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Automotive Elastomers Market - Forecast(2024 - 2030)
Automotive Elastomers Market Overview
Automotive Elastomers Market size is forecast to reach $115.8 billion by 2030, after growing at a CAGR of 4.6% over the forecast period of 2024-2030. Automotive elastomers reduce the overall weight of vehicles and are used in high-performance vehicle production. Elastomers are used in automotive vehicles due to various applications such as durability, impact resistance, low weight, softness, enhanced thermal resistance, and improved vehicle safety. Elastomer materials such as thermoplastic polyolefins, thermoplastic copolyesters, styrene block copolymers, and others are light in weight and improve fuel efficiency thus they are used in interior and exterior automotive expertise. They help to reduce emissions, enhanced safety, and superior paintability thus, widely used in the automotive sector. Hence, increasing the use of recyclable rubber elastomers is expected to boost the market growth for automotive elastomers.
Due to COVID-19, the global automotive elastomer market was adversely affected. Synthetic rubber thermoset, derived from crude oil, served as a key material for vehicles. However, the pandemic disrupted the production of crude oil and other materials, leading to a halt in the manufacturing of thermoset material. This constraint significantly limited the production of automotive elastomers during that period.
Post-COVID-19, the global automotive elastomer market is witnessing a prominent trend towards sustainability. Automakers are increasingly opting for eco-friendly elastomer solutions, particularly Thermoplastic Elastomers (TPEs) with recycled content. Companies are investing in R&D to develop high-performance TPEs using recycled materials, aligning with the automotive industry's commitment to reducing its environmental impact. This shift responds to rising consumer preferences for eco-friendly products and regulatory mandates emphasizing sustainable manufacturing. The demand is growing for elastomers meeting strict standards on Volatile Organic Compounds (VOCs) and overall environmental compliance. The sustainability trend is expected to be pivotal in shaping the future of the automotive elastomer market during its recovery from the pandemic's impact.
Report Coverage
The report: “Automotive Elastomers Market – Forecast (2024-2030)”, by Industry ARC, covers an in-depth analysis of the following segments of the Automotive Elastomers Industry.
By Type: Thermoset Elastomers (Natural Rubber, Synthetic Rubber, Polyisoprene, Styrene-Butadiene Rubber, Polybutadiene, Nitrile Butadiene Rubber, Others), Thermoplastic Elastomers (Thermoplastic Polyolefin, Thermoplastic Polyurethane, Thermoplastic Vulcanizates, Styrene block copolymer, Copolyester Ether, Thermoplastic polyamide, Others), and Others
By Application: Tire, Non-tire {Interior (Airbags, Hoses, Breaks & Suspensions, Door Panels, Conveyor Belts, Soft Touch Panels, Others), Exterior (Front Body Panel, Bumpers, Window Shields, Others), and Others
By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, Italy, France, Spain, Netherlands, Russia, Belgium, and Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia & New Zealand, Indonesia, Taiwan, Malaysia, and Rest of Asia Pacific), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), and RoW (Middle East and Africa)
Key Takeaways
• Asia-Pacific dominates the Automotive Elastomers Market due to the increasing production of passenger cars, lightweight commercial vehicles, and heavy-duty commercial vehicles in Asian countries.
• Increasing adoption of eco-friendly products, implementation of stringent government regulations related to carbon emissions, is estimated to grow the demand for automotive elastomers in the future.
• Increasing demand for lightweight vehicles to reduce carbon oxides emission will enhance the adoption of automotive elastomers.
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Automotive Elastomers Market Segment Analysis – By Type
Thermoset automotive elastomer held the largest share in the Automotive Elastomers Market in 2023 as these are widely used in vehicles due to their thermal stability. Thermoset helps to reduce the cost of material, improve tear resistance, abrasion resistance, and tensile strength. Synthetic rubber has low-temperature flexibility, thus it is used for tires, wire insulation, gaskets, and so on. Natural rubber thermoset 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 in dynamic stress, and excellent electrical insulator. Synthetic and natural rubber is used to make gaskets in cars. Hence, these properties of thermoset elastomers are estimated to grow the consumption of automotive elastomers.
