The rubber moulding market, in terms of value, is projected to grow at a CAGR of 5.20% from 2015 to 2020, to reach a market size of USD$40.5 Billion by 2020, according to a new report by Markets and Markets.
The market report defines and segments the Automotive Rubber Molded Components Market with an analysis and forecast of the global market size, by volume and value.
The growing demand for lightweight materials, increasing vehicle production, and technological advancements are some of the key drivers fueling the growth of the global Automotive Rubber Molded Components Market.
EPDM: Promising market for Automotive Rubber Molded Components
The report segments the Automotive Rubber Molded Components Market on the basis of material into ethylene propylene diene terpolymer (EPDM), natural rubber (NR), styrene-butadiene rubber (SBR), and others (polychloropene and nitrile rubber). EPDM is one of the largest contributors to the Automotive Rubber Molded Components Market.
The demand for EPDM will therefore be significantly influenced by its adoption in automotive applications. Several research organizations and automotive giants are currently working towards improving EPDM compounds as well as processing techniques.
Asia-Oceania: One of the major markets for automotive rubber molded components
The report segments the Asia-Oceania region into China, India, Japan, South Korea, and other countries. The sizeable population and government support for foreign direct investments (FDIs) has boosted the growth of the automotive industry in the region.
China is the largest market for automotive rubber molded components in terms of both, value and volume. The Chinese market is currently witnessing an increase in the sales of and demand for automobiles, as the economy and spending capability of the population is growing. Recent infrastructural developments have boosted the growth of commercial vehicles.
Alternatively, Japan has a technologically advanced automotive market, with consumers indicating a preference for small cars owing to their fuel efficiency and lower carbon emissions. According to the Japan Automobile Manufacturers Association (JAMA), as of 2015, auto manufacturing has generated employment for about 5.5 million people in Japan. Japan-based OEMs, such as Honda Motor Company, Ltd., Mitsubishi Motors Corporation, and Toyota Motor Corporation, have successfully established a global footprint through their focus on high-quality and fuel-efficient vehicles.