An elastomer is a polymer with viscosity and elasticity and very weedy intermolecular forces, and high failure train with the frequently low young modulus and other materials. Moreover, these are unstructured elastic polymers and an amorphous polymer which has a glass transition temperature below ambient temperature, which means it is soft and rubbery and supports in substantial movement. Hence, with the effective applications of this, the market will increase more significantly during the forecasted period. Not only has this, but the key players of this market are also doing their job by folding up their sleeves for enhancing the usage of such and attaining the highest market share around the globe more efficiently in the short span of time.
According to the report analysis, ‘Global Automotive Elastomers Market Research Report’ states that there are several key players which are presently functioning in this sector more actively for attaining the highest market share around the globe by doing significant developments in the techniques of doing work with the technology which further in the demand for elastomers from the different sector for automotive includes BASF SE (Germany), DowDuPont, Inc. (US), Exxon Mobil Corporation. (US), LG Chem (South Korea), JSR Corporation (Japan), ARLANXEO (The Netherlands), Teknor Apex (US), SABIC (Saudi Arabia), Mitsui Chemicals, Inc (Japan), Versalis S.p.A. (Italy), KURARAY CO., LTD. (Japan), PJSC. Moreover, the key players of this are analyzing related aspects of the market for knowing the restraints, market opportunities and growth drivers for leading the fastest market growth during the forecasted period. Nevertheless, the player of this market is adopting the attractive and innovative strategies and policies for doing effective developments in the specifications of the product and makes the market more competitive and profitable for both the consumer and investors. This will also result in leading efficient market growth in the short span of time.
Although, according to analysis, the global automotive elastomers market is anticipated to increase at a significant CAGR during the forecast period. Growing demand for both passenger and commercial vehicles is predictable to drive global market growth. Rigorous emission regulations and resulting requirement for light-weight materials are anticipated to drive the market growth. Whereas, As per the analysis, the global market for automotive elastomers is expected to reach USD 45,618.2 million by 2023 and is estimated to increase at a healthy CAGR of 5.41% during the forecast period. Moreover, the global market of automotive elastomers is sectored differently which majorly includes type, application, vehicle type, and region.
Nevertheless, on the basis of region, the market is further segmented which majorly includes highly innovated and developed regions such as North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific accounted the automotive elastomers market in 2017 and is anticipated to increase at the highest CAGR of 5.60% during the review period, due to the proliferating automobile industry, consumer preference for passenger vehicles, and rapid urbanization. However, China controlled the prominent market share of nearly 50% in 2017 owing to the favorable government initiatives, a significant increase in the purchasing power, and rising standards of living. Therefore, in the near future, it is expected that the market of automotive elastomers will increase across the globe more significantly over the recent few years.
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Ankur Gupta, Head Marketing & Communications