Global Automotive Elastomer Market was valued at USD 46.75 Billion in 2018 and is predicted to reach USD 75.67 Billion by 2026, at CAGR of 6.20%.
Key players operating in this market are working on lightweight vehicle owing to the emission norm enacted by the government. Automotive elastomer is replacing traditional rubber due to their phenomenal properties such as heat resistance, weathering and ozone resistance, flexibility, durability, aging resistance, variety, chemical resistance, and oil & gas resistance. These factors are leading to an increase in the demand for the automotive elastomer.
The tire application leads the automotive elastomer market. Implementation of stringent environmental regulations regarding emission levels has resulted in the manufacturing of lightweight vehicle this drives the tire application market. Manufacturers are designing compact, lightweight, and more efficient vehicles that propel the market for tire application.
Thermoplastic automotive elastomer is leading the automotive elastomer market. Automotive parts made of thermoplastic automotive elastomer are lighter as compared to parts made of thermosetting automotive elastomer. This is likely to drive the thermoplastic automotive elastomer market.
The Asia Pacific is expected to lead the automotive elastomer market. Rapid industrialization led by developing countries and high demand for automotive elastomer from the transportation industry is driving the automotive elastomer market in the Asia Pacific region.
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