The automotive elastomers market has grown steadily in recent years, increasing from $32.51 billion in 2023 to $34.50 billion in 2024, representing a CAGR of 6.1%. This growth in the historic period can be attributed to factors like rising automotive production, the development of new elastomer formulations, the enforcement of stringent global emission norms, increased production and adoption of electric vehicles, and automotive manufacturers' growing focus on reducing vehicle weight. By 2028, the market size is projected to reach $44.02 billion, growing at a CAGR of 6.3%. The expected growth can be attributed to the increasing adoption of electric and autonomous vehicles, heightened environmental concerns, growing regulatory pressures, ongoing research and development initiatives, and the rising popularity of hybrid vehicles. Major trends to watch for include the emergence of smart elastomers with embedded sensors, self-healing elastomers, advancements in bio-based elastomer technology, the incorporation of nanomaterials, and the development of elastomers with electrical conductivity capabilities.
Global Automotive Elastomers Market Key Driver
The rising demand for luxury vehicles is expected to propel the growth of the automotive interior leather market going forward. Luxury vehicles provide superior comfort, performance, and advanced features compared to standard vehicles. This demand is fueled by rising disposable incomes and a growing preference for premium features and comfort. Automotive interior leather is used extensively in luxury vehicles to enhance comfort, style, and prestige, thus offering a premium driving experience. For example, in April 2023, Porsche AG delivered 80,767 luxury cars in the first quarter of 2023, an 18% increase from the same period in 2022. The company experienced strong growth across major sales regions, including a 14% increase in Europe (excluding Germany), a 19% increase in Germany, a 30% increase in North America, and a 21% increase in China. Thus, the rising demand for luxury vehicles is driving the growth of the automotive interior leather market.
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Global Automotive Elastomers Market Segments
The automotive elastomers market covered in this report is segmented –
1) By Type: Natural Rubbers (NR), Butyl Elastomers (IIR), Butadiene (BR) (Polybutadiene) Elastomers, Ethylene-Propylene (EPM Or EPDM) Elastomers, Polyisoprene (IR) Elastomers, Nitrile (NBR) Elastomers, Silicones (Q), Polychloroprene (CR) (Neoprene) Elastomers, Acrylic (ACM) Elastomers, Other Types
2) By Vehicle Type: Passenger Cars, Light Commercial Vehicles, Medium And Heavy Commercial Vehicles
3) By Application: Tire, Interior, Exterior, Under The Hood
By Geography:The regions covered in the automotive elastomers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the automotive elastomers market in 2023. Europe is expected to be the fastest-growing region in the forecast period.
Major Automotive Elastomers Industry Players
BASF SE, ExxonMobil Chemical Company, Saudi Basic Industries Corporation (SABIC), Continental AG, LG Chem Ltd., Covestro AG, Asahi Kasei Corporation, Evonik Industries AG, DuPont de Nemours Inc., Arkema Group, Mitsui Chemicals Crop & Life Solutions Inc., Celanese Us Holdings LLC, Lanxess AG, Huntsman International LLC, Solvay S.A., Kuraray Co. Ltd., Trelleborg AB, Japan Synthetic Rubber Co. Ltd., Zeon Chemicals Asia Co. Ltd., Teknor Apex Elastomers Inc., Kraton Polymers LLC, Momentive Performance Materials Inc.
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Automotive Elastomers Market Overview
Automotive elastomers refer to flexible and resilient materials used in vehicle components to absorb vibration, reduce noise, and provide sealing properties. They play a crucial role in ensuring durability and performance under various operating conditions encountered in automotive applications.
Automotive Elastomers Global Market Report 2023 provides data on the global automotive elastomers market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The automotive elastomers market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
