Automotive Elastomers Market Size to Reach a Worth US$ 66.57 Billion by 2031 Driven by Increase in Adoption of Electric Vehicles

Automotive Elastomers Market to grow at rapid pace due to rising awareness regarding various benefits of automotive elastomers, such as noise reduction, emissions reduction, safety improvement, and performance improvement.

/EIN News/ -- US & Canada, Feb. 03, 2025 (GLOBE NEWSWIRE) -- According to a new comprehensive report from The Insight Partners, the global automotive elastomers market is observing significant growth owing to the increase in the adoption of electric vehicles.

The report runs an in-depth analysis of market trends, key players, and future opportunities. In general, the automotive elastomers market comprises a vast array of platforms and services that are expected to determine the market strength during the coming years.

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Overview of Report Findings

Market Growth: The automotive elastomers market is expected to reach US$ 66.57 billion by 2031 from US$ 42.98 billion in 2023; it is anticipated to register a CAGR of 5.6% during the forecast period. The automotive elastomers market has been experiencing significant growth driven by the rising demand for lightweight, durable, and high-performance materials in the automotive industry. Elastomers, known for their flexibility, resilience, and ability to return to their original shapes after deformation, are increasingly being used in various automotive applications, including seals, gaskets, hoses, and vibration-damping systems.

Increase in Adoption of Electric Vehicles: The rise in fuel prices and the environmental impact of conventional gasoline vehicles have paved the way for alternative fuel vehicles across the globe. Buyers are gradually getting inclined to use battery-powered or hybrid automobiles, which is anticipated to boost the demand for electric vehicles. According to the International Energy Agency's annual Global Electric Vehicle Outlook, over 10 million electric cars were sold worldwide in 2022. As the automotive industry witnesses a transformative shift toward electric vehicles (EVs), the role of elastomers has become more crucial.

Advantages of Automotive Elastomers: Elastomer is the best material to utilize when creating lightweight parts for automobiles, which has led to a rise in demand for elastomers in the automotive sector. Elastomers are extensively utilized in automobiles because of their superior strength-to-weight ratio, outstanding viscoelasticity, and sound-absorbing qualities. Because of their superior abrasion resistance, automotive elastomers are easily molded and found in radiator hoses, bumper guards, under the hood, seat coverings, and other applications. They are utilized in automotive seat covers, instrument panels, and caster wheels since they are lightweight and fuel-efficient. Therefore, the growing automobile industry is expected to increase the demand for automotive elastomers.

Geographical Insights: In 2023, Asia Pacific led the market with a substantial revenue share, followed by North America and Europe. Asia Pacific is expected to register the highest CAGR during the forecast period.

Market Segmentation

• Based on type, the automotive elastomers market is segmented into thermoset elastomers [natural rubber (NR), styrene-butadiene rubber (SBR), butyl rubber (IIR), poly butadiene rubber (BR), neoprene rubber/chloroprene rubber, nitrile butadiene rubber (NBR), and others] and thermoplastic elastomers [styrene block copolymer (SBC) thermoplastic polyurethane (TPU), thermoplastic polyolefins (TPO), thermoplastic vulcanizates (TPV), and others]. The thermoset elastomers segment held a larger share of the automotive elastomers market in 2023.
• By application, the automotive elastomers market is segmented into tire, interior (hoses and panel, door panels, airbags, dashboards, seatings, and others), exterior (front and body panel, breaks and suspensions, bumper fascia, and others), and under the hood (battery casing, hoses and nozzles, and others). The tire segment held the largest share of the automotive elastomers market in 2023.
• By vehicle type, the automotive elastomers market is segmented into passenger vehicles, light commercial vehicles (LCV), heavy commercial vehicles, and two wheelers and others. The passenger vehicles segment held the largest share of the automotive elastomers market in 2023.
• The automotive elastomers market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.

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Competitive Strategy and Development

• Key Players: Major companies operating in the automotive elastomers market include KRAIBURG TPE, APAR Industries Ltd, Arkema SA, Asahi Kasei Corp, BASF SE, DuPont de Nemours Inc, Evonik Industries AG, Kraton Corp, Huntsman International LLC, LG Chem Ltd, LyondellBasell Industries NV, Mitsui Chemicals Inc, Saudi Basic Industries Corporation, Sumitomo Chemical Co Ltd, and The Lubrizol Corporation.
• Trending Topics: A high demand for sustainable elastomers and the growth of the automotive industry in emerging economies, strategic initiatives by market players, among others

Global Headlines on Automotive Elastomers

• “Kraton Launches ISCC Plus Certified Renewable Solutions Manufactured in North America”
• “Huntsman opens new European innovation centre in Belgium”
• “Kraiburg TPE introduces range of thermoplastic elastomer products with at least 73% recycled content for automotive market”
• “Arkema completes its 40% increase in global Pebax® elastomers production capacity”

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Conclusion

The global automotive elastomers market is driven by factors such as the increase in the adoption of electric vehicles and the advantages of automotive elastomers. Automotive elastomers are used for various types of vehicles, including passenger vehicles, commercial vehicles, and two-wheelers. They effectively dampen vibrations and reduce noise, enhancing the driving experience and comfort. A few types of elastomers are increasingly utilized as lightweight alternatives in interior components, gaskets, seals, and door panels. Thus, the demand for automotive elastomers is increasing among end users.

The report from The Insight Partners, therefore, provides several stakeholders—including raw material suppliers, manufacturers, distributors/suppliers, and others—with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.

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About Us:

The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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