Automotive Elastomers Market:
Automotive Elastomers are produced by cross-linking of carbon, hydrogen and oxygen atoms which offers significant properties such as excellent flexibility, elongation, and durable nature to the finished material. Moreover, they also provide versatility and reliability to the product.
The Global Automotive Elastomers Market has been driven by the range of its application in various sectors such as automotive, construction, aviation, footwear, electrical & electronics and others. Moreover, it is estimated that the construction segment is set to witness the highest growth in the market due to the growing consumption of thermoplastic materials in the sector over the forecast period.
Top Global Players: Some of the Major Players functioning in the Global Automotive Elastomers Market are: BASF SE (Germany), ARLANXEO (the Netherlands), The Dow Chemical (U.S.), Exxon Mobil Corporation (U.S.), DuPont (U.S.), SABIC (Saudi Arabia), 3M ( U.S.), Huntsman International LLC (U.S.), LyondellBasell Industries Holdings B.V. (the Netherlands), and Asahi Kasei (Japan), among others.
Market Segmentation: The Global Automotive Elastomers Market is segmented into the type, application and end-use. On the basis of the resin type, the market is further categorized into natural rubber, styrene butadiene rubber, nitrile elastomer, ethylene propylene diene monomer, silicone rubber, fluoroelastomers, styrene block copolymers, TPU, TPV, and TPC segments. Among these, the natural rubber segment holds a majority of the market share due to extraordinary features offered by the product such as excellent elongation and tensile strength. Tire and non-tire segments are classified on the basis of application segment. Among these, the tire segment is set to drive the market on account of the growing consumption of low density materials in gaskets, adhesives and sealants.
The market by end-use is further categorized into automotive, construction, aviation, footwear, electrical & electronics, and others. Among these, the automotive segment accounts for major share of the market owing to growing replacement of heavy metals by lightweight materials to improve the efficiency and performance of the equipment. Moreover, the growing demand of thermoplastic polymers in the construction industry is set to drive the construction segment as they provide unique elongation, flexibility and resilience to the product. Therefore, the enhanced mechanical properties, durability and reliable nature are the major reasons behind the consumption of thermoplastics in most of the heavy end-use industries.
Regional Analysis: Geographically, Global Automotive Elastomers Market is segmented across Five Regions in the world namely: Asia Pacific, North America, Europe, Latin America, Middle East & Africa. Among these, Asia Pacific holds the major portion of the global market and is anticipated to continue its dominance due to rising demand for thermoplastic materials in various applications. Countries such as China, Japan and India are the major players in this region.
The North America region is estimated to witness a higher growth in the U.S., Canada and Mexico owing to increasing demand for lightweight materials in automotive, construction, aviation, electrical & electronics, and others. The enactment of new rules and regulations set by the European Union has driven the manufacturers to use efficient and high performance materials in the end-use industries.
The Middle East & Africa is estimated to observe a significant growth due to increasing consumption of low density materials in aviation, industrial, medical, and others. Additionally, the growing demand for elastic and resilience materials is projected to boost the market in the Latin American region.
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