Summary:
Growing usage of the tire and non-tire component applications is fostering the automotive rubber market growth. The companies are indulged in R&D activities to innovate and develop new products, which can open new paths of applications.
Research Methodology
The automotive rubber market has been analyzed by utilizing the optimum combination of secondary sources and in-house methodology along with an irreplaceable blend of primary insights. The real-time assessment of the market is an integral part of our market sizing and forecasting methodology. Our industry experts and panel of primary participants have helped in compiling relevant aspects with realistic parametric estimations for a comprehensive study. The participation share of different categories of primary participants is given below:
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Key Market Insights
Asia Pacific is the emerging region and also has a significant share in the global automotive rubber market. Other than Asia Pacific, South America, Middle East, and developing countries of Europe have been witnessing substantial growth scenarios for automotive rubber. China and India are driving the demand for automotive rubber in the Asia Pacific region due to regional growth along with huge base of automobile manufacturers, increasing demand for non-tire components from various applications industries, and the existence of OEMs for automotive rubber. In developing regions, growing purchase power is leading the economic growth.
Globally, Asia Pacific is the largest automotive rubber market, primarily due to the presence of export-oriented manufacturing capacities and intense domestic demand from various end-user industries. The increase in the number of manufacturing industries is further driving the market growth in the region. The anticipated economic stability in Europe is expected to boost its manufacturing sector, complementing the growth of the automotive rubber market. North America is likely to remain the key region with a significant contribution from the US. Few of the prominent companies operating in the automotive rubber market are BASF SE, DowDuPont Inc., SABIC, Shin-Etsu Chemical Corp., and LANXESS.
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Types:
o Natural Rubber
o Synthetic Rubber
End-users:
o Tire Component
o Non-tire Component
Geography:
o Asia Pacific
o North America
o Europe
o Rest of the World