CHICAGO, June 8, 2022 /PRNewswire/ -- According to the new market research report "Automotive Silicone Market by Type (Elastomers, Gels, Resins, Fluids), Application (Interior & Exterior, Engines, Electrical, Tires), and Region (North America, Europe, Asia Pacific, Middle East & Africa, South America) - Global Forecasts to 2027", published by MarketsandMarkets, the global Automotive Silicone Market size is projected to grow from USD 2.2 billion in 2022 to USD 3.1 billion by 2027, at a CAGR of 7.1% between 2022 and 2027.Automotive silicones possess strength, resistance, and durability needed in various automotive applications. Silicones possess high-temperature resistance and outstanding weathering properties, which extend the service life of automotive assemblies. The rising use of automotive silicones owing to high growth in the automotive industry, especially in emerging economies, drives the automotive silicone market.
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The interior & exterior application segment is estimated to lead the automotive silicone market during the forecast period.
Based on application, the interior & exterior use of automotive silicone accounted for the largest market share in 2021 and is projected to grow at a CAGR of 6.8% in terms of value. Airbags, exhaust hangers, hoses, exterior trims, headlamps, shock absorbers, grommets, interior trims, and membranes in the interior & exterior application utilize automotive silicone. Airbags are defined as safety devices installed in a vehicle, which consist of a cushion that is designed to inflate rapidly in the event of a collision and protect passengers from impact. Automotive silicone coating helps in keeping the airbags flexible, resistant to temperature change, aging, and abrasion.
The electrical application is expected to have the fastest growth in the automotive silicone market during the forecast period.
Based on application, the electrical segment in the automotive silicone application accounted for the fastest growth in 2021 with a CAGR of 8.1%, in terms of value. Electrical transmission is a mechanism in a power transmission system that provides controlled application of the power. Often the term transmission refers simply to the gearbox that uses gears and gear trains to provide speed and torque conversions from a rotating power source to another device. Silicone compounds are used for providing maximum safety in cables that are used in the power transmission system.
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Asia Pacific is expected to be the largest market for automotive silicone during the forecast period.
Asia Pacific leads the overall automotive silicone market in terms of both value and volume, followed by Europe and North America. Growing automotive industry and shifting of manufacturing facilities from the developed regions, such as North America and Europe, are expected to drive the market in Asia Pacific. The growth in the region is attributed to the increase in population and income levels.
The key players in this market are 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), and Siltech Corporation (Canada).
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