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(USGovernment-News.Com, July 29, 2024 ) As per Maximize Market research, the Automotive Rubber Molded Components Market size was valued at USD 47.87 Bn. in 2023, and the total revenue is expected to grow by 5.3 percent from 2024 to 2030, reaching nearly USD 68.71 Bn.
The automotive rubber-molded components market is driven by increased adoption of lightweight materials and stringent emission, safety, and fuel economy standards. In 2023, Asia Pacific led the market with a 43% share, followed by North America at 22% and Europe at 18%. The market growth is fueled by the rising demand for vehicles globally, which drives the need for rubber-molded parts made from cost-effective, durable synthetic polymers. These components, molded into various shapes and sizes, are critical for vehicle manufacturing due to their weight, cost, and longevity benefits. The development of eco-friendly materials, such as vegetable soy oil-based rubbers, and regulatory pressure for lower emissions further boosts market expansion.
However, the market faces challenges, including a shortage of advanced raw materials in developing countries and fluctuating raw material prices. Ethylene Propylene Diene Monomer (EPDM) rubber, known for its weather, vibration, and heat resistance, dominates the market due to its applications in weather seals, brake systems, and vehicle trims.
In Asia Pacific, Automotive Rubber Molded Components Market growth is supported by the rise in electric vehicles and stringent emission regulations. Despite China and Japan's focus on electric vehicles, which use fewer rubber components than internal combustion engines, the market for automotive rubber-molded parts remains robust.
Maximize Market Research is leading Automotive and Transportation research firm, has also published the following reports:
Prepreg Market was valued at USD 13.67 Bn. in 2023 and the market is expected to reach USD 27.16 Bn. by 2030, at a CAGR of 10.3% throughout forecast period (2024-2030).
Gaskets and Seals Market is expected to reach USD 86.02 billion at a CAGR of 3.7% during the forecast period 2030.
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