Automotive Elastomers Market Segment Analysis – By Application
Non-tire segment dominated the Automotive Elastomers Market in 2023 and is growing at a CAGR of 4.8% over the forecast period of 2024-2030 due to elastomers such as thermoplastic polyolefins, thermoplastic copolyesters, styrene block copolymers, others used in the interior and exterior expertise of automotive vehicles. Elastomers offer excellent strength-to-weight ratio, excellent viscoelasticity, and sound-absorbing capabilities thus they are widely used in vehicles. Automotive elastomers are easily molded and used in radiator hoses, bumper guards, under the hood, seat covers, and others due to their excellent abrasion-resistant properties. They are light in weight and fuel-efficient, thus these are used in caster wheels and instrument panels, and car seat covers. Thus, the rising automotive industry is estimated to grow the demand for automotive elastomers. For instance, according to the Federation of Automobile Dealers Associations (FADA), in India sales of passenger vehicles increased to 28,54,242 units in November 2023, compared with 24,09,535 units in November 2022. Hence, increasing production of vehicles is expected to grow the automotive industry which, in turn, increasing the demand for automotive elastomers.
Automotive Elastomers Market Segment Analysis – By Geography
Asia Pacific region dominated the Automotive Elastomers Market with more than 34% in 2023 due to the growth in passenger and commercial vehicles in the region. Increasing usage of high-performance lightweight materials in India and China with strict regulations to reduce carbon emission 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 to US$ 282 billion by 2026. Also, Investments in the automotive sector have continued to grow, with US$1.9 billion in FDI inflow recorded in 2023, bringing the total FDI received by the sector to US$35.40 billion between April 2000 and December 2022. Furthermore, according to Automotive Aftermarket Suppliers Association (AASA) and the Auto Care Association, according to the China Association of Automobile Manufacturers (CAAM), the sales of commercial vehicles accounted for 18.3% year-on-year for September 2023 in China. Hence, such factors are increasing the demand for automotive elastomers.
Automotive Elastomers Market Drivers
Increasing 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, enhanced safety, and excellent durability. At the separation between the engine compartment and the interior, automotive elastomers are used for sound management. Inside the passenger vehicles, automotive elastomers are used for instrument panels for a soft touch and gaskets for side mirrors. They are used outside for base tires, sidewalls, and so on. Hence, various properties of elastomers such as emissions reduction, noise reduction, performance improvement, safety improvement, interior air quality, greater comfort, and affordability are expected to enhance the market for automotive elastomers. According to figures from the Federal Chamber of Automotive Industries (FCAI), a record 1.21 million new cars were sold in Australia in 2023, breaking the previous high of 1.18 million set six years ago. According to the International Organization of Motor Vehicle Manufacturers (OICA), the production of light commercial vehicles in the APAC region has witnessed a 12% increase in 2022 compared to figures from two years ago. Light commercial vehicle production in Europe has surged to 2,148,379 units, marking a 2% increase compared to the production figures from two years ago. The increasing automotive industry is expected to increase the requirement for automotive elastomers, which will act as a driver for market.
Automotive Elastomers Market Challenges
Volatility in Raw Material Prices
Automotive elastomers such as synthetic rubber (petroleum-based monomer) are derived from crude oil. Thus, the volatility in oil prices will be hampering the market of automotive elastomers. According to the U.S. Energy Information Administration (EIA), crude oil prices decreased to US$ 75.47 per barrel in 2023 compared to US$ 113.34 per barrel in 2022. Hence, the volatility of raw materials may hamper the market growth.
