The global automotive elastomers market was valued at $9,238.4 million in 2015, and it is expected to grow at a CAGR of 5.9% during 2016 – 2022. The factors driving the growth of the global market include stringent emission regulations, increasing demand for high-efficiency vehicles, high emphasis on lightweight materials and growth in automotive industry. The growth of the global automotive elastomers market is largely driven by high demand for elastomers for interior automotive applications. In addition, the increasing automotive industry in Asia-Pacific is fueling the demand for automotive elastomers in the region.
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Between the two types of automotive elastomers, the thermoplastic elastomer segment held the larger share in the global market in 2015. Automotive parts manufactured using thermoplastic elastomers are comparatively lighter, than those created using conventional materials. Among the various applications, the interior segment is anticipated to witness the highest growth during 2016-2022. The stringent regulations leading to the increasing usage of air bags are fuelling the demand for automotive elastomers in interior applications.
In 2015, Asia-Pacific held the largest share in the global automotive elastomers market. The region is also anticipated to be the fastest growing market for automotive elastomers, owing to high growth in automotive industry and increasing compliance for lightweight materials. China dominated the automotive elastomers market in 2015. The automotive elastomers market in North America and Europe is anticipated to witness considerable growth, owing to the well-established automotive industry, stringent emission norms and consumer’s preference for high performance vehicles. The U.S. held the largest share in the North American automotive elastomers market in 2015 and it is expected to retain its dominance during the forecast period.
The information and data in the publication “Global Automotive Elastomers Market Size, Share, Development, Growth and Demand Forecast to 2022”, represents the research and analysis of data from various primary and secondary sources. An amalgamation of bottom-up and top-down has been used to calculate the market size. P&S Market Research analysts and consultants interacted with leading companies of the concerned domain to substantiate every value of data presented in the report. The company bases its primary research on discussions with prominent professionals and analysts in the industry, which is followed by informed and detailed, online and offline research.
Some of the players operating in the global market include BASF SE, Exxon Mobil Corporation, LANXESS, The Dow Chemical Company, E.I. du Pont de Nemours and Company, Huntsman International LLC, LyondellBasell Industries N.V., 3M Company, China Petrochemical Corporation, and KURARAY CO. LTD.
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