Automotive Elastomers Market

Automotive Elastomers Market Outlook – 2030

Automotive elastomers are characterized by the cross-linked structure formed by chemical binding of polymers. They can be used to manufacture a number of automobile parts such as front-end body panels, belts, hoses, seating, dashboards, airbags, door panels, hoses & seals, brakes & suspensions, instrument & soft touch panels and others. These automotive elastomers exhibit properties superior to that of the traditional rubber drives due to their better heat resistance, flexibility, durability, aging resistance, oil, gas & chemical resistance, and weathering & ozone resistance. Thus, the market for these elastomers has grown considerably and is expected to grow at a steady pace. The automotive elastomers offer the opportunity to design and manufacture light-weighted, compact and more efficient vehicles, which is favorable to the automotive industry and this has led to growth of this market.

Market Scope and Structure Analysis

As the name suggests, the automobile industry is the major consumer of automotive elastomers. Due to rise in the income of the populace and betterment in standard of living coupled with advancements in the automobile industry, the demand for vehicles has been growing around the world. The demand of automobiles drives the demand for automotive elastomers used predominantly in the modern vehicles to make them lighter and more efficient.

COVID-19 Impact analysis

The automobile industry witnessed a drop in sales and revenue due to the lockdown imposed around the world due to the COVID-19 pandemic. Thus, the decline in sales of vehicles caused a decline in the production volume, which further led to the significant drop in demand of automotive elastomers. The decline in automobile sales was due to the travel restrictions as well as the shutdown of market which prohibited the customers to purchase vehicles. The supply chain was also disturbed throughout the pandemic period due to trade restrictions imposed by the governments, which hampered the movement of goods and capital to and from the automotive elastomers consumers and producers respectively.

Top Impacting Factors

• The remarkable performance standards, cost-effectiveness, flexibility to customize the shapes and designs of interiors as well as exteriors in accordance to varying preferences of customers are one of the drivers of the automotive elastomers. The ability to make the automobiles lighter in weight, thus enhancing their fuel efficiency and lowering emissions can fuel the demand of these elastomers over the forecast period.
• The stringent norms and policies of the government in order to ensure safety of the passengers, reduce emissions as well as improve the efficiency of the vehicles have made the use of automotive elastomers quite extensive. The policy to make the airbags mandatory in all the passenger vehicles is another assistance to the growth of automotive elastomers industry.
• The only challenge that the automotive industry faces is the volatility of the prices of raw materials used to produce them. As some raw materials used to produce these elastomers are petroleum based, their prices fluctuate with the price of crude oil as well as their substitutes available in the market.

Market Trends

• New product launches to flourish the market: The ENGAGE series of elastomers by Dow Chemicals has been a trendsetter in the market as they used polyolefin elastomers that are lighter, easy to process and pain to produce customized shapes and have striking appeal  to attract the consumers. Kuraray Elastomers incorporated liquid butadiene rubber (LBR) to Ethylene Propylene Diene Monomer (EPDM) in order to enrich its hardness, compression strength, and curing properties with other components.
• The Asia-Pacific region is expected to be the major revenue generator of the automotive elastomers market, owing to the rapid industrialization and development causing the increase in the per capita income and purchase power of the populace. The availability of inexpensive labor, investment opportunities as well as favorable political environment is anticipated to enable APAC region, especially India and China, to become a major hub of the automotive elastomer market.

Key Benefits of the Report

• This study presents the analytical depiction of the Automotive Elastomers industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the Automotive Elastomers market share.
• The current market is quantitatively analyzed to highlight the Automotive Elastomers market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed Automotive Elastomers market analysis based on competitive intensity and how the competition will take shape in coming years

Questions answered in the Automotive Elastomers Report

• Who are the leading market players active in the Automotive Elastomers market?
• What current trends will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities in the market?
• What future projections would help in taking further strategic steps?
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 Automotive Elastomers Market Report Highlights