Automotive Elastomers Industry Outlook
Product launches, acquisitions and R&D activities are key strategies adopted by players in the Automotive Elastomers market. The key players in the Automotive Elastomers market include
1. ExxonMobil
2. DowDuPont Inc.
3. Lanxess AG
4. H.B. Fuller Company
5. BASF SE
6. The Goodyear Tire & Rubber Company
7. Kumho Petrochemical Co., Ltd.
8. Zeon Corporation
9. TSRC Corporation
10. Arkema Group
Recent Developments
• In July 2023, Avient's Resound REC, a new line of automotive-grade thermoplastic elastomers (TPEs) with 35-45% recycled content, significantly impacted the Automotive Elastomers Market, meeting OEM standards for VOCs and fogging. This sustainable solution is now available in North America, driving market innovation.
Relevant Reports
Thermoplastic Elastomers Market - Forecast(2021 - 2026)
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Aerospace & Defense Elastomers Market - Forecast(2021 - 2026)
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1. Automotive Elastomers Market- Market Overview
1.1 Definitions and Scope
2. Automotive Elastomers Market- Executive Summary
2.1 Key Trends by Type
2.2 Key Trends by Application
2.3 Key Trends by Geography
3. Automotive Elastomers Market– Comparative analysis
3.1 Market Share Analysis- Major Companies
3.2 Product Benchmarking- Major Companies
3.3 Top 5 Financials Analysis
3.4 Patent Analysis- Major Companies
3.5 Pricing Analysis (ASPs will be provided)
4. Automotive Elastomers Market- Startup companies Scenario Premium
4.1 Major startup company analysis:
4.1.1 Investment
4.1.2 Revenue
4.1.3 Product portfolio
4.1.4 Venture Capital and Funding Scenario
5. Automotive Elastomers Market– Industry Market Entry Scenario Premium
5.1 Regulatory Framework Overview
5.2 New Business and Ease of Doing Business Index
5.3 Successful Venture Profiles
5.4 Customer Analysis – Major companies
6. Automotive Elastomers Market- Market Forces
6.1 Market Drivers
6.2 Market Constraints
6.3 Porters Five Force Model
6.3.1 Bargaining Power of Suppliers
6.3.2 Bargaining Powers of Buyers
6.3.3 Threat of New Entrants
6.3.4 Competitive Rivalry
6.3.5 Threat of Substitutes
7. Automotive Elastomers Market– Strategic Analysis
7.1 Value/Supply Chain Analysis
7.2 Opportunity Analysis
7.3 Product/Market Life Cycle
7.4 Distributor Analysis – Major Companies
8. Automotive Elastomers Market – By Type (Market Size -$Billion)
8.1 Thermoset Elastomers
8.1.1 Natural Rubber
8.1.2 Synthetic Rubber
8.1.3 Polyisoprene
8.1.4 Styrene-Butadiene Rubber
8.1.5 Polybutadiene
8.1.6 Nitrile Butadiene Rubber
8.1.7 Others
8.2 Thermoplastic Elastomers
8.2.1 Thermoplastic Polyolefin
8.2.2 Thermoplastic Polyurethane
8.2.3 Thermoplastic Vulcanizates
8.2.4 Styrene block copolymer
8.2.5 Copolyester Ether
8.2.6 Thermoplastic polyamide
8.2.7 Others
8.3 Others
9. Automotive Elastomers Market – By Application (Market Size -$Billion)
9.1 Tire
9.2 Non-tire
9.2.1 Interior
9.2.1.1 Airbags
9.2.1.2 Hoses
9.2.1.3 Breaks & Suspensions
9.2.1.4 Door Panels
9.2.1.5 Conveyor Belts
9.2.1.6 Soft Touch Panels
9.2.1.7 Others
