020 and is growing at a CAGR of 4.8% during 2021-2026 due to elastomers such as thermoplastic polyolefins, thermoplastic copolyesters, styrene block copolymers , others used in the interior and exterior expertise of motor vehicles. Elastomers offer excellent strength to weight ratio, excellent viscoelasticity and sound absorption capabilities, so they are widely used in vehicles. Automotive elastomers are easily molded and used in radiator hoses, bumper guards, under the hood, seat covers and the like due to their excellent abrasion resistance properties. They are lightweight and fuel efficient, so they are used in caster wheels and car dashboards and seat covers. Thus, it is estimated that the growth of the automotive industry will increase the demand for automotive elastomers. For example, according to the Federation of Automobile Dealers Associations (FADA), in India passenger vehicle sales increased to 291,001 units in November 2020, from 2,79,365 units in November 2019. As a result, the increase of vehicle production is expected to develop the automotive industry which in turn increases the demand for automotive elastomers.

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Automotive Elastomers Market Segment Analysis – By Geography

The Asia-Pacific region dominated the global automotive elastomers market with over 34% in 2020 due to the growth of passenger and utility vehicles in the region. The increasing use of high performance lightweight materials in India and China with strict regulations to reduce carbon emissions has been cited as a potential growth opportunity for automotive elastomers in the region. According to India Brand Equity Foundation (IBEF), the Indian automotive industry (including component manufacturing) is expected to reach US $ 251-282 billion by 2026. In addition, the Indian government expects the industry automobile attracts US $ 8 to the United States. $ 10 billion in local and foreign investment by 2023. In addition, according to the Automotive Aftermarket Suppliers Association (AASA) and the Auto Care Association, in China, aftermarket sales of light vehicles will increase by $ 281 billion. of US dollars in 2020 to 314 billion US dollars in 2021. Therefore, these factors increase the demand for automotive elastomers.

Automotive Elastomer Market Engines

Growing adoption of elastomers in the automotive industry

Automotive elastomers, thermoplastic polyolefins, thermoplastic copolyesters, styrene block copolymers, thermoplastic polyurethane, others are widely used in vehicles to reduce weight, improve safety and excellent durability. At the separation between the engine compartment and the passenger compartment, automotive elastomers are used for sound management. Inside passenger vehicles, automotive elastomers are used for dashboards for a soft feel and gaskets for mirrors. They are used outdoors for base tires, sidewalls etc. Therefore, various properties of elastomers such as emission reduction, noise reduction, performance improvement, safety improvement, indoor air quality, greater comfort and affordability are expected to improve the automotive elastomer market. According to the Australian Bureau of Statistics, the Australian market sold 1.2 million new passenger cars, SUVs and commercial vehicles in 2017, an increase of 0.9% from 2016. According to the International Organization of Vehicle Manufacturers (OICA), the production of light commercial vehicles increased by 10.2% in the APAC region in 2018. The production of light commercial vehicles increased from 2,249,348 in 2018 to 2,254,153 in 2019, an increase of 0.2% in Europe. The growing automotive industry is expected to increase the need for automotive elastomers, which will act as a driving force for the market.

Challenges in the automotive elastomers market

Commodity price volatility

Automotive elastomers such as synthetic rubber (petroleum based monomer) are derived from crude oil. Thus, the volatility of oil prices will weigh on the automotive elastomers market. According to the United States Energy Information Administration (EIA), crude oil prices declined by $ 41.69 per barrel in 2020, compared to $ 64.34 per barrel in 2019. As a result, commodity volatility could hamper market growth.

Automotive Elastomers Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the automotive elastomers market. The major players in the automotive elastomers market are Huntsman International LLC, The Dow Chemical Company, LANXESS, BASF SE, Exxon Mobil Corporation, EI du Pont de Nemours and Company, Motherson Automotive Elastomer Technology, Kuraray Elastomer Division Co., Ltd., Continental AG, and among others.

Technology acquisitions / launches

In September 2019, JSR Corporation launched a new styrene-butadiene copolymer (SBR) rubber for automotive tires. It offers mechanical strength, wear resistance and durability to improve fuel efficiency and reduce CO2 emissions.

Key points to remember

Asia-Pacific dominates the automotive elastomers market due to the increasing production of passenger cars, light commercial vehicles and heavy commercial vehicles in Asian countries.

The increasing adoption of environmentally friendly products and the implementation of strict government regulations related to carbon emissions are expected to increase the demand for automotive elastomers in the future.

The growing demand for light vehicles to reduce carbon oxide emissions will drive the adoption of automotive elastomers.

Relevant reports

A. Thermoplastic Elastomers Market

B. Aerospace and Defense Elastomers Market

For more chemicals and materials reports please click here

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