Global Automotive Elastomers Market is Anticipated to Post a Noteworthy CAGR Of 5.72% By the End of 2024
Elastomer refers to a type of polymer which inhibits the properties of elasticity. Elastomers deform when force is applied and return to their original shape after the removal of the force. It is composed of oxygen, hydrogen, carbon and silicon monomers. Rapid growth of automotive industry across the globe has fostered the growth of the elastomers in automotive sector. Automotive elastomers are used in the manufacturing of automobiles parts such as seals, hoses, insulators, engine mounts, gaskets and other parts. Factors such as high flexibility and desired customization and rising demand for lightweight automotive vehicles are driving the growth of the thermoplastic automotive elastomers segment. However, synthetic elastomers segment is anticipated to grow at a highest pace in overall automotive elastomers market. This can be attributed to the development of specialty grades synthetic elastomers by various major manufacturers. Global automotive elastomers market is expected t...