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 growing automotive industry in Asia Pacific, coupled with increasing demand for high-efficiency and lighweight materials in the automotive industry, will contribute to the rapid growth in the demand for automotive silicone.
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Based on type, the automotive silicone market has been segmented into elastomers, resins, gels, and fluids. Silicone elastomers play a vital role in the automotive industry, , delivering outstanding performance and dependability. Renowned for their exceptional heat resistance, flexibility, and durability, they find extensive application in critical automotive components such as gaskets, seals, O-rings, and electrical connectors. These elastomers ensure optimal sealing, insulation, and protection against harsh conditions, ultimately bolstering vehicle performance and longevity.
Based on application, the automotive silicone market has been segmented into interior & exterior, hangers, engines, electrical, tires, and others. Silicone has emerged as a vital component in automotive engines, providing essential functions. It finds extensive use in gaskets, seals, and O-rings, ensuring effective fluid and gas containment. Additionally, silicone-based coatings and adhesives offer heat resistance and vibration damping properties to enhance engine performance and minimize maintenance expenses.
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Asia Pacific is the largest and fastest-growing market for automotive silicone. This growth is mainly attributed to the rapidly increasing industrialization & urbanization, which drives the demand for automotive silicone in booming economies in China, and India. The region’s large population coupled with a growing middle class and increasing disposable income boosts the demand .Low labor costs and easy raw material availability attract manufacturers to cater to the local emerging markets better.
The key global players in the automotive silicone industry 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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