17-Apr-2018 | Zion Market Research
Zion Market Research has published a new report titled “Automotive Elastomers Market by Product (thermoplastic polyether block amides, thermoplastic copolyesters, thermoplastic vulcanizates, thermoplastic polyolefins, styrene block copolymers, fluoroelastomers, acrylic elastomers, nitrile elastomers, polyisoprene elastomers, butyl elastomers and natural rubbers) for Tire and Non-Tire applications by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2023’’. According to the report, global automotive elastomers market was valued at around USD 44 Billion in 2017 and is expected to reach approximately USD 60 Billion in 2023, growing at a CAGR of slightly above 5.0% between 2017 and 2023.
Elastomers are considered as an alternative to rubber and include materials ranging from high-performance fluoroelastomers to thermoset rubber polymers for automotive and chemical applications. Elastomers are replacing metals for use in high temperature and aggressive chemical environments. It encompasses the need for reliability, durability, flexibility and sealing in automotive applications. The compound is characterized by its resilience property and can regain its original shape after being stretched to twice its length.
Browse the full "Automotive Elastomers Market by Product (thermoplastic polyether block amides, thermoplastic copolyesters, thermoplastic vulcanizates, thermoplastic polyolefins, styrene block copolymers, fluoroelastomers, acrylic elastomers, nitrile elastomers, polyisoprene elastomers, butyl elastomers and natural rubbers) for Tire and Non-Tire applications by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2023" report at https://www.zionmarketresearch.com/report/automotive-elastomers-market
The increasing acceptance of automotive elastomers coupled with substantial automobile industry growth will garner the product demand in the forecast period. Numerous automotive component suppliers and constructors, especially belonging to Tier1 class are consuming elastomers to downsize their product size and weight. Further, the economic growth rate of any region and country has a major influence on supply and demand scenario of vehicles that will impact the component suppliers business in the automotive industry. Rising trends amongst automobile manufacturers to reduce carbon emissions and fuel consumptions by downsizing their engines is boosting product penetration. Moreover, it helps the engines to achieve elevated horsepower, particularly in sports bike & car. Elastomers enhance vehicle’s lifecycle by helping them to resist chemical attack and withstand extremely high temperature.
Automotive elastomers growth rate is faster than global automobile industry, thus market CAGR is anticipated above 5.0% till 2023. Proliferating electric and hybrid vehicles demand is influencing automotive elastomers growth more than other fuel vehicles. Electric vehicles are using high-performance elastomers to enhance their fuel efficiency and reduce carbon emissions. These vehicle manufacturers are substituting steel to compete with internal combustion vehicles in terms of operating range. Moreover, battery charging stations are established to enhance electric vehicle’s operating range. Leading to higher elastomers usage for producing heavy duty cables required in fast charging systems.
Automotive elastomers market is segmented on the basis of the product as fluoroelastomers, nitrile elastomers, butyl elastomers, thermoplastic polyolefins, thermoplastic copolyesters, natural rubbers, polyisoprene elastomers, acrylic elastomers, styrene block copolymers, thermoplastic vulcanizates, and thermoplastic polyether block amides. Natural rubber will hold maximum market share owing to its resistance to fungi and bacteria, excellent compression set, resistance to weathering, high physiological inertness, and better temperature stability. Automotive elastomers are used for various applications such as tire and non-tire. The product is widely consumed for tire application and will depict similar trend during the forecast period.
North America will register a significant growth in automotive elastomers market till 2023. The growth of the region is attributed to automobile giants such as General Motors and Ford. The Asia Pacific captures a significant chunk of the market and is estimated to witness a huge demand for the product in the forecast period. Higher adoption of electric vehicles in Japan and China along with increased charging stations would give traction to the product demand.
Major players in the market include Dow, JSR Corporation, BASF, SABIC, Zeon Corporation, Arlanxeo, ExxonMobil, DuPont, LG Chem, and Teknor Apex. Companies are adopting the strategies of new product launch, mergers & acquisition, diversification, research, and development to increase their foothold in the market and gain a competitive edge.
The report segments global automotive elastomers market as follows:
Automotive Elastomers Market: Product Segment Analysis
Automotive Elastomers Market: Application Segment Analysis
Automotive Elastomers Market: Regional Segment Analysis
Browse New Press Release: https://www.zionmarketresearch.com/news/automotive-elastomers-industry
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