Quick Summary:
Unleash the power of data-driven decision making with our comprehensive market research report on the automotive silicone market. This report digs deep into the market trends and growth forecasts, focusing on the driving factors such as increase in infrastructure development projects, smart city initiatives, and technological progresses, in addition to the rise in global population, middle-class incomes, and preference for durable goods. All these elements underscore the heightened demand and potential market expansion in the realm of automotive silicone.
In the report, you will gain comparative insights into how the automotive silicone is shaping the performance and reliability of vehicles' electrical systems on a global scale. Attention is specifically given to the Asia Pacific region, recognized as the front-runner in automotive silicone utilization due to its innovative character, industrial growth and robust automotive industry. Moreover, the market report provides a detailed analysis of top industry players, shedding light on their role in defining the global automotive silicone market landscape.
Our report also covers emerging and high-growth market segments, diversification strategies, and competitive assessments, providing holistic insights which are integral to your strategic planning. Discover how automotive silicone is enhancing efficiency and value in the global automotive industry, and how you can leverage these insights to fortify your market position and business strategy.
The Asia-Pacific Region Was the Largest Market for Automotive Silicone in 2022, in Terms of Value
The automotive silicone market is projected to reach USD 3.4 billion by 2028, at a CAGR of 7.3% from USD 2.4 billion in 2023. The growing automotive industry is a key catalyst for the expansion of the automotive silicone market. This demand surge is primarily propelled by factors like the growth of industries, increased investments in infrastructure projects, smart cities, and advancements in technology. Additionally, increasing global population, rising middle-class incomes, and changing consumer preferences for durable goods contribute to the growing demand for automotive silicone in the automotive sector.
Electrical application segment is expected to account for the second-largest share in 2022.
Automotive silicone plays a critical role in the automotive electrical segment, offering dependable power transmission, exceptional damping, and insulation characteristics. It is extensively employed in ignition cables, spark plug boots, and high-tension (HT) cables to ensure smooth electrical connectivity and protection from heat and environmental factors. Automotive silicone optimizes power transfer efficiency, enhances electrical system performance, and safeguards against voltage disruptions or leaks. With its remarkable attributes, automotive silicone is indispensable for maintaining reliable and efficient electrical systems, thereby bolstering vehicle reliability and performance.
Based on region, the Asia Pacific region was the largest market for automotive silicone in 2022, in terms of value.
Asia Pacific was the largest market for global automotive silicone, in terms of value, in 2022. The market in Asia Pacific is driven by innovation. Industrial expansion and growing automotive industry in the region are driving the consumption of automotive silicone. The growth of the market is also expected to be supported by the improving global economy. China is the key market in the Asia Pacific and is expected to witness high growth during the forecast period because of the high use of automotive silicone in various automotive silicone in the region.
In the process of determining and verifying the market size for several segments and subsegments identified through secondary research, extensive primary interviews were conducted. A breakdown of the profiles of the primary interviewees are as follows:
- By Company Type: Tier 1 - 35%, Tier 2 - 45%, and Tier 3 - 20%
- By Designation: C-Level - 35%, Director Level - 25%, and Others - 40%
- By Region: Asia Pacific - 40%, North America - 30%, Europe - 20%, Middle East & Africa-5%, and Latin America-5%
The key players in this market include The Dow Chemical Company (US), Wacker Chemie AG ( Germany), Momentive (US), Shin-Etsu Chemical Co. Ltd. (Japan), Elkem ASA (Norway), Evonik Industries AG (Germany), Gelest Inc.(US), Henkel (Germany), Primasil Silicones (UK), and Slitch Corporation (Canada).
Research Coverage
This report segments the market for automotive silicone market on the basis of filter type, filter media, application, and region, and provides estimations for the overall value of the market across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, products & services, key strategies, new product launches, expansions, and mergers & acquisitions associated with the market for automotive silicone market.
Key benefits of buying this report
This research report is focused on various levels of analysis - industry analysis (industry trends), market ranking analysis of top players, and company profiles, which together provide an overall view on the competitive landscape; emerging and high-growth segments of the automotive silicone market; high-growth regions; and market drivers, restraints, opportunities, and challenges.
The report provides insights on the following pointers:
- Analysis of key 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 the emerging economies in Asia Pacific, Growing demand in the transportation industry, Advancements in autonomous technology), and challenges (Fluctuating raw material prices, Supply chain challenges in the automotive silicone market) influencing the growth of the automotive silicone market
- Market Penetration: Comprehensive information on the automotive silicone market offered by top players in the global automotive silicone market.
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the automotive silicone market.
- Market Development: Comprehensive information about lucrative emerging markets - the report analyzes the markets for automotive silicone market across regions.
- Market Diversification: Exhaustive information about new products, untapped regions, and recent developments in the global automotive silicone market
- Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the automotive silicone market
What is the estimated value of the Global Automotive Silicone Market?
What is the growth rate of the Global Automotive Silicone Market?
What is the forecasted size of the Global Automotive Silicone Market?
Who are the key companies in the Global Automotive Silicone Market?
| Report Attribute | Details |
|---|---|
| No. of Pages | 173 |
| Published | June 2023 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value ( USD | $ 2.4 Billion |
| Forecasted Market Value ( USD | $ 3.4 Billion |
| Compound Annual Growth Rate | 7.3% |
| Regions Covered | Global |
| No. of Companies Mentioned | 25 |
Table of Contents
Executive Summary
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
