Thermoplastic Elastomers Contribute Larger Revenue to the Global Automotive Elastomers Market

Elastomers are materials which are made of polymers that are joined by chemical bonds, acquiring a final slightly cross-linked structure. Elastomers are any rubbery material composed of long chainlike molecules, or polymers, that are capable of recovering their original shape after being stretched to great extents—hence the name elastomer has been derived from “elastic polymer.” Automotive elastomers are the elastomers used for manufacturing different automotive parts. The global automotive elastomers market is expected to witness considerable growth due to the increasing demand for high efficiency vehicles and growing automotive industry.

Under normal conditions, the long molecules making up an elastomeric material are irregularly coiled; however, with the application of force, the molecules straighten out in the direction in which they are being pulled. Upon release, the molecules spontaneously return to their normal compact and random arrangement. Elastomer rubber compounds are made from five to ten ingredients, each ingredient playing a specific role. Polymer is the main component and determines heat and chemical resistance as well as low-temperature performance. Elastomers are integrated with reinforcing filler (carbon black) for strength properties and plasticizer for improving low-temperature properties. Other ingredients include anti-oxidants, release package, scorch retarder, curative and an accelerator.

The global automotive elastomers market was valued at $10,015.2 million in 2015, and it is expected to grow at a CAGR of 5.9% during the forecast period (2016 – 2022). High emphasis on lightweight materials, stringent emission regulations, increasing demand for high-efficiency vehicles, and growth in automotive industry are the major factors driving the growth of the global automotive elastomers market. The global automotive elastomers market faces challenges such as price volatility and lack of balance between automotive elastomers performance and cost.

The growing economies and improving standards of living in countries such as China and India are the factors resulted in increased sale volumes. The use of elastomers in cars manufactured in Asia-Pacific is less, as compared to North America and Europe; however, the high production volume in Asia-Pacific has made it an attractive  automotive elastomers market. The increasing industrialization has increased the overall purchasing power of consumers. According to the National Bureau of Statistics of China, the annual per capita disposable income of urban households in China increased from $2,818.6 in 2010 to $4,692.9 in 2014. The per capita GDP of India increased from $1,432.3 in 2010 to $1,500.8 in 2012, and is expected to reach $1,869.3 by 2018.

Some of the other key players in the global automotive elastomers market include BASF SE, LANXESS AG, E. I. du Pont de Nemours and Company, LyondellBasell Industries N.V., The Dow Chemical Company, Huntsman International LLC, 3M Company, China Petrochemical Corporation, and Kuraray Co. Ltd.

News Courtesy: P&S Market Research

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