9.2.2 Exterior
9.2.2.1 Front Body Panel
9.2.2.2 Bumpers
9.2.2.3 Window Shields
9.2.2.4 Others
9.3 Others
10. Automotive Elastomers Market- By Geography (Market Size -$Million/Billion)
10.1 North America
10.1.1 USA
10.1.2 Canada
10.1.3 Mexico
10.2 Europe
10.2.1 UK
10.2.2 Germany
10.2.3 France
10.2.4 Italy
10.2.5 Netherlands
10.2.6 Spain
10.2.7 Russia
10.2.8 Belgium
10.2.9 Rest of Europe
10.3 Asia-Pacific
10.3.1 China
10.3.2 Japan
10.3.3 India
10.3.4 South Korea
10.3.5 Australia and New Zeeland
10.3.6 Indonesia
10.3.7 Taiwan
10.3.8 Malaysia
10.3.9 Rest of APAC
10.4 South America
10.4.1 Brazil
10.4.2 Argentina
10.4.3 Colombia
10.4.4 Chile
10.4.5 Rest of South America
10.5 Rest of the World
10.5.1 Middle East
10.5.1.1 Saudi Arabia
10.5.1.2 UAE
10.5.1.3 Israel
10.5.1.4 Rest of the Middle East
10.5.2 Africa
10.5.2.1 South Africa
10.5.2.2 Nigeria
10.5.2.3 Rest of Africa
11. Automotive Elastomers Market– Entropy
11.1 New Product Launches
11.2 M&As, Collaborations, JVs and Partnerships
12. Automotive Elastomers Market– Industry/Competition Segment Analysis Premium
12.1 Market Share at Global Level - Major companies
12.2 Market Share by Key Region - Major companies
12.3 Market Share by Key Country - Major companies
12.4 Market Share by Key Application - Major companies
12.5 Market Share by Key Product Type/Product category - Major companies
12.6 Company Benchmarking- Major Companies
13. Automotive Elastomers Market– Key Company List by Country Premium Premium Premium
14. Automotive Elastomers Market Company Analysis - Business Overview, Product Portfolio, Financials, and Developments
14.1 ExxonMobil
14.2 DowDuPont Inc.
14.3 Lanxess AG
14.4 H.B. Fuller Company
14.5 BASF SE
14.6 The Goodyear Tire & Rubber Company
14.7 Kumho Petrochemical Co., Ltd.
14.8 Zeon Corporation
14.9 TSRC Corporation
14.10 Arkema Group
"*Financials would be provided on a best efforts basis for private companies"
LIST OF TABLES
1.Global Automotive Elastomers Market By Type Market 2019-2024 ($M)1.1 Thermoset Elastomer Market 2019-2024 ($M) - Global Industry Research
1.1.1 Natural Rubber Market 2019-2024 ($M)
1.1.2 Synthetic Rubber Market 2019-2024 ($M)
1.2 Thermoplastic Elastomer Market 2019-2024 ($M) - Global Industry Research
1.2.1 Styrene Block Copolymer Market 2019-2024 ($M)
1.2.2 Thermoplastic Polyurethane Market 2019-2024 ($M)
1.2.3 Thermoplastic Polyolefins Market 2019-2024 ($M)
1.2.4 Thermoplastic Vulcanizates Market 2019-2024 ($M)
1.2.5 Thermoplastic Polyester Elastomers Market 2019-2024 ($M)
1.2.6 Polyether Block Amide Market 2019-2024 ($M)
2.Global Automotive Elastomers Market By Type Market 2019-2024 (Volume/Units)
2.1 Thermoset Elastomer Market 2019-2024 (Volume/Units) - Global Industry Research
2.1.1 Natural Rubber Market 2019-2024 (Volume/Units)
2.1.2 Synthetic Rubber Market 2019-2024 (Volume/Units)
2.2 Thermoplastic Elastomer Market 2019-2024 (Volume/Units) - Global Industry Research
2.2.1 Styrene Block Copolymer Market 2019-2024 (Volume/Units)
2.2.2 Thermoplastic Polyurethane Market 2019-2024 (Volume/Units)
2.2.3 Thermoplastic Polyolefins Market 2019-2024 (Volume/Units)
