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Global High Performance Automotive Elastomers Market Size By Type of Product, By Application, By End-User, By Geographic Scope And Forecast

Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format

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High Performance Automotive Elastomers Market Size and Forecast

High Performance Automotive Elastomers Market size was valued at USD 32.8 Billion in 2023 and is projected to reach USD 50.3 Billion by 2030, growing at a CAGR of 4.4% during the forecasted period from 2024 to 2030.

Global High Performance Automotive Elastomers Market Drivers

The growth and development of the High Performance Automotive Elastomers Market drivers. These factors have a big impact on how High Performance Automotive Elastomers are demanded and adopted in different sectors. Several of the major market forces are as follows

  • Lightweighting Initiatives High-performance elastomers that provide lightweight yet durable solutions are in high demand due to the automobile industry’s ongoing focus on lightweighting to increase fuel efficiency and reduce emissions.
  • Strict Emission Standards The need for materials that support the development of fuel-efficient and low-emission automobiles is being driven by international legislation and standards targeted at decreasing vehicle emissions.
  • Growing Automotive Production The demand for high-performance elastomers used in various automotive applications, such as seals, gaskets, hoses, and insulation, is rising as a result of the industry’s overall growth, especially in emerging economies.
  • Growing Demand for Electric Vehicles (EVs) Specialised elastomers with qualities including electrical insulation, thermal stability, and resistance to challenging operating conditions are needed as the use of electric and hybrid vehicles rises.
  • Developments in Material Technologies Continuous research and development in elastomer technologies results in the production of materials with better performance attributes, such as increased chemical resistance, heat resistance, and durability.
  • Requirements for Comfort and Noise Reduction High-performance elastomers are essential for enhancing comfort and lowering noise, vibration, and harshness (NVH) in automobiles. The need for sophisticated elastomeric materials is fueled in part by the emphasis on enhancing the driving experience overall.
  • A Growing Emphasis on Safety Elastomers are essential to automotive safety applications including airbags, anti-lock brake systems (ABS), and other safety features.
  • Global Urbanisation Trends The growing urbanization and demand for vehicles in urban areas lead to a higher need for elastomers used in various automotive components, including seals, gaskets, and hoses. This is because vehicle safety standards are emphasized globally.
  • Demand for High-Temperature Resistant Materials One factor driving the need for high-temperature-resistant materials is the move toward high-performance engines and powertrains, which call for elastomers that can tolerate high temperatures.
  • Resistance to Adverse Environments Automobiles are subjected to a variety of adverse environmental factors, such as high temperatures, chemicals, and ultraviolet light. The capacity of high-performance elastomers to endure in such demanding conditions makes them desirable.

Global High Performance Automotive Elastomers Market Restraints

The Global High Performance Automotive Elastomers Market has a lot of room to grow, but there are several industry limitations that could make it harder for it to do so. It’s imperative that industry stakeholders comprehend these difficulties. Among the significant market limitations are

  • Volatile Raw Material Prices Production costs can be affected by fluctuations in the price of raw materials required to make high-performance automotive elastomers, such as specialty chemicals and synthetic rubbers.
  • High Upfront Expenses Compared to traditional elastomers, adopting high-performance elastomers may come with higher upfront expenses. This may function as a disincentive, particularly for producers in price-sensitive markets.
  • Compatibility Problems Adopting new, high-performance elastomers might be difficult in the automotive industry due to the difficulty of achieving compatibility with current materials and manufacturing techniques.
  • Difficult Manufacturing Procedures Producing high-performance elastomers frequently calls for complex manufacturing procedures, and switching from conventional elastomers may necessitate facility modifications and capital expenditures.
  • Limited Standardisation It may be difficult to achieve some industry standards for high-performance elastomers due to a lack of standardized testing procedures and specifications, which may have an impact on their acceptability by the market.
  • Resistance to Change in Traditional Industries Due to established supply chains, established procedures, and familiarity with current materials, industries that have historically used conventional elastomers may be reluctant to adopt new materials.
  • Economic Downturns The automobile sector is susceptible to economic downturns and uncertainty, which can result in lower production volumes and slower uptake of cutting-edge materials like high-performance elastomers.
  • Environmental Concerns Despite the potential for better performance from high-performance elastomers, worries about sustainability and the impact on the environment may impede market expansion, particularly if consumers begin to favour more environmentally friendly options.
  • Disruptions in the Global Supply Chain Incidents such as the COVID-19 epidemic have shown that disruptions in the global supply chain can have an influence on raw material availability as well as the manufacturing and distribution of high-performance elastomers.
  • Regulatory Compliance High-performance elastomers may find it difficult to comply with strict safety laws, standards, and certifications due to the automobile industry’s strict regulations.

