What Has Been the Growth of the Automotive Elastomers Market So Far?
The automotive elastomers market has seen considerable growth due to a variety of factors.
• The automotive elastomers market has experienced solid growth, projected to rise from $34.5 billion in 2024 to $36.72 billion in 2025, at a CAGR of 6.4%.
This growth is driven by higher automotive production, the development of new elastomer formulations, the implementation of stringent global emissions standards, the increasing adoption of electric vehicles, and automakers’ focus on reducing vehicle weight.
What Is the Forecasted Market Size and Growth Rate for The Automotive Elastomers Market Size In The Coming Years?
The automotive elastomers market is expected to maintain its strong growth trajectory in upcoming years.
• The automotive elastomers market is projected to grow significantly, reaching $46.7 billion by 2029 at a CAGR of 6.2%.
The growth is attributed to the adoption of electric and autonomous vehicles, rising environmental concerns, ongoing research and development, interest in smart materials, and the popularity of hybrid vehicles. Key trends include the development of smart elastomers with embedded sensors, self-healing elastomers, bio-based elastomer advancements, incorporation of nanomaterials, and elastomers with electrical conductivity.
What Factors Are Driving Growth In The Automotive Elastomers Market?
The automotive elastomers market is expected to grow due to the increasing demand for new vehicles. Factors like consumer confidence, economic recovery, and advances in automotive technology are driving this demand. Automotive elastomers are essential in vehicle parts such as seals, gaskets, tires, and suspension systems, offering benefits like vibration isolation and flexibility. In July 2023, the International Energy Agency reported a 25% increase in electric car sales, and by the end of 2023, the global sales total is expected to reach 14 million, a 35% increase from the previous year. This growing demand for new vehicles supports the automotive elastomers market.
What Are The Main Segments Of The Global Automotive Elastomers Market?
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
Subsegments:
1) By Natural Rubbers (NR): Solid Natural Rubber, Liquid Natural Rubber
2) By Butyl Elastomers (IIR): High-Cis Butyl Elastomers, Bromobutyl Elastomers
3) By Butadiene (BR) (Polybutadiene) Elastomers: High-Polymer Polybutadiene, Low-Polymer Polybutadiene
4) By Ethylene-Propylene (EPM or EPDM) Elastomers: EPM Elastomers, EPDM Elastomers
5) By Polyisoprene (IR) Elastomers: Synthetic Polyisoprene Elastomers, Natural Polyisoprene Elastomers
6) By Nitrile (NBR) Elastomers: Carboxylated Nitrile Elastomers, Hydrogenated Nitrile Elastomers
7) By Silicones (Q): Solid Silicones, Liquid Silicones
8) By Polychloroprene (CR) (Neoprene) Elastomers: Chloroprene Rubber (CR), Neoprene Rubber (CR)
9) By Acrylic (ACM) Elastomers: Acrylic-Modified Elastomers, Cross-Linked ACM Elastomers
10) By Other Types: Fluoroelastomers, Thermoplastic Elastomers (TPEs)
Pre-Book The Automotive Elastomers Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
What Emerging Trends Are Influencing The Growth Of The Automotive Elastomers Market?
Companies in the automotive elastomers market are developing advanced materials like electrically conductive thermoplastic elastomers to meet industry demands. These elastomers combine the flexibility of traditional elastomers with the electrical conductivity of metals. In November 2023, KRAIBURG TPE, a Germany-based manufacturer, launched a TPE compound series for automotive exteriors, incorporating recycled materials and improved weather resistance for applications such as window seals, underbody components, and cowl gaskets.
Who Are the Key Players In The Automotive Elastomers Market?
Major companies operating in the automotive elastomers market are:
• 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.
What Is The Most Dominant Region In The Automotive Elastomers Market?
Asia-Pacific was the largest region in the automotive elastomers market in 2024. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive elastomers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
