Global $9.23 Billion Automotive Elastomers Market, 2022: Factor Driving Growth Of The Market And Its Impact On Market Forecast - Research and Markets
DUBLIN, Mar. 13, 2017 /PRNewswire/ --
Research and Markets has announced the addition of the "Global Automotive Elastomers Market Size, Share, Development, Growth and Demand Forecast to 2022" report to their offering.
The global automotive elastomers market was valued at $9,238.4 million in 2015, and it is expected to grow at a CAGR of 5.9% during 2016 - 2022.
The stringent emission regulations, increasing demand for high-efficiency vehicles, high emphasis on lightweight materials and growth in automotive industry are driving the growth of the global automotive elastomers market. Automotive industry has witnessed significant growth especially in Asia-Pacific. China and India are the key countries providing huge revenue generation opportunities for automotive industry. With the increasing disposable income, higher spending and urbanisation, significant increase in sales volume of lightweight as well as heavy duty vehicles was witnessed in these countries.
The growing automotive industry provides immense revenue generation opportunities for automotive elastomers manufacturers. Manufacturers are investing huge capital to develop automotive elastomers compliant with the industry demands.
Automotive elastomers have versatility in terms of hardness and density, along with excellent physical properties and exceptional durability. The compliance for these materials in automotive industry is increasing, owing to the increasing demand for high performance vehicles. The growing trend of automobile body-customization is propelling the use of automotive elastomers in personal vehicles. Automotive elastomers are used in production of components, such as engine mounts, gaskets, hoses and seals which are required to withstand high temperatures. In addition, elastomers are used for modifying front-end body panels, rear-end bumper fascia, instrument panel components, roof pillar mouldings, side moulding and in interior trim designing, such as knee bolsters, air-bags, rocker panels and soft touch controls.
Between the two automotive elastomer types, the thermoplastic elastomer held the larger share in the global market in 2015. Automotive parts manufactured using thermoplastic elastomers are comparatively lighter than those created using conventional materials.
Asia-Pacific held the largest share in the global automotive elastomers market in 2015. Some of the factors driving the growth of the automotive elastomers market in the region include high growth in automotive industry and increasing compliance for lightweight materials. The automotive industry in the region is expected to witness high growth, due to the growing population and increasing income level. China was the largest market for automotive elastomers in 2015 in the region. The automotive elastomers market in North America and Europe is anticipated to witness considerable growth, owing to the well-established automotive industry, stringent emission norms and consumer's preference for high performance vehicles. The U.S. held the largest share in the North America automotive elastomers market in 2015.
Market Dynamics
Factor Driving Growth Of The Market And Its Impact On Market Forecast
- Stringent Emission Regulations
- Increasing Demand For High-Efficiency Vehicles
- High Emphasis On Lightweight Materials
- Growth In Automotive Industry
- Impact Analysis Of Drivers On Market Forecast
Factor Hindering Growth Of The Market And Its Impact On Market Forecast
- Price Volatility
- Lack Of Balance Between Automotive Elastomers Performance And Cost
- Impact Analysis Of Restraints On Market Forecast
Company Profiles And Strategic Developments
- Basf Se
- Lanxess Ag
- E. I. Du Pont De Nemours And Company
- Lyondellbasell Industries N.V.
- Exxon Mobil Corporation
- The Dow Chemical Company
- Huntsman International Llc
- 3M Company
- China Petrochemical Corporation
- Kuraray Co. Ltd.
For more information about this report visit http://www.researchandmarkets.com/research/5qm9lh/global_automotive
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SOURCE Research and Markets
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