Market Analysis
The automotive silicone market is likely to grow at a notable CAGR between 2020- 2027, reveals the new Market Research Future (MRFR) report. Automotive silicone, simply put, is a rubber-like polymer that is heat-resistant and used to manufacture thermal and electrical insulation, sealants, lubricants, and adhesives. Silicone products are widely used in the automotive industry to improve comfort, safety, and reliability and make cars light in weight. Suspension system, engine and drive train system, electrical system, interior and exterior, and others are some of its key applications.
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Numerous factors are adding to the automotive silicone market demand. Such factors, as revealed by the latest MRFR report, include the growing automotive industry in the Asia Pacific region, burgeoning demand for lightweight and high-efficiency materials in the automotive industry, high disposable income, shifting trends of lifestyle, favoring government acts and regulations like Clean Water Act and Clean Air Act, and recent technological advancements like the convenient usage of silicone rubber with that of thermoplastics to offer lowered frictional coefficient and improvements in mar & scratch resistance.
On the contrary, rising raw material prices and increasing use of electric cars are factors that may limit the automotive silicone market growth over the forecast period.
Market Segmentation
The Market Research Future Report provides an inclusive segmental analysis of the automotive silicone market based on application and product.
By product, the Automotive silicone market is segmented into resins, adhesives and sealants, elastomers, and others. Of these, the elastomers segment will lead the market over the forecast period for its wide application in making wiper blades, hoses, gaskets, airbags, connector seals, plug boots, and others. This will be followed by the adhesives segment for its increasing use in automotive paints as fillers. It helps to improve the viscosity of the blend, thereby making it easier to apply the paint.
By application, the automotive silicone market is segmented into the suspension system, engine and drive train system, electrical system, interior and exterior, and others. Of these, the interior and exterior segment will have a major share in the market over the forecast period.
Regional Analysis
By region, the global automotive silicone market covers the growth opportunities and recent trends across Europe, North America, the Asia Pacific (APAC), Latin America, and the Middle East and Africa (MEA). Of these, the APAC region will spearhead the market over the forecast period for the increasing production & sales of automotive in this region. Besides, government regulations related to CO2 emission reduction and environmental protection, presence of leading automotive manufacturers in the region such as Hyundai, Ford, Nissan, Honda, and Toyota, and growing automotive industry in China, Japan, and India are also adding market growth.
The global automotive silicone market in North America is predicted to have healthy growth over the forecast period. Factors propelling the global automotive silicone market growth in the region include consumers' high disposable income, burgeoning demand for fuel-efficient cars, and reviving automotive industry.
The global automotive silicone market in Europe is predicted to have significant growth over the forecast period for the increased exportation and production of auto parts in the UK, Germany, and others.
The global automotive silicone market in Latin America is predicted to have steady growth over the forecast period for rising production & sales of automotive, especially in Brazil.
The global automotive silicone market in the MEA is predicted to have stable growth over the forecast period for the burgeoning demand for automotive.
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Key Players
Notable players profiled in the global automotive silicone market report include Kaneka Corporation (Japan), CSL Silicone Inc. (Canada), ACC Silicones Ltd (U.K), KCC Corporation (South Korea), Evonik Industries AG (Germany), Bostik (U.S.), Nusil (U.S.), Rogers Corporation (U.S.), Shin-Etsu Chemical Co., Ltd. (Japan), Elkem Silicone (U.S.), Momentive (U.S.), Dow Corning Corporation (U.S.), and Wacker Chemie AG (Germany).
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