The global automotive silicone market size is projected to reach USD 3.1 billion by 2027 growing at a CAGR of 7.1% from 2022 to 2027. Rising demand from emerging markets and growth of transportation industry globally are driving the market for automotive silicone.
The increase in demand for automotive silicone due to their light weight & enhanced properties and the growing industrial development in the emerging economies, such as APAC, are driving the market. 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). These players have adopted various strategies such as merger & acquisition, new product launches and expansion in order to strengthen their market position. For instance, in October 2020, Momentive established a North America Center of Excellence for silicone elastomers custom compounding. This investment will streamline the production process and will benefit the customer satisfaction by providing excellent service.
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The Dow Chemical Company is among the leading marketers and manufacturers of silicone and plastic products on a global level. Earlier, a joint venture was formed between The Dow Chemical Company and Corning Corporation named Dow Corning. This joint venture was created to carry out the silicone business. Later, in June 2016, The Dow Chemical assumed full ownership of Dow Corning, which specializes in silicone and silicon-based technology, thereby becoming the largest producer of silicone globally. The company operates through three business segments: packaging & specialty plastics, industrial intermediates & infrastructure and performance materials & coatings.
Wacker Chemie AG is a global manufacturer and distributor of chemical products. The company has organized its operation in four business segments: Wacker Silicones, Wacker Polymers, Wacker Biosolutions, and Wacker Polysilicon. It offers silicone-based products through the Wacker Silicones segment for various applications in industries, such as construction, automotive, paints, textiles, cosmetics, electronics, and paper. Silicone-based products account for 70% of Wacker sales.
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
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