New York – The global automotive elastomers market was valued at $9.238 billion (€8,286 billion) in 2015 and is set to grow at a CAGR of 5.9 percent between 2016 and 2022, a recent study suggests.
The New York-based P&S Market Research said one linked the positive outlook to the tightening of emissions regulations and increasing demand for lightweight materials in vehicles.
“The growth is largely driven by high demand for elastomers for interior automotive applications,” said the report.
Also, the expanding automotive industry in Asia-Pacific is fuelling 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. This, said P&S, was partly due to the fact that TPE parts are lighter than those created using conventional materials.
According to the report, the interior segment should witness the highest growth during 2016-2022. This is, in part, because of stringent regulations leading to the increasing usage of air bags.
Asia-Pacific, dominated by China, held the largest share in the global automotive elastomers market in 2015. The region is also anticipated to be the fastest growing market for automotive elastomers.
Markets in North America and Europe, the report anticipated, will see "considerable growth", owing to the well-established automotive industry, stringent emission norms and consumer's preference for high-performance vehicles.