Elastomer refers to a type of polymer which inhibits the properties of elasticity. Elastomers deform when force is applied and return to their original shape after the removal of the force. It is composed of oxygen, hydrogen, carbon and silicon monomers. Rapid growth of automotive industry across the globe has fostered the growth of the elastomers in automotive sector
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“Automotive Elastomers Market: Global Demand Analysis & Opportunity Outlook 2024”
The global automotive elastomers market is segmented into type such as synthetic elastomers and thermoplastic elastomers. Among these segments, thermoplastic automotive elastomers segment is expected to occupy top position in overall automotive elastomers market during the forecast period.
Factors such as high flexibility and desired customization and rising demand for lightweight automotive vehicles are driving the growth of the thermoplastic automotive elastomers segment. However, synthetic elastomers segment is anticipated to grow at a highest pace in overall automotive elastomers market.
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This can be attributed to the development of specialty grades synthetic elastomers by various major manufacturers.
Global automotive elastomers market is expected to flourish at a significant CAGR of 5.72% during the forecast period. Moreover, the global automotive elastomers market is expected to garner USD 9.2 Billion by the end of 2024.
Rising utilization of lightweight materials for automotive manufacturing, stringent emission norms and increasing demand for fuel efficient vehicles are some of the key factors driving the growth of the market of automotive elastomers market.
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Asia Pacific dominated the overall automotive elastomers market and is expected to continue its dominance over the forecast period. This can be attributed to spiked production of vehicle in the region.
Further, rising disposable income coupled with increasing living standard is expected to accelerate the growth of automotive market in the upcoming years. North America and Europe automotive elastomer market is anticipated to witness robust growth during the forecast period.
Stringent emission and fuel efficiency regulations are resulting in substantial demand for lightweight automotive manufacturing products such as elastomers. Moreover, Latin America is anticipated to grow at modest CAGR during the forecast period.
Further, growing automotive industry in the region is anticipated to drive the growth of the automotive elastomer in Latin America.
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Robust Growth of Automotive Industry
Increasing global population coupled with rising per capita income is expected to provide robust growth to the automotive industry in the upcoming years. Consequently, the demand for automotive elastomers is anticipated to witness significant growth in the upcoming years.
Moreover, high emphasis on utilization of lightweight materials is expected to accelerate the growth of automotive elastomers market during the forecast period.
Stringent Government Regulations
Initiatives by government authorities to reduce the carbon and greenhouse gases emission are anticipated to drive the growth of the automotive elastomers market. For instance, recent changes in Chinese environmental policies are anticipated to positively impact the growth of the market.
Although, volatility in the price of raw materials is likely to dampen the growth of automotive elastomers market during the forecast period.
The report titled “Automotive Elastomers Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the global automotive elastomers market in terms of market segmentation by type, by application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global automotive elastomers market which includes company profiling of Huntsman International LLC, The Dow Chemical Company, LANXESS, BASF SE, Exxon Mobil Corporation, E. I. du Pont de Nemours and Company, Motherson Automotive Elastomer Technology, Covestro AG, Kuraray Elastomer Division (division of Kuraray Co., Ltd.) and Continental AG.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global automotive elastomers market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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