LONDON, Dec. 18, 2015 /PRNewswire/ -- Original equipment manufacturers' (OEMs) emphasis on high performance and lightweighting is spawning new opportunities for the global automotive elastomers market. Rising vehicle production in Asia-Pacific will encourage elastomer manufacturers from Europe and North America to extend their business to this part of the world and accelerate market growth.
New analysis from Frost & Sullivan, Analysis of the Global Automotive Elastomers Market, finds that the market earned revenues of $8.83 billion in 2014 and estimates this to reach $13.06 billion in 2021.
For complimentary access to more information on this research, please visit: http://ow.ly/W48BZ
"The design flexibility and recyclability of thermoplastic elastomers give them an edge over competing plastic and composite materials," said Frost & Sullivan Visionary Science Research Analyst Shubhayan Sarkar. "Their penetration will gather pace as rapid innovation expands application scope."
Bio-based thermoplastic elastomers, in particular, are making headway in the automotive sector as OEMs increasingly focus on raising the sustainability of their products. Although these materials serve a niche segment currently, the growing push from elastomer manufacturers to derive monomers from bio-based sources will broaden their prospects in the automotive sector.
On the flip side, the high costs of switching to thermoplastic elastomers could restrain adoption. Market saturation of certain elastomers such as nitrile butadiene rubber (NBR) in under-the-hood applications and the introduction of competitive materials such as specialty plastics are also likely to dampen overall market growth.
To succeed in a space where several materials are vying for market share, product differentiation will be a key. Offering innovative customer support mechanisms will also help manufacturers stay afloat in this highly competitive domain.
"End-user emphasis on product performance and longevity presents a significant opportunity for market participants to develop high-performance products," stated Sarkar. "Therefore, major elastomer companies will look to partner or acquire regional manufacturers to gain access to their technical competence, distribution channels and customer base and thus, establish a strong foothold in the global market."
Analysis of the Global Automotive Elastomers Market is part of the Chemicals & Materials Growth Partnership Service program. Frost & Sullivan's related studies include: 360 Degree Analysis of the Silicones Market for the Automotive Industry, European and North American High-Performance Plastics Market in the Transportation Industry, Strategic Analysis of the Global Fuel Additives Market and Analysis of the Global Automotive Adhesives and Sealants Market. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants.
Our "Growth Partnership" supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.
- The Integrated Value Proposition provides support to our clients throughout all phases of their journey to visionary innovation including: research, analysis, strategy, vision, innovation and implementation.
- The Partnership Infrastructure is entirely unique as it constructs the foundation upon which visionary innovation becomes possible. This includes our 360 degree research, comprehensive industry coverage, career best practices as well as our global footprint of more than 40 offices.
For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organisation prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?
Analysis of the Global Automotive Elastomers Market
SOURCE Frost & Sullivan