Rubber Molded Components Market is Projected to Reach USD 40.5 Billion by 2020

Date: 2015-12-13

“Increasing technological advancements, increasing stringent emission & increasing adoption of lightweight materials 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 USD 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. 

“Asia-Oceania: Largest market for automotive rubber molded components market”
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. 

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.

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