A new report by Reportbuyer says that increasing technological advancements, increasing stringent emission & increasing adoption of lightweight materials are driving the automotive rubber molded components market
The rubber molded components market size is projected to grow at a promising CAGR of 5.20% during the forecast period, to reach US$40.5 billion by 2020. The market is driven by factors such as technological advancements, rising vehicle production, increasingly stringent emission, safety, and fuel economy norms, the fluctuating prices of crude oil (which in turn, impact the prices of synthetic rubber), ecological concerns, and increasing adoption of lightweight materials.
The Asia-Oceania market, in terms of volume, is projected to grow at the highest CAGR of 6.14% during the forecast period, as a result of the increased demand for advanced vehicles, especially from countries such as China and India. Additionally, developments in the global automotive market, such as mergers and the relocation of production centers to emerging economies, has increased the market potential of countries such as China and India. Passenger car production is expected to grow in these countries, owing to the availability of cheap labor and favorable government policies. For instance, the Indian government has permitted 100% foreign direct investment (FDI) with no minimum investment criteria for the automotive sector. OEMs such as Toyota (Japan), Hyundai Motor Company (South Korea), and Honda Motor Company (Japan) are also present in the region.
This report classifies and defines the global automotive rubber molded components market, in terms of volume and value. Market size, in terms of volume, is provided in thousand units and thousand tons from 2013 to 2020, while the market size, by value, is provided in terms of USD million. This report also segments the automotive rubber molded components market into major regions (North America, Asia-Oceania, Europe, and the Rest of the World (RoW)). Additionally, key players in the automotive rubber molded components market have been identified and profiled.
The study contains insights provided by various industry experts, ranging from material suppliers to Tier-1 companies and OEMs. The break-up of the primaries is as follows:
• By Company Type – Tier-1 – 63 %, Tier-2 – 29%, and Others – 8%
• By Designation – C level – 12%, Director level – 45%, and Others – 43%
• By Region – North America – 12%, Europe – 30%, and Asia-Oceania – 58%
The automotive rubber molded components market is dominated by a few globally established players, such as Continental AG (Germany), Federal-Mogul Corporation (U.S.), and Sumitomo Riko Co., Ltd. (Japan), among others. The key growth strategies adopted by these players are expansion and new product development.