Market Size of Automotive Rubber Molded Components Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 6.87 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Automotive Rubber-Molded Component Market Analysis
The automotive rubber-molded component market is anticipated to register a CAGR of about 6.87%, during the forecast period (2020 - 2025).
- The major players in the automobile industry are looking for various ways to reduce the overall weight of the vehicle. The reduced weight of the vehicle not only enhances the fuel efficiency of the vehicle but also reduces the pollutant emission from the exhaust and hence, complying with the stringent government norms and attract more demand. To meet the specific demand from OEMs, the sealing system manufacturers are benchmarking the present technology and the material used to make the new sealing systems, which is aimed to be lighter in weight, highly reliable, safe, and will possess lower production costs than conventional sealants.
- Advances in release agents, nowadays, are making rubber and its components more attractive to auto manufacturers. For hundreds of years, rubber has been used in the automotive industry. Rubber-molded products, which were formerly extracted from natural materials, are now being made from inexpensive and common synthetic polymers, owing to many factors, including weight, environmental, expense, and longevity concerns. These rubber-molded components can be molded into all shapes, sizes, and colors, for different use in the automotive industry. This is a major growth factor for the market studied.
- By utilizing renewable soy oil as a swap for 25% of the petroleum oil utilized in rubber, Ford succeeded in doubling the material's stretchability and diminishing the carbon discharges from its crude materials. The new formula can be utilized in car parts, like seals, gaskets, hoses, radiators, and floor mats. According to the International Rubber Study Group, the automotive sector holds more than 50% of the global rubber consumption, which exceeded 22 million metric ton in 2008. Owing to its benefits and applications in various processes, the use of rubber in car parts is further expected to rise during the forecast period.
