Automotive elastomers market overview
It has been expected that the automotive elastomers market growth would register a CAGR of almost 5.32% and would touch the mark of 46,463 million USD by the d of the year 2025. Technically, rubber is referred to as Elastomer. It got its name from the term elastic polymer. Some are petroleum-based, and others are natural polymers. The main property of the elastomers is that they get stretched to a great extent. Hence they are used in various industries that include automotive, footwear, sports, and many more. Another property of elastomers is the thermosetting property. This means that they can be converted into thermoplastic to improve their durability, stability, and viscosity through vulcanization. Out of all the industries, the automotive industry holds around 45% of the elastomer market. Another property of the customers is that it has a high failure strain, enabling it to retain the softness even at ambient temperatures. This enables them to be used as a sealant, adhesive, and small molded parts in industries like automotive, consumer goods, sports, and more.
COVID 19 Analysis
No-one would have ever wondered that something like COVID 19 pandemic would get stuck and make everyone's life take such a sharp turn. Not just the individuals but even every business a toss the globe has been affected. And now, each of them is looking to get back to where they were before all the mess. And they can't do it all by themselves. For them, the experts have analyzed some reports, thoroughly cooked, and made sure that they provide all the required pieces of information. The reports also provide insights about the current situation of the business in the market and the competitors. This valuable guidance and mentorship are needed to cover the losses they have incurred.
While the automotive elastomers market share is pretty healthy with a CAGR of around 5.32% in the automotive elastomers market forecast period, it is one of the most promising markets globally. The automotive elastomer market demand for both passenger and commercial vehicles has increased, which has led to the growth of the market at very high rates. Also, there has been increased demand if lightweight parts in the vehicles, of which rubber is the best component to be used, making it even more in demand in the automotive industry. The use of recycled rubber has also increased many folds in the last few years. This is since leading manufacturers of automotive elastomers use this recycled rubber. Not only this, but the recycled rubber is also helpful in energy generation. But some negative stat has caused a decrease in growth that includes fluctuating prices of raw materials. This is mainly because its prices depend on the petroleum prices, which are not fixed, hence impacting rubber prices.
Value chain analysis
The value chain analysis of the automotive elastomers market growth consists of the factors that promote the industry's growth. The major ones are the increasing demand for personal and commercial vehicles, the demand for lightweight materials in the automotive industry, strict regulations on emission in most countries, and increased rubber usage that leading manufacturers can recycle.
But then, some factors act as a restraint in the growth. The primary one is the fluctuations in prices of raw materials, especially human-made rubber. But there have been researching activities going on that aim to develop innovative automotive elastomers that can quickly meet the automotive industry's requirements. Moreover, the market is also affected by the surplus natural rubber supply due to its high production in some parts of Asia. According to an automotive elastomers market forecast, almost 80% of the total rubber is manufactured in southeast Asia.
Based on the application.
Based on the application, it is further divided into
Tire: This segment holds the largest share in the market because of the high utilization of natural and human-made elastomers in manufacturing various products. It has been estimated that the tire segment accounts for almost 60% of the total market share.
Interior: It is further subdivided into hoses and seals, door panels, airbags, conveyors, and transmission belts. Among all these subcategories, dashboard, hoses and seals, seating’s and airbags have most of the market share. This is because the consumers have been shifting their mindsets more towards their safety. Moreover, these elastomers provide more durability, making sure that the interiors of the car last longer showcasing the automotive elastomer market trends
Exterior: This segment holds the lowers share among all the subtypes.
Based on the type
The global automotive elastomer market is further subdivided into three segments based on the vehicle type. These are:
LCV or light commercial vehicles: It is one of the essential and significant market segments, accounting for 30% of the total market share.
Medium commercial vehicles
Heavy commercial vehicles
The global automotive elastomer market size is subdivided into five segments based on the regions
The Asian market is subdivided into Japan, India, China, and the rest of Asia's parts. The market in Latin America is divided into Argentina, Brazil, and the rest of South America. The automotive elastomers market share in Africa and the middle east are divided into UAE, Turkey, Saudi Arabia, and the rest of Africa and the middle east. According to the automotive elastomers market analysis, it would reach a whopping 45000 million USD by the end of the forecast period, which is 2024. The region that dominates the market in the Asia Pacific, which has the largest share. North American and the European markets then follow this. It has also been estimated that the Asia Pacific market would account for almost half of the total market by the end of 2025.
