Automotive Silicone Market

New product launches and expansions were key strategies adopted by industry players to gain traction in the Automotive Silicone Market

The market size of automotive silicone, in terms of value, is expected to reach USD 3.33 billion by 2023 from USD 2.37 billion in 2018, at a CAGR of 7.1% from 2018 to 2023. Increasing demand for automotive silicone in various applications such as interior & exterior, engines, electrical, and others in emerging economies is driving the growth of the automotive silicone market.

New product launches and expansions were key strategies adopted by industry players to gain traction in the automotive silicone market. Both the strategies accounted for a share of 92% of all growth strategies adopted by the market players from 2014 to 2018. Leading market players have adopted expansion as their primary growth strategy. Companies operating in this market also adopted the strategy of new product launches and partnerships to increase their product portfolio. New product launches accounted for a share of 8% of all growth strategies adopted by the market players during the same period.

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Asia Pacific, North America, and Europe were the most active regions, in terms of strategic initiatives undertaken from 2014 to 2018. Expansions was the most adopted strategy in Asia Pacific and Europe; the region accounted for a share of 79% of all the expansions that took place from 2014 to 2018. Companies such as Wacker (Germany), Evonik (Germany), Elkem (Norway), Shin-Etsu (Japan), and Momentive Performance Materials (US) made several expansions to serve customers more efficiently and increase their market shares. These companies have adopted both, organic and inorganic growth strategies such as expansions, mergers & acquisitions, and new product launches to strengthen their foothold in the automotive silicone market.

Wacker Chemie is a global manufacturer of silicone products. Wacker Chemie provides specialty chemical products, with over 3,000 silicone products. The company operates through five major business segments, namely, silicones, polymers, polysilicon, biosolutions, and other. It operates in more than 25 production sites in Europe, Asia, and the Americas. The company sells its products in more than 100 countries. Wacker Chemie focuses on organic growth strategies to achieve a competitive advantage over other manufacturers. For instance, in 2017, the company launched ELASTOSIL R plus 4350/55 silicone rubber to be used in the automotive industry. ELASTOSIL R plus 4350/55 is used to make heat-resistant tubing and sealing profiles that can withstand temperatures of up to 300 °C for several days. This launch helped Wacker Chemie strengthen its automotive silicone product portfolio and maintain its leading position in the automotive silicone market.

Momentive Performance Materials operates through three major business segments, namely, formulated and basic silicones, performance additives, and quartz technologies. It manufactures silicones & its derivative products with its subsidiaries. The company manufactures, sells, and distributes silanes, specialty silicones, and urethane additives. It has well-recognized brands of automotive silicone and has a strong operational network in the US. The company focusses on organic growth strategies such as new product launches to meet the growing demand for automotive silicone. For instance, in 2017, Momentive launched new self–bonding liquid silicone rubber in Silopren LSR 27x9 series. This new LSR helped the company expand its product offering of silicone used in the automotive industry.

Related Reports:

Automotive Silicone Market by Type (Elastomers, Gels, Resins, Fluids), Application (Interior & Exterior, Engines, Electrical), and Region (APAC, Europe, North America, South America, Middle East & Africa) - Global Forecast to 2023

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Report Code
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