Automotive elastomers are specialty elastomers, primarily used to enhance overall performance and to increase fuel efficiency of vehicles in which these are used, for automotive applications, such as O-rings, gaskets, automotive seals, turbocharger hoses, oil-filter gaskets, air filters, fan couplings, and radiator hoses. The global automotive elastomers market is projected to reach USD 58.82 Billion by 2022, registering a CAGR of 5.0% between 2017 and 2022. Increasing demand for high efficiency and rising use of lightweight materials in the automotive industry, the growing automotive industry in the Asia Pacific, and stringent emission regulations are the key factors fueling demand for automotive elastomers around the world. However, instability in raw material prices is a key challenge faced by the manufacturers of automotive elastomers.
The key companies profiled in this report are Arlanxeo (Netherlands), Dow (US), ExxonMobil (US), JSR Corporation (Japan), DuPont (US), BASF (Germany), LG Chem (South Korea), SABIC (Saudi Arabia), Teknor Apex (US), and Zeon Corporation (Japan). Rapid technological upgradation in the automotive and transportation industry, coupled with improving standards of living of consumers in emerging regions, have led companies to adopt several business strategies to stay competitive in the global market between 2014 and 2017. Companies have adopted new product launches, expansions, joint ventures, and acquisitions as their key growth strategies in the global automotive elastomers market.
Arlanxeo (Netherlands), one of the largest automotive elastomer manufacturers in the world, has adopted new product launches as its key strategy. For instance, in October 2016, the company launched Keltan ECO EPDM. This product is used in various applications, such as automotive solid seals, flooring seals, and window seals. This development has also helped the company to increase its product portfolio and competitiveness.
ExxonMobil (US) has adopted expansions as one of its key strategies to stay competitive in the global automotive elastomers market. For instance, in October 2016, the company established a joint venture with SABIC, named, Al-Jubail Petrochemical Company (Saudi Arabia). This project is estimated to supply 400,000 metric tons per year of rubber, thermoplastic polymers, and carbon black to serve the growing demand from customers in the Asia Pacific and Middle East & Africa.
Automotive Elastomers Market by Type (Natural Rubber, SBR, Nitrile Elastomer, EPDM, Silicone Rubber, Fluoroelastomer, Styrene Block Copolymers, TPU, TPO, TPV, TPC), Application (Tire and Non-Tire), and Region - Global Forecast to 2022
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