2.2.4 Thermoplastic Vulcanizates Market 2019-2024 (Volume/Units)
2.2.5 Thermoplastic Polyester Elastomers Market 2019-2024 (Volume/Units)
2.2.6 Polyether Block Amide Market 2019-2024 (Volume/Units)
3.North America Automotive Elastomers Market By Type Market 2019-2024 ($M)
3.1 Thermoset Elastomer Market 2019-2024 ($M) - Regional Industry Research
3.1.1 Natural Rubber Market 2019-2024 ($M)
3.1.2 Synthetic Rubber Market 2019-2024 ($M)
3.2 Thermoplastic Elastomer Market 2019-2024 ($M) - Regional Industry Research
3.2.1 Styrene Block Copolymer Market 2019-2024 ($M)
3.2.2 Thermoplastic Polyurethane Market 2019-2024 ($M)
3.2.3 Thermoplastic Polyolefins Market 2019-2024 ($M)
3.2.4 Thermoplastic Vulcanizates Market 2019-2024 ($M)
3.2.5 Thermoplastic Polyester Elastomers Market 2019-2024 ($M)
3.2.6 Polyether Block Amide Market 2019-2024 ($M)
4.South America Automotive Elastomers Market By Type Market 2019-2024 ($M)
4.1 Thermoset Elastomer Market 2019-2024 ($M) - Regional Industry Research
4.1.1 Natural Rubber Market 2019-2024 ($M)
4.1.2 Synthetic Rubber Market 2019-2024 ($M)
4.2 Thermoplastic Elastomer Market 2019-2024 ($M) - Regional Industry Research
4.2.1 Styrene Block Copolymer Market 2019-2024 ($M)
4.2.2 Thermoplastic Polyurethane Market 2019-2024 ($M)
4.2.3 Thermoplastic Polyolefins Market 2019-2024 ($M)
4.2.4 Thermoplastic Vulcanizates Market 2019-2024 ($M)
4.2.5 Thermoplastic Polyester Elastomers Market 2019-2024 ($M)
4.2.6 Polyether Block Amide Market 2019-2024 ($M)
5.Europe Automotive Elastomers Market By Type Market 2019-2024 ($M)
5.1 Thermoset Elastomer Market 2019-2024 ($M) - Regional Industry Research
5.1.1 Natural Rubber Market 2019-2024 ($M)
5.1.2 Synthetic Rubber Market 2019-2024 ($M)
5.2 Thermoplastic Elastomer Market 2019-2024 ($M) - Regional Industry Research
5.2.1 Styrene Block Copolymer Market 2019-2024 ($M)
5.2.2 Thermoplastic Polyurethane Market 2019-2024 ($M)
5.2.3 Thermoplastic Polyolefins Market 2019-2024 ($M)
5.2.4 Thermoplastic Vulcanizates Market 2019-2024 ($M)
5.2.5 Thermoplastic Polyester Elastomers Market 2019-2024 ($M)
5.2.6 Polyether Block Amide Market 2019-2024 ($M)
6.APAC Automotive Elastomers Market By Type Market 2019-2024 ($M)
6.1 Thermoset Elastomer Market 2019-2024 ($M) - Regional Industry Research
6.1.1 Natural Rubber Market 2019-2024 ($M)
6.1.2 Synthetic Rubber Market 2019-2024 ($M)
6.2 Thermoplastic Elastomer Market 2019-2024 ($M) - Regional Industry Research
6.2.1 Styrene Block Copolymer Market 2019-2024 ($M)
6.2.2 Thermoplastic Polyurethane Market 2019-2024 ($M)
6.2.3 Thermoplastic Polyolefins Market 2019-2024 ($M)
6.2.4 Thermoplastic Vulcanizates Market 2019-2024 ($M)
6.2.5 Thermoplastic Polyester Elastomers Market 2019-2024 ($M)
6.2.6 Polyether Block Amide Market 2019-2024 ($M)
7.MENA Automotive Elastomers Market By Type Market 2019-2024 ($M)
7.1 Thermoset Elastomer Market 2019-2024 ($M) - Regional Industry Research
7.1.1 Natural Rubber Market 2019-2024 ($M)
7.1.2 Synthetic Rubber Market 2019-2024 ($M)
7.2 Thermoplastic Elastomer Market 2019-2024 ($M) - Regional Industry Research
