Automotive Silicone Market to be worth $3.33 billion by 2023 | at a CAGR of 7.1%

The report "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", 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.

Browse 64 market data Tables and 30 Figures spread through 118 Pages and in-depth TOC on "Automotive Silicone Market - Global Forecast to 2023"

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=156048997

Interior & Exterior: The largest application segment of the automotive silicone market
Interior & exterior is the largest application segment of the automotive silicone market. It is used in airbags, exhaust hangers, exterior trim, headlamps, hoses, grommets, and others. Automotive silicone plays a vital role in bonding & sealing, adding lubricity to weather stripping & side molding, auto paint additives, and others. It helps 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 reduces the weight of automotive vehicles and lowers emission.

Elastomers: The largest type segment of the automotive silicone market
Elastomers is one of the largest type segment of the automotive silicone market, as it is used in various applications such as interior & exterior, engine components, electrical, and others. Silicone elastomers are generally stable, non-reactive, and resistant to extreme environments and temperatures ranging from -55 °C to +300 °C with maintaining its useful properties. Silicone elastomers are widely used in the automotive industry to manufacture spark plug boots, connector seals, turbocharger hoses, silicone wiper blades, gaskets, and ignition cables. The use of silicone elastomers has revolutionized building and designing in the automotive industry.

APAC: The fastest-growing market for automotive silicone during the fore
APAC is expected to be the fastest-growing market for automotive silicone during the forecast period. The growing automotive industry in APAC has offered significant opportunities to the automotive silicone market to grow in the region. Increasing use of automotive silicone in various applications, such as exterior & interior, engine components, and electrical applications, is driving the automotive silicone market in APAC.

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.

Speak with our Expert @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=156048997

Wacker Chemie is a global manufacturer of silicone products. Wacker Chemie provides specialty chemical products, with over 3,000 silicone products. The company operates through five major business segments, namely, silicones, polymers, polysilicon, biosolutions, and other. It operates in more than 25 production sites in Europe, Asia, and the Americas. The company sells its products in more than 100 countries. Wacker Chemie focuses on organic growth strategies to achieve a competitive advantage over other manufacturers. For instance, in 2017, the company launched ELASTOSIL R plus 4350/55 silicone rubber to be used in the automotive industry. ELASTOSIL R plus 4350/55 is used to make heat-resistant tubing and sealing profiles that can withstand temperatures of up to 300 °C for several days. This launch helped Wacker Chemie strengthen its automotive silicone product portfolio and maintain its leading position in the automotive silicone market.

Momentive Performance Materials operates through three major business segments, namely, formulated and basic silicones, performance additives, and quartz technologies. It manufactures silicones & its derivative products with its subsidiaries. The company manufactures, sells, and distributes silanes, specialty silicones, and urethane additives. It has well-recognized brands of automotive silicone and has a strong operational network in the US. The company focusses on organic growth strategies such as new product launches to meet the growing demand for automotive silicone. For instance, in 2017, Momentive launched new self–bonding liquid silicone rubber in Silopren LSR 27x9 series. This new LSR helped the company expand its product offering of silicone used in the automotive industry.

About MarketsandMarkets

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:

Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
newsletter@marketsandmarkets.com

This release was published on openPR.