Automotive Silicone Market worth $3.4 billion by 2028
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.
Browse 175 market data Tables and 28 Figures spread through 178 Pages and in-depth TOC on "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"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/automotive-silicone-market-156048997.html
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.
“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.
“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.
Key Players
New product launches and expansions are the major growth strategies adopted by the key players in the market. 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).
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
[email protected]
- Triangulate with your Own Data
- Get Data as per your Format and Definition
- Gain a Deeper Dive on a Specific Application, Geography, Customer or Competitor
- Any level of Personalization
- What are the Known and Unknown Adjacencies Impacting the Automotive Silicone Market
- What will your New Revenue Sources be?
- Who will be your Top Customer; what will make them switch?
- Defend your Market Share or Win Competitors
- Get a Scorecard for Target Partners
