Automotive Elastomers Market with Top Countries Data, Recent and Future Demand, Market Key Dynamics
- vynzresearch
- May 14, 2019
- 1 min read
The global automotive elastomers market is registering a good growth in the recent years and also anticipated to grow at a fast pace in the coming years. This is attributed to the increased usage of these elastomers in the automotive industry for wide variety of applications including front-end body panels, belts, hoses, and others.
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Based on application, the automotive elastomers market is segmented into tire and non-tire application. The tire application category is anticipated to dominate the market in the coming years, as 70% of the world rubber is consumed by the tire industry.
The increasing demand of high-efficiency vehicles, growing automotive industry, light weighting trend in automotive industry, and strict emission regulations are among the major factors that are driving the automotive elastomers market growth.
The automotive industry is growing at a decent pace, as the production of automobiles has increased to fulfill the demand of the growing population with rising income levels, particularly in Asian countries such as China, India, and others.
Asia-Pacific is projected lead the automotive elastomers market owing to the increasing demand of elastomers in the transportation and automotive industry.
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Major companies in the automotive elastomers industry are anticipated to continue partnering or acquiring the regional manufacturers for the purpose of gaining strong foothold in the market. 3M Company, ExxonMobil, Bayer Material Science, Lanxess AG, Lyondell Basell, Daikin, DowDuPont Inc., BASF SE, Asahi Kasei, Huntsman Corporation, and LG Chem are some of the major players operating in the global automotive elastomers market.
Source: VynZ Research
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