According to a new market research report "Automotive Silicone Market by Type (Elastomers, Gels, Resins, Fluids), Application (Interior & Exterior, Engines, Electrical), and Region (APAC, Europe, North America, South America, Middle East & Africa) - Global Forecast to 2023", published by MarketsandMarkets™, the market is projected to grow from USD 2.37 billion in 2018 to USD 3.33 billion by 2023, at a CAGR of 7.1% from 2018 to 2023. The growth of the market can be attributed to the increasing demand for automotive silicone in various applications in emerging economies such as India, China, Brazil, and others. Increasing adoption of strategies such as new product launches and agreements & joint ventures by players operating in the market is also fueling the market.
Interior & Exterior: The largest application segment of the Automotive Silicone Market
Interior & exterior is the largest application segment of the Automotive Silicone Market. It is used in airbags, exhaust hangers, exterior trim, headlamps, hoses, grommets, and others. Automotive silicone plays a vital role in bonding & sealing, adding lubricity to weather stripping & side molding, auto paint additives, and others. It helps in improving the processing and efficiency of automotive components, owing to its properties such as high resistance to compression set and excellent electrical insulation. The use of silicone in interior & exterior application enhances and increases the performance and durability of automotive components. It also reduces the weight of automotive vehicles and lowers emission.
Elastomers: The largest type segment of the Automotive Silicone Market
Elastomers is one of the largest type segment of the Automotive Silicone Market, as it is used in various applications such as interior & exterior, engine components, electrical, and others. Silicone elastomers are generally stable, non-reactive, and resistant to extreme environments and temperatures ranging from -55 °C to +300 °C with maintaining its useful properties. Silicone elastomers are widely used in the automotive industry to manufacture spark plug boots, connector seals, turbocharger hoses, silicone wiper blades, gaskets, and ignition cables. The use of silicone elastomers has revolutionized building and designing in the automotive industry.
APAC: The fastest-growing market for automotive silicone during the fore
APAC is expected to be the fastest-growing market for automotive silicone during the forecast period. The growing automotive industry in APAC has offered significant opportunities to the Automotive Silicone Market to grow in the region. Increasing use of automotive silicone in various applications, such as exterior & interior, engine components, and electrical applications, is driving the Automotive Silicone Market in APAC.
Major players such as DowDupont (US), Evonik (Germany), Shin-Etsu (Japan), Momentive Performance Materials (US), and Elkem (Norway) have adopted development strategies such as expansions, agreements & collaborations, and new product development to achieve growth in the Automotive Silicone Market.
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