Selbyville, Delaware, Jan. 10, 2024 (GLOBE NEWSWIRE) --
The automotive silicone market valuation is predicted to reach USD 4.3 billion by 2032,as reported in a research study by Global Market Insights Inc.
The industry growth is driven by the increasing emphasis on fuel efficiency and emissions reduction. As automakers strive to meet stringent environmental regulations and consumer demands for eco-friendly vehicles, the incorporation of lightweight materials becomes paramount. As silicone is known for its exceptional thermal stability and low density, it emerges as a preferred choice for various applications within vehicles.
The rising trend of electric and hybrid vehicles is further fueling the market demand, as it plays a crucial role in the insulation and protection of electrical components. For instance, in 2022, the sale of electric cars exceeded 10 million, as per the IEA. In the first quarter of 2023, more than 2.3 million electric cars were sold.
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The automotive silicone market from the commercial vehicles segment is expected to witness substantial growth through 2032. The demand for heavy-duty and light commercial vehicles is on the rise globally, led by increased industrialization and trade activities. These vehicles, often subjected to rigorous operating conditions, require robust and reliable materials to ensure longevity and performance. The superior durability and resistance to extreme temperatures offered by silicone proves to be beneficial for various components in commercial vehicles, including gaskets, seals, and hoses.
The suspension system application segment is anticipated to generate massive revenues in the automotive silicone market by 2032, as it these systems are integral to a vehicle's performance, providing stability, comfort, and control. Silicone-based components in suspension system contribute to improved shock absorption, noise reduction, and vibration isolation. Automakers are increasingly turning to silicone to enhance the overall driving experience by mitigating the impact of road irregularities and ensuring a smoother ride. As consumers become more discerning about vehicle comfort, the adoption of silicon based suspension system will increase.
Europe automotive silicone market will grow significantly between 2024 and 203, due to the region’s developed automotive sector, renowned for its commitment to sustainability and technological advancements. Stricter emission norms and a strong push towards electric mobility have prompted automakers in Europe to explore advanced materials that contribute to energy efficiency and reduced environmental impact. Collaborations between material suppliers, automotive manufacturers, and research institutions are focusing on the development of eco-friendly and high-performance vehicles, thereby creating conducive environment for market growth.
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Some of the major players in the automotive silicone market are Wacker Chemie AG, Shin-Etsu Chemical Co Ltd, Specialty Silicone Products Inc, Reiss Manufacturing, Inc, Dow Inc, Elkem ASA, Mesgo S.p.A, Momentive Performance Materials Inc, Siltech Corporation, KCC Corporation, Quantum Silicones LLC, Kaneka Corporation and Evonik Industries AG
Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Automotive silicone industry 360º synopsis, 2018 – 2032
2.2 Business trends
2.3 Type trends
2.4 Vehicle type trends
2.5 Application trends
2.6 Regional trends
Chapter 3 Automotive silicone Market Insights
3.1 Industry ecosystem analysis
3.2 Industry impact forces
3.2.1 Growth drivers
3.2.2 Industry pitfalls & challenges
3.3 Growth potential analysis
3.3.1 By type
3.3.2 By vehicle
3.3.3 By application
3.4 COVID- 19 impact analysis
3.5 Regulatory landscape
3.5.1 U.S.
3.5.2 Europe
3.6 Pricing analysis, 2022
3.7 Technology landscape
3.7.1 Future market trends
3.8 Porter's analysis
3.9 PESTEL analysis
3.10 Impact of Russia-Ukraine war
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
