Chicago, May 29, 2023 (GLOBE NEWSWIRE) -- The global automotive silicone market size is projected to reach USD 3.1 billion by 2027 growing at a CAGR of 7.1% from 2022 to 2027, as per the recent study by MarketsandMarkets™. Rising demand from emerging markets and growth of transportation industry globally are driving the market for automotive silicone.
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Browse in-depth TOC on “Automotive Silicone Market”
166 - Market Data Tables
29 - Figures
175 - Pages
List of Key Players in Automotive Silicone Market:
- The Dow Chemical Company (US)
- Wacker Chemie AG (Germany)
- Momentive (US)
- Shin-Etsu Chemical Co. Ltd. (Japan)
- Elkem ASA (Norway)
- Evonik Industries AG (Germany)
- Gelest Inc. (US)
- Henkel (Germany)
- Primasil Silicones (UK)
- Siltech Corporation (Canada)
Drivers, Restraints, and Opportunities in Automotive Silicone Market:
- Drivers: Growing automotive industry in APAC market
- Restraints: Growing use of electrical vehicles
- Opportunity: Growing demand in the transportation industry
Key Findings of the Study:
- The interior & exterior application segment is estimated to lead the automotive silicone market during the forecast period.
- The electrical application is expected to have the fastest growth in the automotive silicone market during the forecast period.
- Asia Pacific is expected to be the largest market for automotive silicone during the forecast period.
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Based on application, the interior & exterior application leads the overall automotive silicone market, and this is projected to continue between 2022 and 2027. The market in this segment is projected to register a CAGR of 6.8%, in terms of value, during the forecast period. The increase in the demand for automotive silicone in interior & exterior components, such as airbags, exhaust hangers, headlamps, hoses, and shock absorbers is projected to drive its use in these applications.
Based on application, The electrical segment had the fastest growth in the automotive silicone market, with a CAGR of 8.1% in terms of value, during the forecast period. The electrical applications of automotive silicones include power transmission, damping & insulation, ignition cables, and spark plug boots. The key automobile manufacturers are renowned for noise optimization in the automobiles. The use of silicone helps in desired frequencies from the engine compartment into the passenger compartment because these vibration dampers filter out these noises from the vehicle frame. These dampers contain silicones that act as a buffer.
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Asia Pacific is a key market for the production of automotive silicones and is projected to grow at a CAGR of 8.2% in terms of value during the forecasted period. The availability of low-cost raw materials and labor, coupled with increasing manufacturing hubs, makes the region an attractive investment destination for automotive silicones manufacturers. The market in Asia Pacific is driven by the growing automotive industry in the region and the need for quality and efficient automotive components. The automotive industry in Europe manufactures high-quality products using advanced technologies. Automotive silicone is one of the essential materials used in the automotive industry. Therefore, the demand from the automotive industry is driving the automotive silicone market in this region. Asia Pacific and South America are emerging as significant markets due to the increasing applications of automotive silicone.
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