Automotive Rubber-molded Components Market Size By Material Type, Component Type,Vehicle Type Analysis and Region – Segment-Level Market Assessment, Growth Opportunity Analysis, Competitive Mapping & Forecast to 2030
Overview
Automotive Rubber-molded Components Market is anticipated to reach US$ 68.71 Bn by 2030 from US$ 47.87 Bn in 2023 at a CAGR of 5.3% during a forecast period.
Increased adoption of lightweight materials in automobiles and the increasingly stringent emission, safety, and fuel economy norms are the factors driving the automotive rubber-molded component market. In 2023, Asia Pacific held a 43% percent market share. North America and Europe accounted for 22% and 18% of the market share, respectively.
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Automotive Rubber-molded Components Market Dynamics
The growth of the automotive rubber-molded components market is driven by the growth of the automotive market. The growing demand for vehicles across the globe has considerably increased the sale of the automotive rubber-molded components market. These rubber molded components are formed from inexpensive and common synthetic polymers due to their factors like weight, environmental, expense, and longevity concerns. Thus, these rubber molded components are used in the automotive industry as they can be molded into all shapes, sizes, and colors. These above-mentioned factors are expected to drive the growth of the automotive rubber-molded components market during the forecast period (2024-2030).
The growing demand for vehicles across the globe:
Vehicle production declined by around 16 percent between 2019 and 2020. In 2020, the global production of motor vehicles dropped by 11 million units compared with 2019. However, the sale of vehicles is expected to gain traction in the second phase of 2021, which is expected to drive the market growth during the forecast period (2024-2030).
In addition, the development of environmentally-friendly rubber parts using vegetable soy oil, and the use of EPDM rubber is fueling the market for automotive rubber molded components. Besides, the government's strict norms have compelled automakers to produce more efficient vehicles with lower carbon emissions. This is expected to significantly increase the market for automotive materials made from rubber-molded components.
Restraints: Shortage of advanced raw materials in developing countries and fluctuation in prices of raw materials are the factors expected to hamper the automotive rubber molded components market during the forecast period (2024-2030).
Automotive Rubber-molded Components Market Segmentation Analysis
By Material Type, the Ethylene propylene diene monomer segment accounts for the largest share of XX% in the market due to its features like weather resistance, vibration resistance, heat resistance, color stabilization, sealing property, tear resistance, durability, and tensile strength. Lightweight materials like EPDM that lower pollution is the major factor driving the global automotive rubber-molded components market. In addition, the growing trend of electric vehicles is propelling the demand for EPDM rubber-molded components. The EPDM rubber is used for making weather seals and stripping, due to its good adhesive features with metal, wire, and cable harness, window spacers, hydraulic brake systems, and seals for doors, windows, and trunks. These factors are expected to fuel the growth of the segment during the forecast period (2024-2030).
The EPDM segment is expected to grow at xx% in the Asia-Pacific region, due to the growth in electrification, stringent emission norms, growing demand for lightweight and commercial vehicles, and availability of low-cost labor for automotive rubber component manufacturing in the region.
Automotive Rubber-molded Components Market Regional Insights
The Asia Pacific dominated the Automotive Rubber-molded Components market and held 43% of the market share in 2023. The region is expected to grow at an xx% CAGR during the forecast period. China is the major manufacturer of vehicles across the world, which produced 29% of total vehicles in the world. According to the China Association of Automobile Manufacturers, the total sales in the country fell by 8.3% in 2023 compared to 2019. However, China's premium/luxury car market is focused and is dominated by Mercedes-Benz, Audi, and BMW. The country announced that at least one-fifth of the vehicles on the roads would be electric-battery cars and plug-in hybrid cars by 2030. This is expected to impact the market as the rubber molded components have less application in electric vehicles compared to IC engines.
The electric vehicle market in Japan is expected to grow at xx% during the forecast period. The demand for emission-free vehicles has been increasing, and the government has been investing heavily in this electric vehicle market. The Japanese government aims to transform all the new cars into electric or hybrid vehicles, by 2050. The government has also set a target to reduce the emissions of carbon dioxide and other greenhouse gasses, by about 80% per vehicle, by 2050. This is expected to impact the market as the rubber molded components have less application in electric vehicles as compared to IC engines.
The objective of the report is to present a comprehensive analysis of the Automotive Rubber-molded Components Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.
PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding the Market dynamics, structure by analyzing the market segments and project the Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Market make the report investor’s guide.
Automotive Rubber-molded Components Market Scope: Inquire before buying
| Automotive Rubber-molded Components Market | |||
|---|---|---|---|
| Report Coverage | Details | ||
| Base Year: | 2023 | Forecast Period: | 2024-2030 |
| Historical Data: | 2018 to 2023 | Market Size in 2023: | US $ 47.87 Bn. |
| Forecast Period 2024 to 2030 CAGR: | 5.3% | Market Size in 2030: | US $ 68.71 Bn. |
| Segments Covered: | by Material Type | Ethylene Propylene Diene Monomer (EPDM) Natural Rubber (NR) Styrene-butadiene Rubber (SBR) Other Material Types |
|
| by Component Type | Seals Gaskets Hoses Weather-strips Other Component Types |
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| by Vehicle Type | Passenger Car Commercial Vehicle |
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Automotive Rubber-molded Components Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, Turkey, Russia and Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, ASEAN and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina, Columbia and Rest of South America)
Automotive Rubber-molded Components Market, Key Players
1. AB SKF
2. Continental AG
3. Federal-Mogul Corporation
4. NOK Corporation
5. Trelleborg AB
6. ALP Group
7. Bohra Rubber Pvt. Ltd
8. Cooper-Standard Automotive
9. DANA Holding Corporation
10. Freudenberg and Co. Kg
11. Hebei Shinda Seal Group
12. Hutchinson SA
13. Bohra Rubber
14. Sumitomo Riko
15. Cooper-Standard Automotive
Frequently Asked Questions
1. What is the projected market size & growth rate of Automotive Rubber-molded Components Market?
Ans- Automotive Rubber-molded Components Market was valued at USD 47.87 billion in 2023 and is projected to reach USD 68.71 billion by 2030, growing at a CAGR of 5.3 % during the forecast period.
2. What are the key driving factors for the growth of Automotive Rubber-molded Components Market?
Ans- Increased adoption of lightweight materials in automobiles and the increasingly stringent emission, safety, and fuel economy norms are the factors driving the automotive rubber-molded component market.
3. Which Region accounted for the largest Automotive Rubber-molded Components Market share?
Ans- The Asia Pacific dominated the Automotive Rubber-molded Components market and held 43% of the market share in 2023.
4. What makes China a Lucrative Market for Automotive Rubber-molded Components Market?
Ans- The region is expected to grow at an xx% CAGR during the forecast period. China is the major manufacturer of vehicles across the world, which produced 29% of total vehicles in the world. According to the China Association of Automobile Manufacturers, the total sales in the country fell by 8.3% in 2023 compared to 2019.
5. What are the top players operating in Automotive Rubber-molded Components Market?
Ans-AB SKZ, Continental AG, Federal-Mogul Corporation, NOK Corporation, Trelleborg AB, ALP Group, Bohra Rubber Pvt. Ltd and Cooper-Standard Automotive.