The global Automotive Elastomers Market size is expected to reach USD 51.3 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.4% from 2022 to 2030. An increase in consumer disposable income and strict regulations by the government to reduce pollution are expected to impel market growth.
The
COVID-19 pandemic had a negative impact on the market due to the
suspension of automobile production and a decrease in vehicle demand
due to worldwide financial instability. On a global scale, the outbreak
disrupted the whole automotive supply chain. Since the automotive elastomers
sector is entirely dependent on automobile sales, this outbreak hugely impacted
this market. However, the market grew significantly in 2021, mainly due to
the increased sales of electric vehicles, and is thus likely to stimulate
the industry.
Mergers
& acquisitions, agreements, and expansions are the key strategies adopted
by the companies over the past years. For instance, in December 2020, Ace
Midwest LLC declared the acquisition of all functioning assets of RotaDyne's
elastomer processing group rubber manufacturing business, strengthening the
firm's product line and elastomers business.
Related Press
Release@ Automotive
Elastomers Market Report
Automotive Elastomers Market Report Highlights
- In terms of
type, the thermoset elastomer segment accounted for the largest revenue
share in 2021 and is expected to retain its dominance over the forecast
period. The thermoplastic elastomer (TEP) segment is expected to
expand at the fastest CAGR of 5.7% in terms of revenue over the forecast
period
- In terms of
application, the tire segment accounted for the largest revenue share in
2021 and is expected to dominate the market over the forecast period. The
interior segment is likely to expand at a revenue-based CAGR of 5.5% over
the forecast period
- In April
2019, Mitsubishi Chemical Corporation acquired Welset Plast Extrusions
Private Limited's PVC compound business in India and planned to build a
new plant to produce thermoplastic elastomer for automobile interior parts
and other applications at subsidiary MCPP India Private Limited
- In terms of
vehicle type, the passenger cars segment accounted for the largest revenue
share of over 55.0% in 2021 and is expected to maintain its dominance over
the forecast period. The light commercial vehicles segment is likely to
register the highest CAGR of 5.0% in terms of revenue over the forecast
period due to the rapid growth of e-commerce and logistics businesses
- Asia Pacific
held the largest revenue share of over 50.0% in 2021 and is expected to
retain its position over the forecast period. The region is anticipated to
expand at the highest CAGR in terms of revenue over the forecast period.
The market growth in this region is primarily attributed to the rising
automotive manufacturing in India, Japan, China, and South Korea.
Furthermore, major automotive OEMs are relocating their production bases
to these countries. For example, in 2019, Tesla started manufacturing of
Tesla Model 3 car, with new production sites for seats, engine
assemblies, and motors in China
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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Grand View Research, Inc
Phone: 1-415- 349-0058
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Email: sales@grandviewresearch.com
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