CHICAGO, June 27, 2023 /PRNewswire/ -- The report "Automotive Silicone Market by Type (Elastomers, Resins, Gels, Fluids), Application (Interior & Exterior, Engines, Electrical, Tires) and Region (North America, Europe, Asia Pacific, Middle East & Africa, South America) - Global Forecast to 2028", is projected to reach USD 3.4 billion by 2028, at a CAGR of 7.3% from USD 2.4 billion in 2023. The automotive silicone market is mainly driven by the growing automotive industry in Asia Pacific. Moreover, it is also driven by increasing demand for high efficiency and lightweight materials in the automotive industry.
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166 - Tables
29 - Figures
177 - Pages
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Electrical application segment is projected to grow at fastest CAGR, in terms of value, during the forecast period
Automotive silicone is integral to the electrical segment of the automotive industry. It excels in power transmission, offering reliable performance, damping, and insulation properties. Its application extends to ignition cables, spark plug boots, and high-tension (HT) cables, ensuring optimal electrical connectivity and protection against heat and environmental factors. Automotive silicone enables efficient power transfer, enhances electrical system performance, and safeguards against voltage leakage or disruption. With its superior properties, automotive silicone plays a pivotal role in maintaining reliable and efficient electrical systems in vehicles.
Engines application is projected to be the second fastest growing application type in the automotive silicone market, in terms of value
Automotive silicone finds significant application in the engine segment of the automotive industry. It is used in engine filtration systems, providing efficient and effective filtration of contaminants. It is also utilized in the manufacturing of gaskets, radiator seals, and vibration damping components, enhancing the overall engine performance and reducing noise and vibration. With its excellent sealing properties and ability to withstand extreme temperatures, automotive silicone plays a vital role in maintaining engine integrity and optimizing vehicle performance.
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Asia Pacific is expected to be the fastest growing market for automotive silicone during the forecast period, in terms of value and volume.
The markets of Asia Pacific are registering high growth, and the trend is projected to continue during the forecast period. Emerging economies such as India, and China are investing in various industrial developments that are driving the automotive silicone market..The Asia Pacific region has a large population and a growing middle class, leading to increased consumer purchasing power and demand for automobiles. As the demand for vehicles rises, so does the need for automotive silicone in various applications such as gaskets, seals, hoses, and electrical components. This strong consumer base and growing vehicle ownership contribute to the robust market potential for automotive silicone in the region.
Market Players:
The key global players in the automotive silicone market include 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 Slitch Corporation (Canada).
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