The global automotive elastomers market valued at $10,015.2 million in 2015 and is expected to grow at a CAGR of 5.9% during the forecast period (2016–2022).
Growing demand for high-efficiency vehicles, expansion in the automotive industry, and strict emission regulations are taking the market ahead. Further, the increasing focus on lightweight materials is predicted to aid in the market growth. Companies in the automotive industry are increasingly shifting toward using lightweight materials for improving the fuel efficiency of their vehicles, which, in turn, is creating ample growth opportunities for the players in the automotive elastomers market.
GLOBAL AUTOMOTIVE ELASTOMERS MARKET, BY TYPE, $M (2012 – 2022)
Insights on the market segments
Of the two types of elastomers — synthetic and thermoplastic — synthetic elastomers were consumed in higher quantities compared to thermoplastic elastomers during the historical period; however, in terms of value, thermoplastic elastomers led the automotive elastomers market. During the forecast period, the thermoplastic elastomer category is predicted to grow faster, both in terms of value and volume. This can be ascribed to the exceptional durability and excellent physical properties of thermoplastic elastomers, which would make them more popular among automotive manufacturers in the near future.
Asia-Pacific stands as the largest market for automotive elastomers
Globally, the automotive elastomers market witnessed the fastest growth in Asia-Pacific (APAC) during the historical period. Rapid development in the automotive industry and growing adoption of lightweight materials among automotive manufacturers are some key factors driving the market in the region. Besides, increasing population and income levels are expected to result in the growth of the market. Country-wise, China led the market for automotive elastomers in 2015 in terms of sales volume.
During the forecast period, the automotive elastomers market is expected to witness considerable growth in Europe and North America, on account of the well-developed automotive industry, stringent emission regulations, and growing popularity and demand for high-performance vehicles among consumers in these regions. Within North America, the U.S. contributed the highest revenue to the market in 2015.
Increasing demand for high-efficiency vehicles to have a significant impact on the market
The emission of sulfur dioxide and carbon monoxide from vehicles and industries has raised concerns toward environmental degradation. The heavy usage of fossil fuels and increasing extraction rate of crude oil and coal have further led to an increase in demand for fuel-efficient vehicles that are also environment-friendly.
Governments across various countries have implemented strict norms to control greenhouse gas emissions from vehicles. In 2012, 31.6 gigatons of carbon dioxide (CO2) was emitted globally, with the transport sector alone accounting for 23.0% of the total emissions. The Corporate Average Fuel Economy regulations have set the average fuel economy target for 2025 as 54.5 miles per gallon; this is to be achieved by all vehicles operational in the U.S. Similarly, the regulations implemented by the European Union mandate that the emission of CO2 from new cars should reduce from 130 grams per kilometer travel in 2013 to 9 grams per kilometer travel by 2020. Thus, the growing demand for fuel-efficient vehicles is boosting the sale of elastomers, which is, in turn, driving the automotive elastomers market.
Browse Detailed Report Description at: https://www.psmarketresearch.com/market-analysis/automotive-elastomers-market
Key players are increasing their capacity to manufacture high-performance elastomers
Key players in the automotive elastomers market are focusing on increasing their manufacturing capacity for high-performance elastomers. In April 2015, the new ethylene propylene diene rubber (EPDM) plant of LANXESS AG successfully started operations in Changzhou (Jiangsu Province) in China to produce a total of ten premium grades of EPDM, especially for Asian customers. Similarly, in July 2016, Exxon Mobil Corporation announced its plans of expanding its specialty elastomers plant in Newport, Wales, to increase its manufacturing capacity for Santoprene thermoplastic vulcanizate by 25.0%.
E. I. du Pont de Nemours and Company, The Dow Chemical Company, BASF SE, The Dow Chemical Company, Huntsman International LLC, LyondellBasell Industries N.V., China Petrochemical Corporation, Kuraray Co. Ltd., and 3M Company are some other important players operating in the global automotive elastomers market.