The automotive rubber-molded component market is anticipated to expand at a high CAGR over the forecast period.
Automotive rubber-molded components are used for insulating electric components of automobiles and for several features and characteristics that are suitable for automotive manufacturing. These rubber-molded components, which are suitable for automobile manufacturing, have tensile strength, sealing properties, durability, tear resistance, color stabilization, heat, weather, and vibration resistance. Also, it has a suitable density, which is best for economical use in vehicles. These rubber-molded components are lightweight, which further helps reduce the vehicle's weight, minimize vehicular emissions, and lower the pollution in the environment.
Rubber molding is a manufacturing process that can turn uncured rubber into versatile and durable parts that can be used for diverse applications, such as the automotive industry. This technique is used to produce components with precision and can form complex shapes and designs with great durability. Also, it ensures consistent quality, making it a cost-effective option for industries, and is efficient in mass production to minimize waste. The feature that elevates its demand in automotive applications is the resistance of rubber to harsh conditions, which includes extreme temperatures and corrosion.
The major market drivers of the automotive rubber-molded component market are the lightweight rubber components that reduce the overall weight of the vehicle and reduce harmful emissions in the environment. Many major automobile manufacturers are trying to reduce the overall weight of vehicles they manufacture due to government regulatory norms and a rise in demand by consumers for these reduced-weight vehicles. Moreover, these lightweight vehicles not only reduce harmful emissions but also provide fuel efficiency in vehicles. Therefore, the rise in demand for these lightweight vehicles is predicted to propel the automotive rubber molded component market.
Also, the rise in the adoption of Ethylene Propylene Diene Monomer or EPDM across the globe and the use of this material in manufacturing automobiles is driving the market growth. EPDM is considered most suitable for automotive applications with its features like heat and harsh weather resistance, coupled with vibration resistance and high durability and tensile strength. These features are rising demand for EPDM in automotive applications and hence fueling the market for automotive rubber molded components.
The constant innovations and developments in the automotive industry to make transport safer and more reliable for the driver are being promoted by the government. This is increasing the demand for introducing lightweight materials in the manufacturing of vehicles. Many major automobile manufacturers make significant changes in the production process to make automobiles lighter. These automotive rubber-molded components help in reducing the overall weight of the vehicle.
The reduction of overall vehicle weight leads to reduced harmful emissions in the environment and provides fuel efficiency to enhance the sustainability of the vehicle. Also, in electric vehicles, the battery is heavier than other components, and to reduce the weight of the vehicle, they will have to cut out weight from other components, and these rubber-molded components will help in that process. Therefore, the rise in demand for EVs and the development of lightweight vehicles are predicted to grow the market.
The adoption of EPDM or Ethylene Propylene Diene Monomer in the manufacturing of automobiles is growing significantly. It is a synthetic rubber with a lot of characteristics such as high tensile strength, high durability, weather and heat resistance, and sealing properties. These characteristics are perfectly suitable in the manufacturing process of automobiles and, therefore, are widely adopted in making rubber-molded components in automobiles. It is a lightweight material that makes it economical, fuel-efficient, and less harmful to the environment.
These features in EPDM are driving its global demand in automobile manufacturing for rubber-molded components. The automobile industry is the biggest customer of EPDM synthetic rubber technology and has various applications for it. Moreover, these EPDMs have excellent electrical insulation properties, which makes them perfect for manufacturing electric vehicles and is therefore predicted to boost the market for automotive rubber-molded components in the forecast period.
The automotive industry is constantly evolving and is making significant improvements to innovate and develop vehicles. However, with these constant innovations in automotive technologies, the cost to keep up with these technologies for other components, such as rubber-molded components for automobiles, is rising. The new technologies in automobiles require new products in the rubber-molded components market that are suitable for that technology.
The research and development to make these new products has high costs, which can affect the budget of several automobile manufacturers. For instance, the rising popularity of electric vehicles, which is a new technology, raises the demand for rubber-molded components suitable for it. Therefore, the need to develop new products in the automotive rubber molded component market to keep up with new automobile technologies is predicted to hinder the market in the forecast period.
The Asia Pacific region is expected to show major growth in the automotive rubber-molded component market. The rapid growth in the automotive industry in developing countries with growing populations in the region is predicted to fuel the market. China had significant growth in the production of light and heavy-duty vehicles in recent years and is producing vehicles at a high rate, which will contribute to market growth in the region. Moreover, an increase in government initiatives for EV adoption and a rapid rise in automobile production in the region.
Furthermore, the EV market in Japan has seen significant growth over the years, in the region with its rise in popularity among the general public, and significant government investments made to improve the overall EV infrastructure are contributing factors in the market growth. For instance, according to JADA or Japan Automobile Dealers Association, the number of new cars that were sold in the year 2021 in Japan was 3,675,650, and out of these, 40.5% were electric vehicles, whereas hybrid electric vehicles accounted for 96.8% of new EV sales.
| Report Metric | Details |
|---|---|
| Growth Rate | CAGR during the forecast period |
| Study Period | 2021 to 2031 |
| Historical Data | 2021 to 2024 |
| Base Year | 2025 |
| Forecast Period | 2026 – 2031 |
| Segmentation | Material Type, Component Type, Vehicle Type, Geography |
| Geographical Segmentation | North America, South America, Europe, Middle East and Africa, Asia Pacific |
| Companies |
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