Automotive Silicone (Elastomers, Resins, Gels, Fluids) Market - Global Forecast to 2028 - High Growth Opportunities in Emerging Economies of Asia-Pacific
The automotive silicone market is on a promising growth trajectory, with projections indicating a substantial increase. By 2028, it's anticipated to reach a staggering USD 3.4 billion, experiencing a robust CAGR of 7.3% from the base of USD 2.4 billion in 2023. This growth is strongly driven by the thriving automotive industry, serving as a pivotal catalyst for the expansion of the automotive silicone market.
In this comprehensive research report, we delve into various analytical levels, including industry analysis focusing on emerging trends, market ranking analysis spotlighting top players, and detailed company profiles. Together, these facets offer a holistic view of the competitive landscape within the automotive silicone market. Moreover, the report explores high-growth segments and regions, highlighting the critical market drivers, restraints, opportunities, and challenges.
The increasing utilization of automotive silicones, especially in the context of the rapid growth of the automotive sector, particularly in emerging economies, is a primary driver behind the automotive silicone market's surge. This uptick is further bolstered by a heightened awareness of high-quality products and escalating demand from regions like Asia-Pacific and South America.
The surge in demand can be attributed to various factors, including the expansion of industries, augmented investments in infrastructure projects, the development of smart cities, and technological advancements. Additionally, a rising global population, increasing middle-class incomes, and evolving consumer preferences for durable goods all contribute to the burgeoning demand for automotive silicone within the automotive sector.
Key players dominating this dynamic market landscape include industry giants such as 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 Slitch Corporation (Canada). Stay informed and make informed decisions as you navigate the thriving automotive silicone market.
Electrical application segment is expected to account for the second-largest share in 2022.
Automotive silicone plays a critical role in the automotive electrical segment, offering dependable power transmission, exceptional damping, and insulation characteristics. It is extensively employed in ignition cables, spark plug boots, and high-tension (HT) cables to ensure smooth electrical connectivity and protection from heat and environmental factors.
Automotive silicone optimizes power transfer efficiency, enhances electrical system performance, and safeguards against voltage disruptions or leaks. With its remarkable attributes, automotive silicone is indispensable for maintaining reliable and efficient electrical systems, thereby bolstering vehicle reliability and performance.
Based on region, the Asia Pacific region was the largest market for automotive silicone in 2022, in terms of value.
Asia Pacific was the largest market for global automotive silicone, in terms of value, in 2022. The market in Asia Pacific is driven by innovation. Industrial expansion and growing automotive industry in the region are driving the consumption of automotive silicone. The growth of the market is also expected to be supported by the improving global economy.
China is the key market in the Asia Pacific and is expected to witness high growth during the forecast period because of the high use of automotive silicone in various automotive silicone in the region.
Key Attributes:
Report Attribute
Details
No. of Pages
173
Forecast Period
2023 - 2028
Estimated Market Value (USD) in 2023
$2.4 Billion
Forecasted Market Value (USD) by 2028
$3.4 Billion
Compound Annual Growth Rate
7.3%
Regions Covered
Global
Premium Insights
High Growth Potential in Asia-Pacific to Drive Market
Interior & Exterior Application Dominated Market in Asia-Pacific
Interior & Exterior Application to Lead Automotive Silicone Market During Forecast Period
China to be Fastest-Growing Automotive Silicone Market
Market Dynamics
Drivers
Growing Automotive Industry in Asia-Pacific
Increasing Demand for High-Efficiency and Lightweight Materials in Automotive Industry
Superior Properties of Silicone
Restraints
Growing Use of Electric Vehicles
Opportunities
High Growth Opportunities in Emerging Economies of Asia-Pacific
Growing Demand in Transportation Industry
Advancements in Autonomous Driving Technology
Challenges
Fluctuating Raw Material Prices
Supply Chain Challenges in Automotive Silicone Market
Company Profiles: Business Overview, Products Offered, Recent Developments, Analyst's View Right to Win, Strategic Choices Made, Weaknesses and Competitive Threats
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