The scope of our recent study on the "Automotive Elastomers Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis - by Type, Application, and Vehicle Type" includes the factors fueling the market growth, revenue estimation, and forecast, market share analysis, and the identification of significant market players and their key developments.
The automotive elastomers market size is valued at US$ 42.98 billion in 2023 and is expected to reach US$ 66.57 billion by 2031; it is estimated to register a CAGR of 5.6% from 2023 to 2031.
In the last few years, the automotive industry has been significantly growing across emerging economies such as Brazil, China, India, Mexico, and South Africa. With the increasing disposable income, the demand for both passenger and commercial vehicles is growing in developing countries. For instance, according to the Federation of Automobile Dealers Associations (FADA), in India, sales of passenger vehicles increased to 2,854,242 units in November 2023, compared with 2,409,535 units in November 2022. Similarly, according to the China Association of Automobile Manufacturers (CAAM), the sales of commercial vehicles accounted for 18.3% year-on-year for September 2023 in China. These stats show the increasing demand for vehicles.
The automotive industry also paved its way in Brazil and South Africa. According to the International Organization of Motor Vehicle Manufacturers (OICA), South Africa's automobile production increased by 24% to 555,889 units in 2022. According to the same source, Brazil was the largest manufacturer and exporter of light and commercial vehicles in 2023 in South & Central America. The country reported production of 2.3 million vehicles in 2022. Thus, the growth of automotive industries in emerging economies is expected to create lucrative opportunities for the automotive elastomers market growth.
On the basis of vehicle type, the automotive elastomers market is segmented into passenger vehicles, light commercial vehicles, heavy commercial vehicles, and two wheelers and others. The global automotive elastomers market share for the passenger vehicles segment was the largest in 2023, and it is expected to record a significant CAGR during the forecast period. Rising disposable income and a growing middle-class population in emerging nations have led to an increase in car ownership. The growing urbanization trends influence passenger car sales as more people reside in cities and rely on their vehicles for transportation. Elastomers are frequently used in automotive sealing and insulation applications, including window seals, door seals, and under-the-hood components, to stop leaks and reduce noise. Elastomers effectively dampen vibrations and reduce noise, enhancing passenger car comfort and driving experience. Additionally, they offer superior resistance to chemicals, heat, and wear, which makes the parts last longer and require less maintenance. Thus, the increasing demand for passenger vehicles globally is driving the market growth for the segment.
The market is segmented into five main regions-North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. Asia Pacific held the largest revenue share of the market in 2023. North America is another attractive region in global automotive elastomers market. Automotive elastomers are widely used in automobiles' interior, exterior, and under-the-hood parts to increase efficiency and performance. In North America, passenger vehicles are the most common mode of transportation, and their use is increasing with the rise in per capita income. The production of vehicles is consistently increasing due to the escalating demand from customers and the technological advancements in the automotive industry. According to data published by the Automotive Trade Manual in 2023, 19.18 million vehicles were sold in North America. As per a report by the American Automotive Policy Council, car sales are expected to exceed 17.7 million vehicles per year by 2025.
The report includes the segmentation of the global automotive elastomers market as follows:
The global automotive elastomers market analysis is based on type, application, vehicle type, and geography. By type, the market is segmented into thermoset elastomers and thermoplastics elastomers. In terms of application, the market is categorized into tire, interior, exterior, and under the hood. The vehicle type segment consists of passenger vehicles, light commercial vehicles (LCV), heavy commercial vehicles, and two wheelers and others. The geographic scope of the automotive elastomers market report encompasses North America (US, Canada, and Mexico), Europe (Germany, France, UK, Italy, Russia, and Rest of Europe), Asia Pacific (China, India, Japan, Australia, and Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America).
Contact UsContact Person: Sameer Joshi
Phone: +1-646-491-9876
Email Id:
sales@premiummarketinsights.com