DUBLIN, May 12, 2023 /PRNewswire/ — The “Automotive Silicone Market Global Market Report 2023” report has been added to ResearchAndMarkets.com’s offering.
The global automotive silicone market is expected to grow from $2.43 billion in 2022 to $2.61 billion in 2023 at a compound annual growth rate (CAGR) of 7.6%. The automotive silicone market is expected to grow to $3.39 billion in 2027 at a CAGR of 6.7%.
Rising demand for fuel-efficient vehicles is expected to propel the growth of the automotive silicone market going forward. Fuel-efficient vehicles are vehicles that give better mileage per gallon of fuel than other less efficient models. Automotive silicones contribute to weight reduction in automobiles, which results in lower emissions of pollutants and increased fuel efficiency.
For instance, in February 2021, according to The King Abdullah Petroleum Studies and Research Center(KAPSARC), a Saudi Arabia-based advisory think tank, consumer adoption of electric vehicles (EVs) – including hybrids, plug-in hybrids, and pure battery electric – is a critical step toward improving energy use and lowering emissions in the transportation industry, according to May 2022 published, Global EV Outlook report, electric vehicle (EV) sales had doubled from the previous year in 2021, reaching a new high of 6.6 million.
Additionally, the sales of electric car vehicles worldwide in 2021 have reached 6600000 units from 2980000 units. Therefore rising demand for fuel-efficient vehicles is driving the growth of the automotive silicone market.
Product innovation is a key trend gaining popularity in the automotive silicone market. Many companies operating in the automotive silicone market are developing new products with advanced technologies to strengthen their position in the market. For instance, in December 2022, Dow, a US-based chemical corporation company, launched SILASTICT SA 994X Liquid silicone rubber (LSR).
It is a primerless, self-adhesive, general purpose, and self-lubricating, one-to-one mix ratio LSR developed for two-component injection moulding with thermoplastic substrates such as polybutylene terephthalate and polyamide. This new series can be employed in a variety of automotive applications.
In October 2021, Rogers Corporation, a US-based specialty engineered materials company acquired Silicone Engineering Ltd. for an undisclosed amount. Through this acquisition, Silicone Engineering expands Rogers’ existing advanced silicone platform and provides Rogers with a European Center to serve customers requiring premium silicone solutions for applications in the Automotive, Industrial, Medical, and other markets. This combination creates a dynamic silicone platform in Rogers that further strengthens its ability to serve its global customers, especially in its core markets. Silicone Engineering Ltd is a UK-based manufacturer of silicone material solutions such as silicone rubber, sponge sheeting, and extrusions.
Asia-Pacific was the largest region in the automotive silicone market in 2022. The regions covered in the automotive silicone report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the automotive silicone market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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Scope
Markets Covered:
1) By Type: Elastomers; Resins; Gels; Fluids
2) By Form: Sealant; Tape; Epoxy
3) By Application: Interior and Exterior; Engines; Electrical; Tires; Other Applications
Key Topics Covered:
1. Executive Summary
2. Automotive Silicone Market Characteristics
3. Automotive Silicone Market Trends And Strategies
4. Automotive Silicone Market – Macro Economic Scenario
5. Automotive Silicone Market Size And Growth
6. Automotive Silicone Market Segmentation
7. Automotive Silicone Market Regional And Country Analysis
A selection of companies mentioned in this report includes
- Wacker Chemie AG
- Evonik Industries
- Elkem Silicones
- Shin-Etsu Chemical Co. Ltd.
- Momentive Inc.
- KCC Corporation
- Henkel AG & Co. KGaA
- Siltech Corporation
- Primasil Silicones
- ACC Silicones Ltd
- CSL Silicone Inc.
- Rogers Corporation
- NuSil Technology LLC
- Bostik
- Laur Silicone Inc.
For more information about this report visit https://www.researchandmarkets.com/r/18zim0
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