Automotive Rubber Market - The Revenue is Expected to ascend Further to $53.39 billion
The Global Automotive Rubber Market is expected to grow at a CAGR of 6.1% during the forecast period 2017–2023 owing to high demand growth from emerging economies. The market has been analyzed based on types – Natural and Synthetic Rubber. The study has also been classified based on end-users – Tire Components and Non-Tire Components.
Asia Pacific is the emerging region and also has a significant share in the global automotive rubber market. Other than Asia Pacific, South America, Middle East, and developing countries of Europe have been witnessing substantial growth scenarios for automotive rubber. China and India are driving the demand for automotive rubber in the Asia Pacific region due to regional growth along with huge base of automobile manufacturers, increasing demand for automotive from consumers, and the existence of OEMs. In developing regions, growing purchase power is leading the economic growth.
In the automotive industry, the rubber is being used from small-scale gaskets & seals to tires & rubber matting products. Rubber is very flexible & durable and has unique features that make it ideal for many applications. Different types of rubbers have distinct properties or features such as good abrasion resistance, high tear strength, chemical & grease resistance, ozone resistance, high- and low-temperature sustainability, and excellent resistance to petroleum & oil. In the automotive sector, rubber is mainly used in manufacturing tires, O-rings, grommets & seals, bushings, rubber mats, and rubber pads on pedals.
The study produced by Infoholic Research provides drivers, restraints, and opportunities with current and emerging market trends. Further, it covers an in-depth analysis of each product and application along with forecasting and trends analysis in the global automotive rubber market. Major companies covered in the study include big multinational players such as BASF SE, SABIC, DowDuPont, Shin-Etsu Chemical Corp., and LANXESS, which are offering different automotive rubber products.
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– Khushboo Pandey,