Automotive Elastomers Market Worth 58.82 Billion USD by 2022

By January 12, 2018articles, News

The report “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” published by MarketsandMarkets™, the market is projected to grow from an estimated USD 46.13 Billion in 2017 to USD 58.82 Billion by 2022, at a CAGR of 5.0% from 2017 to 2022.

Globally, people are opting for products that deliver superior automotive performance and have a long life cycle. Automotive elastomers are used as replacement for traditional rubber due to their unique set of properties such as heat resistance, weathering and ozone resistance, flexibility, durability, aging resistance, variety, chemical resistance, and oil & gas resistance. These factors are leading to an increase in the demand for automotive elastomers globally.

Tire application is projected to lead the Automotive Elastomers Market during the forecast period

Automotive elastomers are used in tire and non-tire applications. Among these two, the tire application is expected to lead the Automotive Elastomers Market between 2017 and 2022, followed by the non-tire application. Because of the implementation of stringent environmental regulations regarding emission levels, the design of vehicles has changed drastically over the past few decades. Manufacturers are designing compact, lightweight, and more efficient vehicles. This requires that various under-the-hood components should be in close proximity to each other, resulting in increased heat levels. Vehicle manufacturers require an automotive elastomer that can operate under such tough conditions.

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