Automotive Elastomers Market Report By Insights, Size, and Growth - 2031

The automotive elastomers market was valued at approximately US$ 42.98 billion in 2023 and is anticipated to grow to around US$ 66.57 billion by 2031, reflecting a compound annual growth rate (CAGR) of 5.6% during the forecast period from 2023 to 2031.

The market is categorized based on application into several segments: tire, interior, exterior, and under the hood. Among these, the interior segment is projected to experience the highest growth rate from 2023 to 2031. The automotive interior encompasses various components such as hoses and seals, door panels, airbags, conveyor and transmission belts, dashboards, and seating. A variety of elastomers are utilized within vehicle interiors. Modern consumers are increasingly demanding higher standards of comfort, style, and sophistication in their vehicles. Elastomers, known for their remarkable flexibility, cushioning properties, and aesthetic versatility, are particularly suited for enhancing both comfort and visual appeal in automotive interiors. The growing trend for personalized and adaptable vehicle interiors is further propelling the demand for elastomers. Their inherent versatility enables manufacturers to provide a broader selection of textures, materials, and colors for vehicle interiors.

In 2023, the Asia Pacific region dominated the automotive elastomers market. This region is home to several leading automotive manufacturers, including Toyota Motor Corp, Tata Motors Ltd, Hyundai Motor Co, Nissan Motor Co Ltd, and Honda Motor Co Ltd. Additionally, Asia Pacific serves as a hub for automotive production, featuring a substantial presence of both international and domestic companies. The ongoing development of automotive components and the surge in electric vehicle manufacturing in this region are expected to present significant opportunities for elastomer producers. Major automotive companies are driving market growth through extensive innovation and prototyping efforts.

According to a report from Fastener World Inc., Asia Pacific, recognized as the largest automobile-producing region globally, saw a notable increase in production volume, rising from over 46 million units in 2021 to more than 50 million units in 2022, and further to over 55 million units in 2023. This region is characterized by a rapidly expanding automotive market, fueled by a growing middle class and increasing disposable income. It stands as the largest base for automobile production and boasts the highest number of vehicle purchasers. The leading automobile-producing nations include China, which produces over 30 million vehicles; Japan, with nearly 9 million vehicles; India, at approximately 5.9 million vehicles; South Korea, exceeding 4 million vehicles; and Thailand, with close to 1.9 million vehicles.

Key players in the global automotive elastomers market include KRAIBURG TPE, APAR Industries Ltd, Arkema SA, Asahi Kasei Corp, BASF SE, DuPont de Nemours Inc, Evonik Industries AG, Kraton Corp, Huntsman International LLC, LG Chem Ltd, LyondellBasell Industries NV, Mitsui Chemicals Inc, Saudi Basic Industries Corporation, Sumitomo Chemical Co Ltd, and The Lubrizol Corporation. These companies are committed to delivering high-quality products that meet customer needs and are actively engaged in launching innovative and superior products to enhance their offerings.

The overall size of the global automotive elastomers market has been determined through a combination of primary and secondary research methodologies. The research process commenced with comprehensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data relevant to the market. Additionally, numerous primary interviews were conducted with industry stakeholders to validate the findings and gain deeper analytical insights. Participants in this research included industry experts such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the automotive elastomers sector.