NEW YORK, April 5, 2022 /PRNewswire/ -- The global automotive silicone market size is expected to reach USD 15.90 Billion in 2030 and register a revenue CAGR of 5.8% over the forecast period, according to latest report by Reports and Data. Increasing use of silicone-based film adhesives for customizing cars is expected to drive market revenue growth over the forecast period. Silicone is increasingly being used in combined with thermoplastics to produce paint finishes with mar and scratch repellent, due to recent technological breakthroughs in paint & coating industry. Growth of passenger car ownership in countries such as Mexico, India, China, and Vietnam, fueled by economic growth and rising income levels is expected to fuel automotive silicone market over the forecast period.
Rubber, adhesives & sealants, and coatings are common uses for the product in automobiles. They play a significant role in improving vehicle fuel efficiency, resulting in lower harmful emissions. Silicones' superior properties over other products have led to an increase in their use in production of various automotive parts. It is utilized in almost every interior and exterior part, including door panels, flooring, tires, seat belts, cables, lubricants, and plugs. It comes in a variety of forms, including compounds, bases, and liquids, and can be used in a variety of automotive applications, such as exhaust mounts, fuel cells, spark plug boots, electronic control system seals, airbags, and grommets. The product has strong potential for use in hybrid engines. Thus, rising silicone rubber usage is expected to have a favorable impact on market over the forecast period.
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Some Key Highlights from the Report
- Adhesives & sealants segment revenue is expected to grow at a significant rate over the forecast period. Dashboards and trims, engine compartments, electrical systems, light assembly, structural bonding, and glass bonding are examples of applications for silicone-based adhesives & sealants in automotive industry. Increase in need for fuel efficiency through vehicle weight reduction has increased demand for improving quality of silicone-based adhesives & sealants used in automobile industry.
- Engines segment revenue is expected to register considerable revenue CAGR over the forecast period. Silicone is applied to multi-layer steel gaskets to keep them from clinging to other metal parts in engine and to increase cold sealing. Silicone has both anti-stick and adhesion characteristics, depending on its composition. Moreover, silicone's flexibility allows it to rapidly adapt to different thermal expansion coefficients, which is particularly effective on multi-material seams. Steel, aluminum, and plastic are examples of this.
- Others segment include rain & distance sensors, paint & plastic polishes, sheathing & protecting, and break-protection caps. Silicone is beneficial to sensor technologies. Rain sensors on car windshields, for example, detect presence of rain and turn on the windshield wipers automatically. These are same sensors that regulate headlights. These sensors are at risk of being damaged if they are exposed to Ultraviolet (UV) light on a regular basis. Silicone is an ideal material for encasing these sensors due to its optical transparency and heat resilience, as it does not lose its transparency during UV exposure while still allowing them to function.
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- Automotive silicone market in Europe is expected to register a rapid revenue growth rate over the forecast period. Europe, as a hub for automobile sector, is certain to have an impact on global market growth. Regional manufacturing of high-end cars and spending capacity support each other, which is fueling market revenue growth.
- In February 2021, Elkem signed an agreement to acquire a brand-new plant in France that will manufacture highly specialized organo-functional silicones. Elkem's global reach and expansion will be bolstered by this purchase.
- Major companies in the market report include Shin-Etsu Chemical Co., Ltd., KCC Corporation, Henkel AG & Co. KGaA, Siltech Corporation, Momentive Performance Materials Inc., CSL Silicones Inc., Wacker Chemie AG, Evonik Industries AG, Elkem ASA, and Kaneka Corporation
To identify the key trends in the industry, research study at https://www.reportsanddata.com/report-detail/automotive-silicone-market
For the purpose of this report, Reports and Data has segmented the global automotive silicone market based on product type, application, and region:
- Product Type Outlook (Revenue, USD Billion; 2019-2030)
- Rubber
- Adhesives & Sealants
- Coatings
- Others
- Application Outlook (Revenue, USD Billion; 2019-2030)
- Interior & Exterior
- Electrical
- Engines
- Others
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- Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
- a. U.S.
- b.Canada
- c.Mexico
- Europe
- a.Germany
- b. U.K.
- c.France
- d.Italy
- e.Spain
- f.Sweden
- g. BENELUX
- h. Rest of Europe
- Asia Pacific
- a.China
- b.India
- c.Japan
- d.South Korea
- e. Rest of APAC
- Latin America
- a.Brazil
- b. Rest of LATAM
- Middle East & Africa
- a.Saudi Arabia
- b. UAE
- c.South Africa
- d.Israel
- e. Rest of MEA
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