The global automotive silicone market
size is expected to reach USD 9.47 billion by 2025 growing at a CAGR of
6.4% over the forecast period, according to a new report by Grand View
Research, Inc. Growing production of automobiles, especially lightweight
vehicles, and stringent regulations pertaining to harmful emissions are
the driving factors for the market. Silicones help reduce the overall
vehicle weight, thus, possess vital importance in lightweight vehicles
market. Factors, such as government regulations, high fuel consumption,
increasing environmental concerns, and technological advancements are
driving the lightweight vehicles market.
The product is extensively used in vehicles as rubber,
adhesives & sealants, and coatings. They play a major role in
enhancing the fuel efficiency of vehicles, thus, leading to a decrease
in harmful emissions. Interior & exterior application segment
accounted for a share of 34.3% of the overall revenue in 2017. The
superior characteristics of silicones over other products has led to
their increased demand in the manufacturing of different parts of
vehicles. From seat belts to tires, flooring to door panels, and
lubricants to cables & plugs, the product is used in most of the
interior & exterior parts. Silicone rubber is a versatile product
that has properties of both organic and inorganic materials.
It is available in different forms, such as compounds,
bases, or liquid, which make it applicable in various automotive
applications including fuel cells, exhaust mounts, electronic control
system seals, spark plug boots, grommets, and airbags. The product also
has strong prospects for its usage in hybrid engines. Hence, growing
utilization of silicone rubber is anticipated to have a positive
influence on the market over the forecast period. Moreover, supportive
emission control standards in various regions are likely to augment the
product usage over the forecast period. Asia Pacific is expected to be
the largest and fastest-growing regional segment in future.
Growing population and rapid developments in Asia Pacific
are driving the product demand, thereby resulting in capacity expansions
by key companies in the regional market. For instance, in September
2018, the Dow Chemical Company began the construction of its new
silicone resin plant in Jiangsu’s Zhangjiagang to meet the growing
product demand. The new plant is expected to be operational by 2021.
Also, in September 2018, Shin-Etsu Chemical Co., Ltd. announced its plan
of increasing its silicone output by 50%.
Increasing production capacities, new product developments,
and extensive research & development activities are some of the key
strategies adopted by prominent companies. For example, In June 2017,
Wacker Chemie AG opened a new silicones R&D Center in Ann Arbor,
U.S. to support its overall business and product development in North
America.
To request a sample copy or view summary of this report, click the link below: www.grandviewresearch.com/industry-analysis/automotive-silicone-market
Further key findings from the study suggest:
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In terms of revenue, electrical systems is anticipated to witness a
CAGR of 7.5% over the forecast period due to increasing preference for
these systems in vehicles
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Silicone rubber is expected to be the fastest-growing product segment
during the estimated time as a result of its extensive usage in
high-temperature applications
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Coatings accounted for 25.8% of the global automotive silicones
market volume share in 2017 owing to its increased adoption in airbags
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In terms of volume, MEA is expected to be the second fastest-growing
regional market due to increasing production of automobiles in the
region
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Integration across the value chain has been witnessed in the market.
For instance, in March 2017, Elkem Silicones integrated its two plants
in China into Elkem Group for enriching the its silicone value chain
Grand View Research has segmented the global automotive silicone market on the basis of product, application, and region:
Automotive Silicone Product Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
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Rubber
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Adhesives & Sealants
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Coatings
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Others
Automotive Silicone Application Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
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Interior & Exterior
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Engine & Drive Train (EDT) Systems
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Electrical System
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Suspension System
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Others
