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Moreover, many international organizations are increasingly enacting strict guidelines for reducing greenhouse gas emissions. For instance, many organizations in Europe and North America are enacting policies that mandate the production and incorporation of lightweight materials in automobiles in order to mitigate CO2 emissions and achieve the preset emission targets by 2025.
Similar policies have been enacted by the governments of various countries in the Asia-Pacific (APAC) region. China, which is the largest emitter of greenhouse gases in the region, intends to introduce policies for controlling its emission levels. Other countries in the region such as India, Indonesia, and Australia, are also enacting regulations for reducing the effects of climate change by mitigating the generation of carbon emissions. The enactment of these policies is creating lucrative growth opportunities for the players operating in the automotive elastomers market.
Likewise, the permissible combined fuel economy for trucks and cars for 2016 was 35.5 miles per gallon (mpg) and this is set to be increased to 54.5 mpg by 2025. Owing to these factors, the value of the automotive elastomers market surged to $10,015.2 million in 2015, while the market will exhibit a CAGR of 5.9% from 2016 to 2022, as per the estimates of P&S Intelligence, a market research company based in India. There are mainly two types of elastomers used in automobiles—thermoplastic and synthetic.
Between these, the demand for synthetic elastomers was found to be higher during the last few years. On the other hand, in the coming years, the sales of thermoplastic elastomers are expected to rise at a faster pace, on account of the high durability and excellent physical characteristics of thermoplastic elastomers, which make them very popular among automobile manufacturing companies around the world. Geographically, the demand for automotive elastomers soared in the Asia-Pacific (APAC) region in the years gone by.
This was because of the rapid expansion of the automotive industry and the large-scale adoption of lightweight materials by automobile manufacturers in the region. In the coming years, the sales of automotive elastomers are predicted to surge in North America and Europe. This is credited to the boom in the automotive industry, enactment of strict emission regulations, and rising popularity of high-performance automobiles in these regions. In North America, the demand for these elastomers was the highest in the U.S. in 2015.
