The global automotive elastomers market was estimated at USD 32.94 billion in 2021 and it is expected to surpass around USD 51.61 billion by 2030, poised to grow at a CAGR of 5.12% from 2022 to 2030.
Report Highlights
An increase in consumer disposable income and strict regulations by the government to reduce pollution are expected to impel market growth.
The COVID-19 pandemic had a negative impact on the market due to the suspension of automobile production and a decrease in vehicle demand due to worldwide financial instability. On a global scale, the outbreak disrupted the whole automotive supply chain. Since the automotive elastomers sector is entirely dependent on automobile sales, this outbreak hugely impacted this market. However, the market grew significantly in 2021, mainly due to the increased sales of electric vehicles, and is thus likely to stimulate the industry.
Mergers & acquisitions, agreements, and expansions are the key strategies adopted by the companies over the past years. For instance, in December 2020, Ace Midwest LLC declared the acquisition of all functioning assets of RotaDyne's elastomer processing group rubber manufacturing business, strengthening the firm's product line and elastomers business.
Scope of The Report
Report Coverage | Details |
Market Size in 2021 | USD 32.94 billion |
Revenue Forecast by 2030 | USD 51.61 billion |
Growth rate from 2022 to 2030 | CAGR of 5.12% |
Base Year | 2021 |
Forecast Period | 2022 to 2030 |
Segmentation | Type, application, vehicle type, region |
Companies Covered |
BASF SE; Exxon Mobil Corporation; DuPont; Dow; Huntsman International LLC; LANXESS; SABIC; Covestro AG; Continental AG; INEOS; Mitsui Chemicals, Inc.; Versalis S.p.A; Kraton Corporation; KRAIBURG TPE; China Petroleum & Chemical Corporation (SINOPEC CORP.) |
Type Insights
The thermoset elastomers segment accounted for the largest revenue share of over 65.02% in 2021 and is expected to continue to dominate the market over the forecast period. This can be attributed to the increasing demand for and use of natural and synthetic rubber in the automotive industry. In addition, tires are made using natural and synthetic elastomers, which provide durability and flexibility on the road, further driving the segment. In terms of type, the market has been segmented into thermoset and thermoplastic elastomers.
The Thermoplastic Elastomers (TPE) segment is expected to expand at a revenue-based CAGR of 5.81% over the forecast period. This can be attributed to thermoplastic properties such as compression resistance, high tear resistance, thermoplastic process-ability, high tensile strength, shock absorption, and slip resistance. The automotive industry is one of the biggest consumers of TPEs owing to the resistance to high temperatures, abrasion, and chemical resistance. These products are excellent for bumper stops, vibration dampeners, shock-absorbing seals, and other weather-stripping elements. In December 2019, Sirmax SpA established a thermoplastic elastomer compounding factory in Poland with a yearly capacity of 30 kilotons of TPE to expand its position in Northern and Eastern Europe.
Vehicle Type Insights
The passenger cars segment accounted for the largest revenue share of over 55.13% in 2021 and is anticipated to continue to dominate the market over the forecast period. This can be attributed to the increasing usage of automotive elastomers in passenger cars due to the materials’ properties, substitutability with several metals used in vehicles, and better customer experience.
The light commercial vehicles are expected to expand at a revenue-based CAGR of 5.0% over the forecast period. This can be attributed to the increasing use and adoption of automotive elastomer compounds in light commercial vehicles because they contain cross-linking compounds that improve aging and cyclic loading resistance.
Application Insights
The tire segment accounted for the largest revenue share of over 45.37% in 2021 and is expected to retain its position in the market over the forecast period. This can be attributed to the usage of elastomers in tire manufacturing, which improves performance significantly. The chemical system in tire rubber benefits from intermediates that give reliable seals, flexibility, and durability.
The interior segment is expected to expand at a revenue-based CAGR of 5.7% from 2022 to 2030. The use of automotive elastomers in car interiors is growing owing to their advantages such as lightweight, flexibility, safety, aesthetics, cost-effectiveness, agility, low emissions, and moldability. In June 2022, Continental created Benova Eco Protect, a new premium surface material. It improves the sustainability, durability, and comfort of vehicle interiors.
Regional Insights
Asia Pacific accounted for the largest revenue share of over 50.17% in 2021 and is anticipated to retain its position over the forecast period. Factors such as the presence of major market vendors, the availability of raw materials and labor at a lower price, and the high adoption of advanced technologies are the key factors driving the market in the region. Leading vehicle-producing countries in the Asian region include India, China, Japan, and South Korea.
