The automotive elastomers market has experienced steady growth, rising from $32.51 billion in 2023 to $34.50 billion in 2024, with a CAGR of 6.1%. This historic growth is supported by factors such as rising automotive production, development of new elastomer formulations, stringent global emission norms, increased production and adoption of electric vehicles, and focus on reducing vehicle weight. By 2028, the market size is projected to reach $44.02 billion, growing at a CAGR of 6.3%. Future growth is driven by increasing adoption of electric and autonomous vehicles, heightened environmental concerns, growing regulatory pressures, ongoing R&D initiatives, and rising popularity of hybrid vehicles. Key trends include smart elastomers with embedded sensors, self-healing elastomers, advancements in bio-based elastomer technology, incorporation of nanomaterials, and development of electrically conductive elastomers.
Major Driver In The Automotive Elastomers Market
The increasing demand for luxury vehicles is propelling the automotive interior leather market. Luxury vehicles are sought after for their superior comfort and advanced features, with automotive leather used extensively to enhance aesthetics and comfort. Porsche AG reported an 18% increase in luxury car deliveries in Q1 2023, with significant growth across key regions. This rising preference for luxury vehicles is driving the automotive interior leather market.
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Automotive Elastomers Market Competitive Landscape
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.
Key Automotive Elastomers Market Trend
In the automotive elastomers market, advancements such as electrically conductive thermoplastic elastomers are being developed to meet evolving industry demands. These materials combine the flexibility of elastomers with electrical conductivity. In November 2023, KRAIBURG TPE of Germany launched THERMOLAST R RC/UV/AP, a TPE compound series for automotive exteriors. This series incorporates recycled materials and offers improved weather resistance for enhanced durability in vehicle applications.
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Automotive Elastomers Market Segmentation
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.
The Automotive Elastomers Global Market Report 2024 furnishes information about the global automotive elastomers market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
