DowDupont (US), Evonik (Germany), Shin-Etsu (Japan), Momentive Performance Materials (US), and Elkem (Norway) are the Renowned Players in Automotive Silicone Market - Report by MarketsandMarkets™

According to recent research "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 automotive silicone 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.

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The automotive silicone market is projected to reach USD 3.33 billion by 2023, at a CAGR of 7.1% from 2018 to 2023. Properties such as high resistance to compression set, high tensile strength, flexibility, and high electrical insulation properties make automotive silicone ideal to be used in various automotive applications. Major applications of automotive silicone include exterior & interior, engine components, electrical, and others.

A majority of the demand for the automotive silicone is driven by the exterior & interior applications. Electrical is estimated to be the fastest growing application for automotive silicone market in 2023. Automotive silicone is widely used 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 contributes to weight reductions and lower emissions in automotive vehicles.

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APAC is estimated to lead the automotive silicone market, in terms of value and volume during the forecast period. Countries in the region, such as China, India, Japan, and South Korea are witnessing an increase in the adoption of automotive silicone in the automotive components, which will, in turn, enhance the growth of automotive silicone market. The demand for automotive silicone in APAC is high, due to its increasing use in exterior & interior, electrical, and engines applications. India is projected to be the fastest-growing market for automotive silicone in APAC.

Electrical is expected to be the fastest-growing application segment of the automotive silicone market during the forecast period. Automotive silicone possesses excellent dielectric properties as well as high electrical insulation which make it ideal for use in applications such as power transmission, damping & insulation, ignition cables, spark plug boots, battery seals, connectors, and others.

Automotive silicone is appropriate and well-suited for numerous applications as it is used to improve the quality and durability of automotive components. They are used in a variety of applications ranging from exhaust hangers, headlamps, hoses, gaskets, radiator seals, ignition cables, and others in the automotive industry.

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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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