North America is anticipated to expand at a revenue-based CAGR of 4.5% over the forecast period. The market growth in the region can be attributed to technological developments in the country, significant disposable incomes, demand for new vehicles, and strict environmental regulations in the region.
Key Players
Market Segmentation
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Automotive Elastomers Market
5.1. COVID-19 Landscape: Automotive Elastomers Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Automotive Elastomers Market, By Type
8.1. Automotive Elastomers Market, by Type, 2022-2030
8.1.1 Thermoset Elastomers
8.1.1.1. Market Revenue and Forecast (2017-2030)
8.1.2. Thermoplastic Elastomers (TEP)
8.1.2.1. Market Revenue and Forecast (2017-2030)
Chapter 9. Global Automotive Elastomers Market, By Application
9.1. Automotive Elastomers Market, by Application, 2022-2030
9.1.1. Tire
9.1.1.1. Market Revenue and Forecast (2017-2030)
9.1.2. Interior
9.1.2.1. Market Revenue and Forecast (2017-2030)
9.1.3. Exterior
9.1.3.1. Market Revenue and Forecast (2017-2030)
9.1.4. Under the Hood
9.1.4.1. Market Revenue and Forecast (2017-2030)
Chapter 10. Global Automotive Elastomers Market, By Vehicle Type
10.1. Automotive Elastomers Market, by Vehicle Type, 2022-2030
10.1.1. Passenger Cars
10.1.1.1. Market Revenue and Forecast (2017-2030)
10.1.2. Light Commercial Vehicles
10.1.2.1. Market Revenue and Forecast (2017-2030)
10.1.3. Medium and Heavy Commercial Vehicles
10.1.3.1. Market Revenue and Forecast (2017-2030)
Chapter 11. Global Automotive Elastomers Market, Regional Estimates and Trend Forecast
11.1. North America
11.1.1. Market Revenue and Forecast, by Type (2017-2030)
11.1.2. Market Revenue and Forecast, by Application (2017-2030)
11.1.3. Market Revenue and Forecast, by Vehicle Type (2017-2030)
11.1.4. U.S.
11.1.4.1. Market Revenue and Forecast, by Type (2017-2030)
11.1.4.2. Market Revenue and Forecast, by Application (2017-2030)
11.1.4.3. Market Revenue and Forecast, by Vehicle Type (2017-2030)
11.1.5. Rest of North America
11.1.5.1. Market Revenue and Forecast, by Type (2017-2030)
11.1.5.2. Market Revenue and Forecast, by Application (2017-2030)
11.1.5.3. Market Revenue and Forecast, by Vehicle Type (2017-2030)
11.2. Europe
11.2.1. Market Revenue and Forecast, by Type (2017-2030)
11.2.2. Market Revenue and Forecast, by Application (2017-2030)
11.2.3. Market Revenue and Forecast, by Vehicle Type (2017-2030)
11.2.4. UK
11.2.4.1. Market Revenue and Forecast, by Type (2017-2030)
11.2.4.2. Market Revenue and Forecast, by Application (2017-2030)
11.2.4.3. Market Revenue and Forecast, by Vehicle Type (2017-2030)
11.2.5. Germany
11.2.5.1. Market Revenue and Forecast, by Type (2017-2030)
11.2.5.2. Market Revenue and Forecast, by Application (2017-2030)
11.2.5.3. Market Revenue and Forecast, by Vehicle Type (2017-2030)
11.2.6. France
11.2.6.1. Market Revenue and Forecast, by Type (2017-2030)
11.2.6.2. Market Revenue and Forecast, by Application (2017-2030)
11.2.6.3. Market Revenue and Forecast, by Vehicle Type (2017-2030)
11.2.7. Rest of Europe
11.2.7.1. Market Revenue and Forecast, by Type (2017-2030)
11.2.7.2. Market Revenue and Forecast, by Application (2017-2030)
11.2.7.3. Market Revenue and Forecast, by Vehicle Type (2017-2030)
11.3. APAC
11.3.1. Market Revenue and Forecast, by Type (2017-2030)
11.3.2. Market Revenue and Forecast, by Application (2017-2030)
11.3.3. Market Revenue and Forecast, by Vehicle Type (2017-2030)
11.3.4. India
11.3.4.1. Market Revenue and Forecast, by Type (2017-2030)
11.3.4.2. Market Revenue and Forecast, by Application (2017-2030)
11.3.4.3. Market Revenue and Forecast, by Vehicle Type (2017-2030)
11.3.5. China