7.2.1 Styrene Block Copolymer Market 2019-2024 ($M)
7.2.2 Thermoplastic Polyurethane Market 2019-2024 ($M)
7.2.3 Thermoplastic Polyolefins Market 2019-2024 ($M)
7.2.4 Thermoplastic Vulcanizates Market 2019-2024 ($M)
7.2.5 Thermoplastic Polyester Elastomers Market 2019-2024 ($M)
7.2.6 Polyether Block Amide Market 2019-2024 ($M)
LIST OF FIGURES
1.US Automotive Elastomers Market Revenue, 2019-2024 ($M)2.Canada Automotive Elastomers Market Revenue, 2019-2024 ($M)
3.Mexico Automotive Elastomers Market Revenue, 2019-2024 ($M)
4.Brazil Automotive Elastomers Market Revenue, 2019-2024 ($M)
5.Argentina Automotive Elastomers Market Revenue, 2019-2024 ($M)
6.Peru Automotive Elastomers Market Revenue, 2019-2024 ($M)
7.Colombia Automotive Elastomers Market Revenue, 2019-2024 ($M)
8.Chile Automotive Elastomers Market Revenue, 2019-2024 ($M)
9.Rest of South America Automotive Elastomers Market Revenue, 2019-2024 ($M)
10.UK Automotive Elastomers Market Revenue, 2019-2024 ($M)
11.Germany Automotive Elastomers Market Revenue, 2019-2024 ($M)
12.France Automotive Elastomers Market Revenue, 2019-2024 ($M)
13.Italy Automotive Elastomers Market Revenue, 2019-2024 ($M)
14.Spain Automotive Elastomers Market Revenue, 2019-2024 ($M)
15.Rest of Europe Automotive Elastomers Market Revenue, 2019-2024 ($M)
16.China Automotive Elastomers Market Revenue, 2019-2024 ($M)
17.India Automotive Elastomers Market Revenue, 2019-2024 ($M)
18.Japan Automotive Elastomers Market Revenue, 2019-2024 ($M)
19.South Korea Automotive Elastomers Market Revenue, 2019-2024 ($M)
20.South Africa Automotive Elastomers Market Revenue, 2019-2024 ($M)
21.North America Automotive Elastomers By Application
22.South America Automotive Elastomers By Application
23.Europe Automotive Elastomers By Application
24.APAC Automotive Elastomers By Application
25.MENA Automotive Elastomers By Application
26.Arlanxeo, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.DOW, Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.Exxonmobil, Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.JSR Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.Dupont, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.BASF, Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.LG Chem, Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.Sabic, Sales /Revenue, 2015-2018 ($Mn/$Bn)
34.Teknor Apex, Sales /Revenue, 2015-2018 ($Mn/$Bn)
35.Zeon Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
Automotive Elastomers Market is forecast to grow at 4.6% CAGR during the forecast period 2023-2030.
Automotive Elastomers Market size is estimated to reach $115.8 billion by 2030
Top Companies in the Automotive Elastomers Market are ExxonMobil ,DowDuPont Inc.,Lanxess AG ,H.B. Fuller Company ,BASF SE ,The Goodyear Tire & Rubber Company ,Kumho Petrochemical Co., Ltd. ,Zeon Corporation ,TSRC Corporation\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\r\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\n10. Arkema Group\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\r\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\n