Automotive Elastomers Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type {[Thermoset Elastomers (Natural Rubber (NR), Styrene-Butadiene Rubber (SBR), Butyl Rubber (IIR), Poly

Automotive Elastomers Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type {[Thermoset Elastomers (Natural Rubber (NR), Styrene-Butadiene Rubber (SBR), Butyl Rubber (IIR), Poly Butadiene Rubber (BR), Neoprene Rubber/Chloroprene Rubber, Nitrile Butadiene Rubber  (NBR), Others] Thermoplastic Elastomers [Styrene Block Copolymer (SBC) Thermoplastic Polyurethane (TPU), Thermoplastic Polyolefins (TPO), Thermoplastic Vulcanizates (TPV) and Others]}, Application [Tire, Interior (Hoses and Panel, Door Panels, Airbags, Dash Boards, Seatings, Others), Exterior (Front and Body Panel, Breaks and Suspensions, Bumper Fascia, Others), Under the Hood (Battery Casing, Hoses and Nozzles and Others)], Vehicle Type (Passenger Vehicles, Light Commercial Vehicles (LCV), Heavy Commercial Vehicles and Two Wheelers and Others), and Geography

The automotive elastomers market size was valued at US$ 42.98 billion in 2023 and is projected to reach US$ 66.57 billion by 2031; it is estimated to register a CAGR of 5.6% from 2023 to 2031.

Based on application, the market is segmented into tire, interior, exterior, and under the hood. The interior segment is expected to register the highest CAGR between 2023 and 2031. Automotive interior includes hoses and seals, door panels, airbags, conveyor and transmission belt, dashboard, and seating. Various types of elastomers are used in the interior of vehicles. The interiors of cars are being held to higher standards of comfort, style, and elegance by modern consumers. Because of their exceptional flexibility, cushioning capacity, and diverse visual appeal, elastomers are ideal for enhancing the comfort and aesthetics of automotive interiors. The desire for individualized and adaptable car interiors drives up elastomer demand. Elastomers' versatility allows automakers to offer a wider range of interior texture, material, and color options.

Asia Pacific held the largest market share for automotive elastomers in 2023. Asia Pacific is home to major automotive companies, including Toyota Motor Corp, Tata Motors Ltd, Hyundai Motor Co, Nissan Motor Co Ltd, and Honda Motor Co Ltd. Further, Asia Pacific is a center for automotive manufacturing, with a significant presence of international and domestic players in the region. The development of automotive parts and components in the region and the rise of electric vehicle production will create lucrative opportunities for elastomer manufacturers. Extensive innovation and prototyping from major automakers are driving the market growth.

According to a report published by Fastener World Inc., Asia Pacific—the world's largest automobile-producing region—experienced a significant increase in production volume from over 46 million units in 2021 to over 50 million units in 2022 and over 55 million units in 2023. Asia Pacific is a rapidly growing car market driven by the rising middle class and disposable income. It is the largest regional base for automobile production and home to the largest number of vehicle buyers. The top 5 automobile producing countries are China, with more than 30 million vehicles; Japan, with nearly 9 million vehicles; India, with ~5.9 million vehicles; South Korea, with more than 4 million vehicles; and Thailand, with nearly 1.9 million vehicles.

A few players operating in the global 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. Players operating in the market focus on providing high-quality products to fulfill customer demand. Also, they are focusing on launching new and high-quality products for their customers.

The overall global automotive elastomers market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the automotive elastomers market.

Reasons to buy

Progressive industry trends in the automotive elastomers market to help players develop effective long-term strategies
Business growth strategies adopted by developed and developing markets
Quantitative analysis of the automotive elastomers market from 2021 to 2031
Estimation of the demand for automotive elastomers across various industries
Porter's Five Forces analysis to illustrate the efficacy of buyers and suppliers operating in the industry to predict the market growth
Recent developments to understand the competitive market scenario and the demand for automotive elastomers across the globe
Market trends and outlook coupled with factors driving and restraining the growth of the automotive elastomers market.
Decision-making process by understanding strategies that underpin commercial interest concerning the global automotive elastomers market growth
The global automotive elastomers market size at various nodes of market
Detailed overview and segmentation of the automotive elastomers market as well as its dynamics in the industry
The automotive elastomers market size in different regions with promising growth opportunities