Automotive elastomers are finding extensive applications in hoses, gaskets, insulators, engine mounts, seals, and bushes as they help in withstanding high temperatures. Many of the automotive component dealers belonging to Tier 1 class are using automotive elastomers to reduce the size and mass of their auto products. Furthermore, escalating trends across the automotive sector for reducing fuel emissions is likely to boost the market demand. Reportedly, automotive elastomers help the engines improve energy efficiency along with increasing their lifecycle.
Growing environmental concerns has created lucrative demand for manufacturing of electric & hybrid vehicles. This, in turn, is likely to impact the growth map of automotive elastomers market. Furthermore, electric cars make use of high-performance elastomers to improve fuel efficiency and reduce GHG emissions, thereby stimulating the growth of automotive elastomers industry.
For the record, elastomers are considered as the most preferred alternative to rubber in automotive sector. They have found extensive applications in various automotives, owing to their property of elasticity, chemical resistance, heat resistance, weathering, durability, reliability, and flexibility. However, the rising production costs of the automotive elastomers can act as a restraint to the automotive elastomers market evolution.
Strict government norms pertaining to carbon emissions and high preference for light-weight materials are expected to the major drivers of automotive elastomers industry. Growing popularity of thermoplastic compounds across the automotive sector is likely to fuel the industry revenue, owing to the ability of thermoplastics to reduce vehicle weight, raise its safety, and reduce fuel emissions from it.
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Rapid industrialization witnessed across the regions such as China, Brazil, India, Mexico, and Indonesia is likely to spur the product demand over the coming years. Rise in the disposable incomes of the people living in these countries has contributed significantly towards the evolution of automotive sector. This, in turn, is likely to prove as positive indicators for the growth of automotive elastomers market size over the years to come.