The automotive silicone market is projected to reach USD 3.4 billion by 2028, at a CAGR of 7.3% from USD 2.4 billion in 2023. The market growth is driven by influencing factors such as growing automotive industry in Asia Pacific, and increasing demand for high efficiency & lighweight materials in the automotive industry.
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 Siltech Corporation (Canada)are the key players in the automotive silicone market. These companies are strong in their home region s and explore geographic diversification alternatives to grow their businesses. They focus on increasing their market shares through new product launches and other expansions.
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The Dow Chemical Company
The Dow Chemical Company, a prominent global player in the industry, holds a leading position as a marketer and manufacturer of silicone and plastic products. To bolster its silicone business, Dow Chemical entered into a joint venture with Corning Corporation, forming Dow Corning. This strategic collaboration aimed to leverage the expertise in silicone and silicone-based technology. In a significant development, in June 2016, Dow Chemical acquired full ownership of Dow Corning, solidifying its position as the largest global producer in this field. The company operates across three key business segments: packaging & specialty chemicals, industrial intermediates & infrastructure, and performance materials & coatings.
The company’s product line includes additives & modifiers, adhesives & sealants, amines &chelates, conductive materials, elastomers and plastomers, foam control agents, gels, encapsulants, lubricants, heat transfer & deicing fluids, monomers, optical materials, plastic additives, polyethylene, polyurethanes, release coatings & agents, silicones, silicone-organic hybrids & silanes, solvents & glycols, speciality polymer & compounds, surfactants, emulsifiers & polyglycols. The company’s products find application in beauty & personal care, building & construction, chemical manufacturing, consumer goods, electronics, films, tapes & release liners, food & beverage, healthcare & hygiene, electronics, oil, gas & mining, packaging, paints, inks & coatings, pulp & paper, textiles, leather & nonwovens, mobility, power, water and telecommunications.
The Dow Chemical Company operates 104 manufacturing sites in 31 countries and employs approximately 37,800 people. The company operates in Latin America, Asia Pacific, North America, Europe, Middle East & Africa.
Wacker Chemie AG
Wacker Chemie AG is an internationally recognized manufacturer and supplier of chemical products, catering to a diverse range of industries. The company has structured its operations into four distinct business segments: Wacker Silicones, Wacker Polymers, Wacker Biosolutions, and Wacker Polysilicon. With a comprehensive product portfolio, Wacker Chemie offers a wide array of solutions including amino acids, fine chemicals, polymer dispersion, pyrogenic silica, silicone fluids & emulsions, silicone sealants, acetyls, dispersible polymer powders, polysilicon, silanes, siloxanes, & silicates, silicone rubber, polymer resin, silicone resins, silane-modified polymers, hydroxytyrosol, cyclodextrins and complexes. Its specialty lies in the production and distribution of silicon-based products through the Wacker Silicones segment, serving key sectors such as construction, automotive, paints, textiles, cosmetics, electronics, and paper.
The company operates 26 production sites and 52 sales offices across Europe, Asia Pacific, North America, South America, Middle East & Africa. They serve their customers with a portfolio of 3,200 products in around 100 countries.
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
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