Market Research Future (MRFR) has published a report asserting that the Global Automotive Elastomers Market is anticipated to project significant growth in the coming years. The rapid expansion of the automotive industry coupled with increased utilization of automotive elastomers for manufacturing various automotive components is majorly driving the Global Automotive Elastomers Market.
The superior properties of Automotive Elastomers as compared to traditional rubber such as flexibility, durability, heat resistance, chemical resistance, weathering and ozone resistance and others are leading to the rise in acceptance of Automotive Elastomers in the automotive industry, which in turn is fueling the growth of the Global Automotive Elastomers Market. However, high cost of manufacturing is acting as one of the major restraints on the Global Automotive Elastomers Market during the forecast period.
On 8th August 2018, Saudi Aramco, a leading integrated energy and chemicals company, has proposed the purchase of Lanxess’s 50% share in Arlanxeo, a Netherland-based specialty chemicals joint venture between Lanxess and Saudi Aramco. The valuation of this share is € 1.5 Bn. This acquisition would result in Saudi Aramco owning 100% of Arlanxeo.
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The Global Automotive Elastomers Market has been segmented on the basis of Type, Application and Vehicle Type. Based on Type, the Automotive Elastomers Market is segmented into thermoset elastomers (TSE), natural rubber, styrene butadiene rubber (SBR), polybutadiene rubber (BR), butyl rubber (IIR), ethylene propylene diene monomer (EPDM), nitrile butadiene rubber (NBR), silicone rubber (Q), acrylic rubber (ACM), chlorinated elastomers, fluoroelastomers, and thermoplastic elastomers (TPE). The Thermoplastic Elastomers segment is sub-segmented into styrene block copolymer (SBC), thermoplastic olefins (TPO), thermoplastic vulcanizates (TPV), thermoplastic polyurethane (TPU), copolyesters (COPE), copolyamides (COPA), and polyether block amide (PEBA).
Based on Application, the Automotive Elastomers Market is segmented into tire, interior and exterior. The interior segment is sub-segmented into airbags, hoses and seals, breaks and suspensions, door panels, transmission and conveyor belts, dashboards, seating, and instrument and soft touch panels. The exterior segment is sub-segmented into front end body panel, bumper fascia, rocker panel, and roof molds and window shield. Based on vehicle type, the Automotive Elastomers Market is segmented into passenger cars, light commercial vehicle (LCV) and medium and heavy commercial vehicle (M/HCV).
Geographically, the Global Automotive Elastomers Market is segmented into five major regions such as North America, Asia Pacific, Europe, Middle East and Africa and Latin America. Among these, the Automotive Elastomers Market in the Asia Pacific region accounts for the largest share in the Global Automotive Elastomers Market owing to the rising standard of living and increased disposable income of the population in the developing countries like India and China.
The Europe region accounts for the second largest share in the Global Automotive Elastomers Market, followed by North America. Whereas, the Middle East and Africa and Latin America regions account for the least share in the Global Automotive Elastomers Market.
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