During the forecast period, Europe was the second-largest market across the globe in automotive elastomer market trends
According to an analysis done by MRFR, the companies that dominate the entire global automotive elastomers market are as follows: Teknor Apex Company, Inc., Kuraray Co., Ltd, Saudi Basic Industries Corporation, JSR Corporation, Sumitomo Chemical Co., Ltd, Exxon Mobil Corp., Versalis SpA, Kraiburg TEP GmbH & Co. Kg, Mitsui Chemicals, Inc. ARLANXEO, The Dow Chemical Company, LG Chem Ltd, Solvay, BASF SE, and Nizhnekamskneftekhim JPS
Recent developments in automotive elastomer markets are:
- Jan 2022 - The 50 percent ownership position in the 50/50 joint venture, Magnifin Magnesiaprodukte GmbH & Co. KG, was acquired by Huber Engineered Materials from refractory products and systems and services supplier RHI Magnesita. This transformation is a good strategic match for HEM's purpose of owning and operating market-leading specialized chemical and mineral enterprises. Martinswerk GmbH, a subsidiary of HEM, sells Magnifin products worldwide as part of the HEM Fire Retardant Additives (FRA) strategic business unit, which manufactures a variety of smoke suppressants, halogen-free fire retardants, and specialty aluminum oxides to improve the smoke, fire, and toxicity (FST) properties of composite parts. Energy and LAN data cables, technical thermoplastics (e.g., connectors), automobile wire and cable, and construction membranes are all examples of fire-retardant applications. Magnifin coated and uncoated magnesium hydroxides are stated to be halogen-free fire retardants utilized in a wide range of polymer applications, particularly thermoplastic polymers and elastomers needing high processing temperatures above 300°C.
- Jan 2022 - Carlisle Polyurethane Systems, a market leader in developing, manufacturing, and marketing high-performance, spray-applied protective coatings, is happy to announce the rebranding and expansion of its Intellathane product line. Intellathane protective elastomeric coatings are tough, abrasion-proof, and impact-resistant. They are designed to resist cracking, flaking, bubbling, or peeling, creating a nearly impenetrable seal that coats surfaces and protects them from repeated and devastating impacts, weathering, temperature extremes, and harsh chemical environments. Heavy industrial, farm, truck/automotive, mining, military, and storage equipment are all protected by Intellathane elastomeric spray coatings.
- Thermoplastic polymers have been introduced, which have the properties of plastics and polymers. These have high strength like plastics and excellent elasticity like polymers.
- Biopolymers have been introduced in the market with superb properties.
- Elastomers with properties that exhibit tensile strength more than many others have also been introduced.
- In the recent developments mad win the field of automotive elastomers, the focus has been laid on the elasticity to remain lightweight.
- While elastomers are known for their ability to stretch to a great extend, recent innovations have not only considered this, but advanced polymers have also been bought in the market.
- The emphasis on comfort has led manufacturers to turn to polyolefin elastomers to produce customized shapes. The ENGAGE series of elastomers by Dow Chemicals has answered this call by being suitable for interior and exterior parts. The elastomers are easy to process and paint, reduce overall vehicle weight, and create a striking impression by being appealing to customers. Their applications include rocker panels, knee bolsters, instrument panel components, front-end body panels, and others.
- Kuraray Elastomers relies on liquid butadiene rubber (LBR) for rubber applications which need to function in high temperatures. They are a perfect fit for cables, gaskets, and hoses in cars. The incorporation of LBR in EPDM can enhance its hardness, compression set, and curing properties with other components.
- Mitsui Chemicals Inc. has announced the planning of closure for the Mitsui Chemicals Exclusive Railway, for conveying raw materials to the company’s Omuta Works in Fukuoka, Japan. These coal trains were in service for more than 100 years and therefore a farewell project for these trains accounting for the long history and to capture the legacy of these trains for the future.
The rubber property that ensures that it does not lose its elasticity even when its stability and viscosity stays intact is why it is used in many industries as one of their central element. The automotive industry is one of the primary industries that use rubber its remarkable properties. The automotive elastomers market analysis has been increasing due to reasons like the demand for lightweight automotive parts and the more awareness of the people towards their safety while they drive. The industry is one of the largest growing industries as per the automotive elastomers market size globally and is expected to reach a health CAGR in the forecast period. The market is not only promising but also ensures that it fulfills the requirements of the individuals.