MOSCOW (MRC) -- The global automotive elastomers market was valued at USD9,238.4 mln in 2015, and it is expected to grow at a CAGR of 5.9% from 2016 to 2022, as per Plastemart with reference to P&S Market Research.
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.
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.
As MRC reported earlier, the last year's analysis of the global elastomers market from Frost & Sullivan finds that the total market was worth USD 21.52 billion in 2014 and is expected to grow to USD 34.73 billion in 2021. Compared to synthetic elastomers (SE), the thermoplastic elastomers (TPE) segment is expected to grow faster.
MRC