The automotive elastomers market was USD 34.6 billion in 2023, and it will power at a compound annual growth rate of 5.7% by the end of this decade, to touch a value of USD 50.6 billion in 2030.
The increasing consciousness of the numerous advantages of these materials, for example, noise and emission reduction, boost in performance, and safety enhancement will power the requirement for them.
Based on type, the thermoset elastomers category is the leader of the industry, and it will also continue like this in the years to come as well.
The tire category has the largest share, and it will also continue like this in the years to come as well. This would be mostly because of the use of elastomers in tire making to advance the performance considerably. This is mostly because the adding of intermediates reimbursements the chemical structure of rubber by providing reliable seals, elasticity, and toughness.
The APAC automotive elastomers market is the leader of the pack and it will also continue like this in the future. The existence of key players, the availability of raw materials and labor at reduced costs, and the high acceptance of advanced technologies are driving the industry. South Korea, Japan, India, and China are not just the major automotive manufacturers in the region, but at a global level.
It is because of the growing per capita income all over the world, that the demand for automotive elastomers is on the rise. This trend will continue in the years to come as well.
