The Automotive Rubber Market Value to Reach $53.39 Billion by 2023
Bangalore, India, September 21, 2018: With its recently published study “Automotive Rubber Market: Global Drivers, Restraints, Opportunities, Trends, and Forecast up to 2023”, Infoholic Research forecasts that the global market for automotive rubber will continue to expand.
The growing disposable income among developing countries and the increasing penetration of automotive rubber in various applications are the key factors driving the market growth.
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Further, the changing consumer preferences toward the better quality and eco-friendly products are increasing the demand for automotive rubber. This pattern is expected to continue during the forecast period to increase the automotive rubber market value to $53.39 billion by 2023, growing at a CAGR of 6.1% during the forecast period.
In the automotive industry, 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.
“Automotive rubber plays an important role in the global economy with major applications in the tire components. It has come a long way from being considered a premium product to becoming an essential material in automotive manufacturing. It has become a critical addition to regulatory compliance in some geographies. Increasing affordability will give an impetus to the market. The market that was earlier dominated only by the developed countries is now finding a strong foothold in developing countries, such as China, wherein the domestic market is quite robust and offers high potential for growth. The market is expected to witness smooth growth in the next 5–6 years.” – Khushboo Pandey, Research Analyst, Infoholic Research
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The key insights of the report are as follows:
- The global automotive rubber market has been analyzed based on material types:
- Natural Rubber
- Synthetic Rubber
- The study constitutes a classification based on end-user areas:
- Tire Component
- Non-tire Component
- The study covers the below-mentioned geographies:
- Asia Pacific
- North America
- Rest of the World
- Industry outlook: Market trends, drivers, restraints, and opportunities