Automotive Silicone Market

Automotive Silicone Market Size (2024-2029):

The Global Automotive Silicone Market is expected to grow at a CAGR of 9.25% during the forecast period 2024-2029. The market value was at USD 4.77 billion in 2023, and the value is expected to reach USD 8.12 billion by the end of 2029.

Automotive Silicone Market Drivers:

The automotive silicone market is majorly driven by the fast growth of the automotive industry in demand over the past years. The global market is anticipated to be driven also by the demand for interior and exterior applications of silicone such as shock absorbers and airbags. Also, the demand for the automation of the systems in automotive is considered to be another driving factor in the global automotive silicone market.

Automotive Silicone Market Opportunities:

However, as there is a heavy growth opportunity witnessed there are also some factors that dampen the growth of the global market for automotive silicone. The escalating interest and demand for electric vehicles are likely to restrain the global market growth due to the major change in engine construction in electric vehicles. Also, the concentration of the automotive silicone market in the Asia Pacific region is likely to restrain the global market expansion in the aforementioned forecast period.

Automotive Silicone Market Recent Developments:

• The Dow Chemical Company, a United States-based key player in the global automotive silicone market, has started the construction of its new facility and resin plant in Jiangsu's Zhangjiagang. The sole purpose of the new venture is to supply forth e growing demand in the automotive industry for silicone-based products.

AUTOMOTIVE SILICONE MARKET REPORT COVERAGE:

Market Segmentation:

Automotive Silicone Market – By Type:

• Fluids
• Gels
• Elastomers
• Resins

Automotive Silicone Market – By Application:

• Electrical
• Engines
• Interior & Exterior

Automotive Silicone Market– By Geography:

• North America - United States, Canada
• Europe - United Kingdom, Germany, France, Italy, Spain,
• Asia-Pacific - China, India, Japan, South Korea,
• Latin America - Brazil, Argentina, Mexico,
• Middle-East & Africa - Middle-East, Africa

The Asia Pacific region had the largest market size in the global market for Automobile Silicone in the year 2018 due to the large customer base in this region. The Asia Pacific region is expected to be the fastest-growing region with the highest CAGR, over other regions, in the global market for Automobile Silicone from 2020 to 2025, due to the increasing demand from growing industries and the scope of future opportunities, mainly in developing countries like Japan, China, and India. North America was next in the lead in the global market for Automobile Silicone in 2018, due to the presence of leading participants in this region, and is anticipated to remain in the same position by the end of the forecast period.

Europe, on the other hand, is anticipated to have stable market growth in the aforementioned forecast period due to the well-established industries and the current economic crisis in the Western world. The low CAGR in the North American and European regions is mainly due to the regional dominance of Asia Pacific attributed to its cheap labor and resource availability, which results in the concentration of global in the Asia Pacific. The Middle East & Africa and Latin America regions, being in the low developing countries due to the contribution of low GDP countries, have fewer chances for industry growth. Hence, the automotive silicone market in these regions is slow-growing in nature.

Prominent Companies in the Automotive Silicone market analyzed in the report are:

1. DowDupont (US)
2. ACC Silicones Ltd (U.K)
3. Wacker Chemie (Germany)
4. Bostik (U.S.)
5. Shin-Etsu Chemical Co. Ltd. (Japan)
6. Evonik Industries AG (Germany)
7. KCC Corporation (South Korea)
8. CSL Silicone Inc. (Canada)
9. Momentive Performance Materials (US)
10. Kaneka Corporation (Japan)
11. Elkem Silicones (France)
12. Rogers Corporation (U.S.)
13. Nusil (U.S.)