DUBLIN, July 25, 2023 /PRNewswire/ — The “Automotive Silicone Market by Type (Elastomers, Resins, Gels, Fluids), Application (Interior & Exterior, Engines, Electrical, Tires) and Region (North America, Europe, Asia Pacific, Middle East & Africa, South America) – Global Forecast to 2028” report has been added to ResearchAndMarkets.com’s offering.
The global automotive silicone market is projected to witness substantial growth, reaching USD 3.4 billion by 2028, with a CAGR of 7.3% from USD 2.4 billion in 2023.
The key catalyst for this expansion is the surging demand from the growing automotive industry, driven by increased investments in infrastructure projects, smart cities, and technological advancements.
The automotive silicone market plays a critical role in the automotive electrical segment, providing reliable power transmission, exceptional damping, and insulation characteristics. It finds extensive applications in ignition cables, spark plug boots, and high-tension (HT) cables, ensuring smooth electrical connectivity and protection from heat and environmental factors.
With its remarkable attributes, automotive silicone enhances power transfer efficiency, improves electrical system performance, and safeguards against voltage disruptions or leaks, ultimately bolstering vehicle reliability and performance.
Regionally, Asia Pacific emerged as the largest market for automotive silicone in 2022, in terms of value. The region’s market growth is driven by industrial expansion, a flourishing automotive industry, and continuous innovation. China, in particular, is expected to witness high growth during the forecast period due to its significant use of automotive silicone in various applications.
Premium Insights:
High Growth Potential in Asia-Pacific to Drive Market Expansion.
Interior & Exterior Application Dominated the Automotive Silicone Market in Asia-Pacific.
Interior & Exterior Application to Lead the Automotive Silicone Market During the Forecast Period.
China to be the Fastest-Growing Automotive Silicone Market.
Market Dynamics
Drivers
Growing automotive industry in Asia-Pacific.
Increasing demand for high-efficiency and lightweight materials in the 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 the transportation industry.
Advancements in autonomous driving technology.
Challenges
Fluctuating raw material prices.
Supply chain challenges in the automotive silicone market.
Companies Mentioned:
BRB International
CHT Group
Elkem ASA
Evonik Industries AG
Gelest Inc.
Henkel
Kibaru Manufacturing Sdn. Bhd.
McCoy Performance Silicones
Mesgo
Milliken
Momentive
Nolato
Novaguard Solutions
Permatex
Primasil Silicones
Reiss Manufacturing
Rogers Corporation
Shin-Etsu Chemical Co. Ltd.
Silicone Solutions
Siltech Corporation
Simtech Silicone Parts
Specialty Silicone Products Inc.
The Dow Chemical Company
Wacker Chemie AG
Wynca Tinyo Silicone
For more information about this report visit https://www.researchandmarkets.com/r/gqn2ud
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SOURCE Research and Markets
