Automotive Silicone
Market Outlook
The global automotive silicone market is expected to achieve a windfall due to the upswing noticed in sales of vehicles in the automotive sector. High demand for lightweight vehicles due to rapid urbanization and changing lifestyles of consumers can drive the market. This trend is supported by properties of silicone such as durability, resistance, and strength. The use of silicone in exterior paints, car parts, tires, and other parts can spur the market demand exponentially during the forecast period.
The skyrocketing gas prices has led to manufacturers shift to elements which can lower vehicle weight and overall emissions. Governments regulations such as the Corporate Average Fuel Economy (CAFÉ) which has specified standards for controlling fuel consumption rates and emission levels can positively impact the market. Consumer awareness of the element as well as emerging trends of electric vehicles (EVs) and hybrid vehicles can favor the global automotive silicone market till 2023.
Competition Outlook
CSL Silicone Inc., Wacker Chemie AG, ACC Silicones Ltd, Evonik Industries AG, Rogers Corporation, Bostik, KCC Corporation, Kaneka Corporation, Elkem Silicone, Momentive, Dow Corning Corporation, Shin-Etsu Chemical Co., Ltd., Nusil, and other are some of the primary manufacturers of silicone.
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But high production cost of vehicles and the exorbitant prices charged for silicone rubber are challenged faced by the market.
Segmentation Analysis
The global automotive silicone market is segmented on the basis of the product, application, and region.
Products discussed include adhesives & sealants, resins, elastomers, and others.
Major applications in the global automotive silicone market are engine & drive train system, suspension system, interior & exterior, electrical system, and others
Regional Analysis
Asia Pacific (APAC), Latin America, Europe, North America, and the Middle East & Africa (MEA) are five major regions considered for the market report.
APAC is currently in the lead in the global automotive silicone market on account of the skyrocketing production and sales of vehicles in the region. This can be credited to the expansion of the automotive industry in Japan, China, and India. Presence of major automotive manufacturers in the Asia Pacific region such as Honda, Nissan, Hyundai, Toyota, Ford, and others can drive the demand further owing to the need for outward appearances. Moreover, government regulations pertaining to the lowering of CO2 emission levels can influence regional market growth.
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The North America region market is expected to exhibit a modest growth rate on account of the reviving automotive industry. The demand for fuel-efficient vehicles along with high disposable income levels are anticipated to fuel the market growth in the region.
Europe is anticipated to enjoy massive growth due to the increased production of electric vehicles owing to its renewable energy goals. The export of automotive parts in Western European countries such as Germany, the U.K., and others can contribute to the regional automotive silicone market.
Latin America, on the other hand, is driven by high sales of vehicles in Brazil. While the growing demand for luxury and passenger vehicles in the MEA is likely to propel the market growth in the coming years.
Industry Update
ExxonMobil has decided to expand its capacity by establishing a unit in Wales. This will lead to higher production of thermoplastic elastomers which has major applications in the automotive sector.