Global High Performance Automotive Elastomers Market Segmentation Analysis

The Global High Performance Automotive Elastomers Market is segmented on the basis of Type of Product, Application, End-User, And Geography.

High Performance Automotive Elastomers Market, By Type of Product

  • Fluoroelastomers Suitable for demanding automotive applications, these materials are known for their high chemical resistance and thermal stability.
  • Silicone Elastomers Silicone elastomers are utilised in a variety of automobile components since they are flexible and resistant to high temperatures.
  • Hydrogenated Nitrile Butadiene Rubber (HNBR) Suitable for engine components, it has improved heat and oil resistance.
  • Polyacrylate Elastomers, or ACMs Often found in automotive seals, these materials offer good resistance to heat, ozone, and oil.
  • AEM (Ethylene Acrylic Elastomers) Used in gaskets and seals, these polymers are renowned for their resilience to high temperatures and automotive fluids.

High Performance Automotive Elastomers Market, By Application

  • Gaskets and Seals To guarantee efficient sealing and stop fluid or gas leaks, high-performance elastomers are frequently utilised in gaskets and seals for automobiles.
  • Hoses and Tubing Automotive hoses and tubing are made of elastomers that are durable and flexible, and they are used to transfer fluids.
  • Engine Mounts To improve NVH (Noise, Vibration, and Harshness) qualities and reduce vibrations, engine mounts use high-performance elastomers.
  • O-Rings Used to seal and stop leaks in a variety of vehicle systems.
  • Bushings and BearingsSuspension components and bearings employ elastomers with strong load-bearing capabilities.

High Performance Automotive Elastomers Market, By End-User

  • Original Equipment Manufacturers (OEMs) Providers of high-performance elastomers to OEMs for use in newly manufactured automobiles.
  • Aftermarket Suppliers of elastomeric parts for upgrading and replacement in already-owned automobiles.

High Performance Automotive Elastomers Market, By Geography

  • North America comprehending local differences and commercial demands there.
  • Europe Attending to particular needs and inclinations within the European marketplace.
  • Asia-Pacific Serving nations like China, India, and Japan’s expanding automobile industries.
  • Latin America Taking into account market trends and regional dynamics in nations like Mexico and Brazil.
  • Middle East and Africa Recognising prospects and obstacles in the automotive elastomer industry in these areas.

Key Players

The major players in the High Performance Automotive Elastomers Market are

  • DowDuPont
  • BASF SE
  • Ascend Performance Materials
  • Evonik Industries
  • Lanxess
  • Arkema
  • Huntsman Corporation
  • Zeon Corporation
  • Sumitomo Chemical Co., Ltd.
  • Jilin Chemical Fiber Group Co., Ltd.

Report Scope

REPORT ATTRIBUTESDETAILS
STUDY PERIOD

2020-2030

BASE YEAR

2023

FORECAST PERIOD

2024-2030

HISTORICAL PERIOD

2020-2022

UNIT

Value (USD Billion)

KEY COMPANIES PROFILED

DowDuPont, BASF SE, Ascend Performance Materials, Evonik Industries, Lanxess, Arkema, Huntsman Corporation, Zeon Corporation.

SEGMENTS COVERED

By Type of Product, By Application, By End-User, By Geography

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