New York, Sept. 10, 2019 (GLOBE NEWSWIRE) -- Increasing demand for automotive silicone from emerging economies is a significant factor expected to stimulate market demand.
The global automotive silicone market is expected to reach USD 4.41 Billion by 2026, according to a new report by Reports and Data. Silicones are used in various ways to increase safety and reliability and to make automotive lighter and environment-friendly. Silicones are crucial to the advancement of automotive technology, due to a range of properties such as heat resistance, cold resistance, water repellency, releasability, defoaming properties, adhesiveness, and dielectric properties.
The growth of the market is primarily driven by the spiraling demand for efficient, lightweight, and durable vehicles worldwide. This may be attributed to shifting lifestyle trends and high disposable income of automotive consumers. The product is extensively consumed in the automotive sector for the production of windshield lining, ignition sets, cables, airbag cushion coatings, and radiator seals, among others.
Increasing demand for automotive silicone from emerging economies is expected to propel the growth of the market in the upcoming years. Easy availability of raw materials, cheap labor, and low transportation cost, among others, are the factors which are causative of a boost in the product demand in emerging economies.
The role of automotive silicone in enabling the adhesion of films and wrapping on automobiles is of significant importance and is attracting manufacturers to invest in product development. However, the high cost associated with the product may create hindrances in the growth of the market in the forecast period.
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Further key findings from the report suggest
- By product type, rubber contributed to the largest market share in 2018 and is expected to grow at a rate of 6.1% in the forecast period. Rubber has many distinctive properties that makes it useful in the automotive manufacturing industry. As automobiles are exposed to varying temperatures and various chemicals, rubber becomes a material of choice owing to its ability to withstand harsh environments.
- By automotive type, passenger vehicles held a larger market share in 2018 and are likely to witness a growth rate of 6.6% in the forecast period.
- By region, the Asia Pacific region dominated the market in 2018 and is projected to have the fastest CAGR of 6.7% in the forecast period. The market dominance of the Asia Pacific region is owing to the easy availability of raw materials required in manufacturing silicones, coupled with the growth of the automotive industry.
- Key participants include Wacker Chemie, Evonik, Elkem Silicones, DowDuPont, Shin Etsu, ACC Silicones, KCC Corporation, Henkel Ag & Co., Siltech, and Primasil Silicones, among others.
- In May 2019, KCC Corporation, a leading player in the market, completed the acquisition of U.S.-based Momentive Performance Materials Inc., global silicone manufacturer. With the acquisition, KCC has a 45.5% stake in the company and plans to develop high value-added business aiming at silicone as a major part of the company’s main business, while also obtaining worldwide credibility and competitiveness by its long-term insights and sound financial plans.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/automotive-silicone-market
Segments covered in the report:
For the purpose of this report, Reports and Data have segmented the global automotive silicone market on the basis of product type, automotive type, application, and region:
Product Type Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
- Rubber
- Adhesives & Sealants
- Coatings
- Others
Automotive Type Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
- Passenger Vehicle
- Commercial Vehicle
Application Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
- Interior & Exterior
- Electrical Systems
- Engines
- Others
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Regional Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of the Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
- Brazil
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