Global Automotive Elastomers Market was valued at US$ 2.4 Bn in 2019 and is expected to reach US$ XX Bn by 2026, at a CAGR of XX % during a forecast period.
Elastomer has low intermolecular strength, modulus of elasticity, and high stress of failure over other materials. It is used in the production of automotive components, which require extreme temperatures like hoses, insulators, seals, bushes, engine mounts, and gaskets
Global Automotive Elastomers Market Dynamics:
The Automotive industry is a major industrial and economic force across the globe. The Automotive Elastomers offer excellent properties like heat resistance, weathering and ozone resistance, flexibility, durability, aging resistance, variety and oil & gas resistance. It delivers superior properties over traditional rubber that is expected to drive the global automotive elastomers market. An increase in the vehicle production is expected to boost the market growth in the near future.
Elastomers are expected to witness high demand from the automotive industry because of the requirement for high-performance and lightweight materials in vehicle production. It offers high durability, strength, and pliability, which provide ideal material in a variety of applications in the automotive sector. On the other hand, high cost of the temperature elastomers is expected to limit the global automotive elastomers market growth. The report covers all the detailed analysis of the market dynamics by each region.
Global Automotive Elastomers Market by Application
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Global Automotive Elastomers Market Segment Analysis:
Automotive elastomers are extensively preferred for tire and non-tire applications. The tire segment is expected to contribute maximium share in the global automotive elastomers market because of the integration of the stringent environmental regulations concerning with the emission levels, vehicle design. Key players are focusing to design compact, lightweight, and more efficient vehicles, which also drive the automotive elastomers demand. The rapid expantion of automobile industry coupled with strict regulations concerning toxic emissions is creating key growth opportunities for the global automotive elastomers market. The automotive industry is undergoing a period of the technological changes. The demand for the automotive elastomers is expected to increase in the future. The trend towards the electric car requires the vehicles with the substantially less weight, which can be achieved by the light weight components.