Automotive Silicone Market Size, Share & Trends Analysis Report
By Product (Rubber, Coatings, Adhesives & Sealants), By Application
(Electrical, Suspension, EDT Systems, Interior & Exterior), And Segment
Forecasts, 2019 - 2025
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.
Access
Research Report of Automotive Silicone Market @ https://www.grandviewresearch.com/industry-analysis/automotive-silicone-market
Further key findings from the study suggest:
· 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
· 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
· Coatings accounted for 25.8% of the global
automotive silicones market volume share in 2017 owing to its increased
adoption in airbags
· In terms of volume, MEA is expected to be
the second fastest-growing regional market due to increasing production of
automobiles in the region
· 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)
·
Rubber
·
Adhesives & Sealants
·
Coatings
·
Others
Automotive Silicone Application Outlook (Volume,
Kilotons; Revenue, USD Million, 2014 - 2025)
·
Interior & Exterior
·
Engine & Drive Train (EDT) Systems
·
Electrical System
·
Suspension System
·
Others
Automotive Silicone Regional Outlook (Volume,
Kilotons; Revenue, USD Million, 2014 - 2025)
·
North America
·
Europe
·
Asia Pacific
·
Central & South America
·
Middle East & Africa
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business decisions,
we offer market intelligence studies ensuring relevant and fact-based research
across a range of industries, from technology to chemicals, materials and
healthcare.
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