The global automotive silicone market size is expected to reach USD 3.80 billion by 2030 according to a new study by Polaris Market Research. The report “Automotive Silicone Market Share, Size, Trends, Industry Analysis Report, By Type (Resins, Elastomers, Adhesives and Sealants, Gels, Others); By Application; By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The electrical application is said to experience the fastest growth in the industry. Automotive silicone compounds are utilized to provide maximum safety in cables used in the power transmission system. Modern cars are equipped with numerous electrical circuits to offer features such as integrated GPS, travel entertainment, power steering, cruise control, air conditioning, and heated seats, among others. They enable electrical parts to be insulated, fire-resistant, and lightweight.
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Asia Pacific is expected to be the largest share of the market. This region leads the industry in terms of both value and volume. As the automotive industry expands, a shift of manufacturing facilities from the developed regions like North America and Europe to developing regions is seen. Greater demand for passenger vehicles from emerging countries in the region, increasing disposable income and shifting trend toward lightweight vehicles drive the automotive sector growth in this region.
The rising demand for lightweight and durable vehicles in emerging economies such as Mexico, India, and Vietnam drives industry growth. Industry growth will also be driven by the increasing use of film adhesives used for customizing cars.
Major players include The BRB International b.v., Elkem ASA, Evonik Industries AG, Gelest Inc., Henkel, Kibaru Manufacturing Sdn Bhd, Momentive, Novagard Solutions, Primasil Silicones, Silicone Solutions, Siltech Corporation, Shin-Etsu Chemical Co. Ltd., Specialty Silicone Products, Inc., The Dow Chemical Company, Wacker Chemie AG.
Automotive Silicone Market Report Highlights
- The interior and exterior segment which include tires, door panels, cables, and lubricants accounted for the largest revenue share in the global market. This rubber provides strength, resistance and durability needed for these applications.
- Adhesives and sealants are also expected to grow at a significant rate. Improvement in the quality of adhesives and sealants is seen due to an increase in the need for fuel efficiency through vehicle weight reduction.
- The Asia Pacific is expected to register the highest revenue in the global market. The industry is expanding due to a rise in population, income and standard of living, which in turn boosts the demand for high performance vehicles. Thus, the increase in vehicle production is driving the automotive sector.
Polaris Market Research has segmented the automotive silicone market report based on type, application, and region:
Automotive Silicone, Type Outlook (Revenue – USD Billion, 2018 – 2030)
- Adhesives and Sealants
Automotive Silicone, Application Outlook (Revenue – USD Billion, 2018 – 2030)
- Engine and Drivetrain System
- Electrical System
- Interiors and Exteriors
- Suspension System
Automotive Silicone, Regional Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa