New York, United States, Jan. 29, 2024 (GLOBE NEWSWIRE) -- The Global Automotive Silicone Market Size to Grow from USD 2.7 Billion in 2022 to USD 3.9 Billion by 2032, at a Compound Annual Growth Rate CAGR of 8.1% during the forecast period.
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As the automobile industry increases globally and more automobiles are manufactured, so does the demand for high-quality materials such as silicone. The automobile sector is under tremendous pressure to meet tough environmental rules. Silicone is used in a variety of components to improve fuel efficiency and reduce emissions, which is why it is becoming more popular. Consumers are becoming more conscious about car comfort and safety features. Silicone is used to improve insulation and noise reduction in components such as gaskets and seals. The rise of electric and self-driving automobiles introduces new issues and material requirements. Silicone's properties make it suitable for a wide range of applications in these high-tech automobiles.
Automotive Silicone Market Value Chain Analysis
The value chain begins with suppliers of raw materials such as silicon metal, methyl chloride, and other chemicals required in the manufacture of silicone. Silicone manufacturers begin with raw materials and subsequently synthesise and treat silicone compounds. They produce a wide range of silicone products while keeping the automotive industry's unique requirements in mind. These companies concentrate in the manufacture of silicone-based components such gaskets, seals, hoses, and adhesives. These components are designed to withstand the rigours of automotive systems. Silicone components are marketed to automobile manufacturers, who integrate them into larger systems and assemblies. Original Equipment Manufacturers (OEMs) rely on these component suppliers for a wide range of components. OEMs are in responsible of introducing a wide range of components, including silicone-based ones, into automobile manufacturing.
Automotive Silicone Market Opportunity Analysis
As the emphasis on electric vehicles grows, so does the demand for materials that can withstand the unique challenges presented by EV components. Because of its thermal and electrical insulating properties, silicone is a perfect material for EV applications such as battery packs and connectors. The rise of self-driving automobiles has created new opportunities for silicone in sensor technologies. Silicone materials are widely used to protect sensors from harsh weather conditions, hence ensuring their dependability and performance. Automobile manufacturers are under pressure to increase fuel efficiency and reduce emissions as global pollution regulations tighten. Silicone is employed in a range of components to aid in the achievement of these goals, presenting a potential opportunity in the automotive silicone industry. The expansion of the vehicle sector into emerging markets opens up new opportunities for silicone manufacturers. The need for high-performance materials such as silicone is predicted to expand as more automobiles are made around the world.
Browse key industry insights spread across 200 pages with 100 Market data tables and figures & charts from the report on the "Global Automotive Silicone Market Size By Type (Resins, Gels, Fluids, Elastomers), By Application (Electrical, Engines, Interior & Exterior), By Region, And Segment Forecasts, By Geographic Scope And Forecast 2022 – 2032."
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Insights by Product Type
The resin segment accounted for the largest market share over the forecast period 2023 to 2032. Silicone resins are well-known for their strong resistance to heat and weather. These characteristics qualify them for advanced coating and paint applications in the automotive industry. The rising demand for high-performance coatings that can withstand harsh weather conditions contributes to the rise of silicone resins. Silicone resins are widely used in the manufacture of adhesives and sealants for the automotive industry. Their capacity to provide strong bonding and sealing, as well as resistance to extreme temperatures and weather exposure, makes them helpful in the assembly of vehicle components. The growing popularity of electric and hybrid vehicles increases the demand for materials that can meet these vehicles' unique needs. Silicone resins are used to insulate and protect electrical components in modern automotive systems.
Insights by Application
The electrical segment accounted for the largest market share over the forecast period 2023 to 2032. The rising production and adoption of electric and hybrid vehicles is a significant driver of growth in the electrical segment of the automotive silicone industry. Many of these vehicles' electrical components, such as battery packs, electric motors, and power electronics, are made of silicone polymers. Silicone's flexibility allows it to be utilised to design and manufacture complex electrical components. It can be moulded into a wide range of shapes and sizes, making it perfect for applications that require flexibility and versatility. The demand for materials that can withstand higher electrical pressures grows as the voltage levels in electric vehicles increase. Because of their dielectric strength and electrical insulation, silicones are employed in high voltage components.
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Insights by Region
North America is anticipated to dominate the Automotive Silicone Market from 2023 to 2032. North America is a hub for automotive technological advancements. Silicone is a key commodity in the region's active automotive sector due to its usage in innovative technology such as sensors and electronics. Lightweighting is heavily promoted in North America in order to improve fuel efficiency. Silicone, as a lightweight material, contributes to this trend and is expected to be utilised more frequently in a variety of automotive applications in the future. Consumers in North America usually prioritise vehicles with better safety and comfort features. These client expectations are met by the use of silicone in components that help to noise reduction and insulation. Silicone materials utilised in maintenance, repairs, and upgrades have aftermarket potential in North America.
Asia Pacific is witnessing the fastest market growth between 2023 to 2032. The Asia-Pacific region is a car production and sales powerhouse. The continued growth of the vehicle industry in nations such as China, India, and Japan opens up new opportunities for the use of silicone in a range of applications. Asia-Pacific is the world leader in vehicle manufacture. Silicone demand in this region is closely related to expanding levels of automobile manufacture, both for domestic consumption and export. To address environmental issues, many Asian countries are actively encouraging electric automobiles. The use of silicone in EV components like as batteries and charging systems is in line with the region's emphasis on environmentally friendly transportation. The Asia-Pacific region is a hotspot for automotive technology innovation.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major Players in the Global Automotive Silicone Market Includes Henkel AG & Co. KGaA, 3M Company, Permatex, Elkem ASA, Basildon Chemicals, Specialty Silicone Products, Inc., Dow, ACC Silicones Ltd., Wacker Chemie AG, Shin-Etsu Chemical Co., Laur Silicone, Inc., CSL Silicones Inc. and Other key vendors.
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Recent Market Developments
- In September 2022, Henkel has completed the purchase of Nanoramic Laboratories' Thermexit division.
Major players in the market
- Henkel AG & Co. KGaA
- 3M Company
- Permatex
- Elkem ASA
- Basildon Chemicals
- Specialty Silicone Products, Inc.
- Dow, ACC Silicones Ltd.
- Wacker Chemie AG
- Shin-Etsu Chemical Co.
- Laur Silicone, Inc.
- CSL Silicones Inc.
Market Segmentation
This study forecasts revenue at global, regional, and country levels from 2023 to 2032.
Automotive Silicone Market, Type Analysis
- Resins
- Gels
- Fluids
- Elastomers
Automotive Silicone Market, Application Analysis
- Electrical
- Engines
- Interior & Exterior
Automotive Silicone Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- South America
- Brazil
- Argentina
- Colombia
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
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