Automotive Silicone Market Size Worth $6.1 Billion by 2032 | CAGR: 8.5%: AMR
Advancements in automotive technology are anticipated to drive the growth of the global automotive silicone market during the forecast period from 2023 to 2032. The Asia-Pacific region is projected to hold a major market share by 2032.
Portland, OR, Aug. 04, 2023 (GLOBE NEWSWIRE) — Allied Market Research has recently published a report, titled, “Automotive Silicone Market by Type (Elastomers, Resins, Gels, Others), by Application (Interior and Exterior, Engines, Electrical Systems, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the global automotive silicone market generated $2.7 billion in 2022, and is anticipated to generate $6.1 billion by 2032, witnessing a CAGR of 8.5% from 2023 to 2032.
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Prime Determinants of Growth
Over the years, there has been an increase in the pace of technological advancements in the automotive manufacturing industry. As a result, there has been growth in the use of silicone materials, which is predicted to be one of the important factors driving the growth of the global automotive silicone market in the forecast timeframe. However, increasing regulatory measures and environmental concerns may hamper the automotive silicone market growth in the coming period. On the contrary, the rapid rise in electric and autonomous vehicle production is expected to offer remunerative opportunities for expansion of the automotive silicone market in the 2023-2032 forecast period.
Report Coverage & Details:
|Market Size in 2022||$2.7 billion|
|Market Size in 2032||$6.1 billion|
|No. of Pages in Report||290|
|Segments covered||Type, Application, and Region|
|Drivers||Increasing pace of technological advancements in the automotive manufacturing industry The growing emphasis on fuel efficiency and the demand for lightweight & high-performance materials|
|Opportunities||The rapid rise in electric and autonomous vehicle production
The rise in applicability due to various advantages including heat resistance, cold resistance, weatherability, water repellency, defoaming capabilities, adhesiveness, releasability, and dielectric properties
|Restraints||Increasing regulatory measures and environmental concerns|
- The outbreak of the COVID-19 pandemic has had a negative impact on the growth of the global automotive silicone market. The lockdowns and travel restrictions hampered the global supply chains which brought down the manufacturing of automobiles across the globe. As a result, the demand for automotive silicone also decreased, thus affecting the market growth.
- Also, during the pandemic, there were lot of cutbacks from the government and investors’ side as the focus was shifted to putting more money in the healthcare sector for tackling the pandemic.
- The automotive silicone market is, however, projected to show steady growth in the future due to the opening up of global economies and the growing pace of electric and autonomous vehicle production.
Type: Elastomers Sub-segment Projected to be Highly Dominant During the Forecast Period
The elastomers sub-segment held the highest automotive silicone market share of 40.6% in 2022 and is expected to continue to maintain its dominance during the forecast period. Silicone elastomers contribute to the overall effectiveness and dependability of automotive systems by being employed in seals, gaskets, and thermal interface materials. This advantage of silicone elastomers is predicted to boost the sub-segment’s growth by 2032.
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Application: Interior and Exterior Sub-segment to be Flourish Immensely by 2032
The interior and exterior sub-segment generated the highest market share of 41.4% in 2022 and is predicted to continue to hold maximum market share by 2032. Silicone is used in adhesives and sealants, trim and dashboard, and gaskets and sealing in interior applications. At the same time, it is also widely utilized for exterior gaskets and seals, external trim and moldings, paint protection, and vehicle lighting in exterior applications. This increase in applications of silicone materials is predicted to boost the sub-segment’s growth by 2032.
Region: Asia-Pacific Market to be One of the Fastest Growing by 2032
The Asia-Pacific region accounted for the highest share of 53.8% in the global automotive silicone market in 2022 and is expected to continue its growth during the forecast period. The increasing expanse of the automotive industry has led to a growing demand for automotive silicone materials which is expected to be the main growth driver of the market in the Asia-Pacific region by 2032.
Leading Players in the Automotive Silicone Market:
- Shin Etsu
- Momentive Performance Materials
- Wacker Chemie
- Primasil Silicones
- KCC Corporation
- Henkel AG & Co.
- Elkem Silicones
The report provides a detailed analysis of the key players of the global automotive silicone market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Want to Access the Statistical Data and Graphs, Key Players’ Strategies: https://www.alliedmarketresearch.com/automotive-silicone-market/purchase-options
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