Automotive Elastomers Market Report 2024

The automotive elastomers market size has grown strongly in recent years. It will grow from $32.51 billion in 2023 to $34.5 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to increased automotive production, the development of new elastomer formulations, the implementation of stringent emission norms globally, the rise in the production and adoption of electric vehicles, and automotive manufacturers' focus on reducing vehicle weight.

The automotive elastomers market size is expected to see strong growth in the next few years. It will grow to $44.02 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to the increasing adoption of electric and autonomous vehicles, rising environmental concerns and regulatory pressures, ongoing research and development, growing interest in smart materials that can adapt to environmental changes, and the growing popularity of hybrid vehicles. Major trends in this period include smart elastomers with embedded sensors, self-healing elastomers, advances in bio-based elastomer technology, incorporation of nanomaterials, and the development of elastomers with electrical conductivity.

The growing demand for new vehicles is anticipated to drive the expansion of the automotive elastomers market. This increase in demand for new vehicles is fueled by factors such as higher consumer confidence, economic recovery, and advancements in automotive technology. Automotive elastomers are used in various vehicle components for sealing, vibration isolation, and flexibility, including seals, gaskets, tires, and suspension systems. For instance, the International Energy Agency, a France-based autonomous intergovernmental organization, reported that over 2.3 million electric cars were sold in the first quarter of 2023, marking a 25% increase from the same period in 2022. By the end of 2023, sales are expected to reach 14 million, representing a 35% year-on-year increase, with growth accelerating in the second half of the year. Thus, the rising demand for new vehicles is propelling the growth of the automotive elastomers market.

Leading companies in the automotive elastomers market are focusing on developing advanced solutions such as electrically conductive thermoplastic elastomers to enhance functionality and meet evolving industry demands. Electrically conductive thermoplastic elastomers are materials that combine the flexibility of elastomers with the electrical conductivity found in metals or conductive polymers, suitable for applications requiring both mechanical flexibility and electrical conductivity. For example, in November 2023, KRAIBURG TPE, a Germany-based thermoplastic elastomer manufacturer, launched THERMOLAST R RC/UV/AP, a TPE compound series for automotive exteriors that incorporates recycled materials and offers improved weather resistance for enhanced durability. This series is designed for various exterior vehicle applications, including cowl gaskets, window seals, underbody components, handles, and functional design elements.

In December 2021, Pexco LLC, a US-based plastic component manufacturing company, acquired Performance Elastomers Corporation for an undisclosed amount. This acquisition enables Pexco to expand its silicone and thermoplastic elastomer product offerings and capabilities, providing greater value to customers in the mobility, recreational vehicle, truck aftermarket, and other industries requiring specialized products. Performance Elastomers Corporation is a US-based manufacturer of rubber-based and thermoplastic elastomers.

Major companies operating in the automotive elastomers market are BASF SE, ExxonMobil Chemical Company, Saudi Basic Industries Corporation (SABIC), Continental AG, LG Chem Ltd., Covestro AG, Asahi Kasei Corporation, Evonik Industries AG, DuPont de Nemours Inc., Arkema Group, Mitsui Chemicals Crop & Life Solutions Inc., Celanese Us Holdings LLC, Lanxess AG, Huntsman International LLC, Solvay S.A., Kuraray Co. Ltd., Trelleborg AB, Japan Synthetic Rubber Co. Ltd., Zeon Chemicals Asia Co. Ltd., Teknor Apex Elastomers Inc., Kraton Polymers LLC, Momentive Performance Materials Inc.

Asia-Pacific was the largest region in the automotive elastomers market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive elastomers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the automotive elastomers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Automotive elastomers refer to flexible and resilient materials used in vehicle components to absorb vibration, reduce noise, and provide sealing properties. They play a crucial role in ensuring durability and performance under various operating conditions encountered in automotive applications.

The main types of automotive elastomers include natural rubbers (NR), butyl elastomers (IIR), butadiene (BR) (polybutadiene) elastomers, ethylene-propylene (EPM or EPDM) elastomers, polyisoprene (IR) elastomers, nitrile (NBR) elastomers, silicones (Q), polychloroprene (CR) (neoprene) elastomers, acrylic (ACM) elastomers, and others. Natural rubber is a latex material obtained from the sap of rubber trees (Hevea brasiliensis), characterized by its elasticity and resilience, and widely used in industrial and consumer products. These elastomers are essential in various vehicles, such as passenger cars, light commercial vehicles, and medium to heavy commercial vehicles, and are applied in tires, interiors, exteriors, and under-the-hood components.

The automotive elastomers market research report is one of a series of new reports that provides automotive elastomers market statistics, including the automotive elastomers industry's global market size, regional shares, competitors with an automotive elastomers market share, detailed automotive elastomers market segments, market trends and opportunities, and any further data you may need to thrive in the automotive elastomers industry. This automotive elastomers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The automotive elastomers market consists of sales of seals, gaskets, hoses, belts, and vibration-dampening components. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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