11.3.5.1. Market Revenue and Forecast, by Type (2017-2030)
11.3.5.2. Market Revenue and Forecast, by Application (2017-2030)
11.3.5.3. Market Revenue and Forecast, by Vehicle Type (2017-2030)
11.3.6. Japan
11.3.6.1. Market Revenue and Forecast, by Type (2017-2030)
11.3.6.2. Market Revenue and Forecast, by Application (2017-2030)
11.3.6.3. Market Revenue and Forecast, by Vehicle Type (2017-2030)
11.3.7. Rest of APAC
11.3.7.1. Market Revenue and Forecast, by Type (2017-2030)
11.3.7.2. Market Revenue and Forecast, by Application (2017-2030)
11.3.7.3. Market Revenue and Forecast, by Vehicle Type (2017-2030)
11.4. MEA
11.4.1. Market Revenue and Forecast, by Type (2017-2030)
11.4.2. Market Revenue and Forecast, by Application (2017-2030)
11.4.3. Market Revenue and Forecast, by Vehicle Type (2017-2030)
11.4.4. GCC
11.4.4.1. Market Revenue and Forecast, by Type (2017-2030)
11.4.4.2. Market Revenue and Forecast, by Application (2017-2030)
11.4.4.3. Market Revenue and Forecast, by Vehicle Type (2017-2030)
11.4.5. North Africa
11.4.5.1. Market Revenue and Forecast, by Type (2017-2030)
11.4.5.2. Market Revenue and Forecast, by Application (2017-2030)
11.4.5.3. Market Revenue and Forecast, by Vehicle Type (2017-2030)
11.4.6. South Africa
11.4.6.1. Market Revenue and Forecast, by Type (2017-2030)
11.4.6.2. Market Revenue and Forecast, by Application (2017-2030)
11.4.6.3. Market Revenue and Forecast, by Vehicle Type (2017-2030)
11.4.7. Rest of MEA
11.4.7.1. Market Revenue and Forecast, by Type (2017-2030)
11.4.7.2. Market Revenue and Forecast, by Application (2017-2030)
11.4.7.3. Market Revenue and Forecast, by Vehicle Type (2017-2030)
11.5. Latin America
11.5.1. Market Revenue and Forecast, by Type (2017-2030)
11.5.2. Market Revenue and Forecast, by Application (2017-2030)
11.5.3. Market Revenue and Forecast, by Vehicle Type (2017-2030)
11.5.4. Brazil
11.5.4.1. Market Revenue and Forecast, by Type (2017-2030)
11.5.4.2. Market Revenue and Forecast, by Application (2017-2030)
11.5.4.3. Market Revenue and Forecast, by Vehicle Type (2017-2030)
11.5.5. Rest of LATAM
11.5.5.1. Market Revenue and Forecast, by Type (2017-2030)
11.5.5.2. Market Revenue and Forecast, by Application (2017-2030)
11.5.5.3. Market Revenue and Forecast, by Vehicle Type (2017-2030)
Chapter 12. Company Profiles
12.1. Dow
12.1.1. Company Overview
12.1.2. Product Offerings
12.1.3. Financial Performance
12.1.4. Recent Initiatives
12.2. LANXESS
12.2.1. Company Overview
12.2.2. Product Offerings
12.2.3. Financial Performance
12.2.4. Recent Initiatives
12.3. DuPont
12.3.1. Company Overview
12.3.2. Product Offerings
12.3.3. Financial Performance
12.3.4. Recent Initiatives
12.4. ExxonMobil Corporation
12.4.1. Company Overview
12.4.2. Product Offerings
12.4.3. Financial Performance
12.4.4. Recent Initiatives
12.5. BASF SE
12.5.1. Company Overview
12.5.2. Product Offerings
12.5.3. Financial Performance
12.5.4. Recent Initiatives
12.6. SABIC
12.6.1. Company Overview
12.6.2. Product Offerings
12.6.3. Financial Performance
12.6.4. Recent Initiatives
12.7. Huntsman International LLC
12.7.1. Company Overview
12.7.2. Product Offerings
12.7.3. Financial Performance
12.7.4. Recent Initiatives
12.8. Continental AG
12.8.1. Company Overview
12.8.2. Product Offerings
12.8.3. Financial Performance
12.8.4. Recent Initiatives
12.9. INEOS
12.9.1. Company Overview
12.9.2. Product Offerings
12.9.3. Financial Performance
12.9.4. Recent Initiatives
12.10. Mitsui Chemicals, Inc.
12.10.1. Company Overview
12.10.2. Product Offerings
12.10.3. Financial Performance
12.10.4. Recent Initiatives
Chapter 13. Research Methodology
13.1. Primary Research
13.2. Secondary Research
13.3. Assumptions
Chapter 14. Appendix
14.1. About Us
14.2. Glossary of Terms