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Automotive Silicone Market to Cross the Billion-Dollar Benchmark by 2023, APAC to Witness Maximum Gains

09-18-2019 04:38 PM CET | Logistics & Transport

Press release from: MarketsandMarkets.com

Automotive Silicone Market to Cross the Billion-Dollar

The automotive silicone market is projected to reach 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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Major Players Automotive Silicone Market:
• DowDupont (US)
• Wacker Chemie (Germany)
• Momentive Performance Materials (US)
• Evonik (Germany)
• Shin-Etsu (Japan)
• Elkem (Norway)
• KCC Corporation (South Korea)
• Henkel AG & Co. (Germany)
• Siltech (Canada)
• Primasil Silicones (UK)

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 Market Developments:
• In November 2017, Wacker Chemie expanded its production capacities for silicone and polymer products in China. It expanded its solid silicone rubber manufacturing facility in Zhangjiagang, China which helped the company to support its customers’ growth and strengthen the market position in the region.
• In March 2016, Evonik started the construction of a production facility for organically modified specialty silicones in Shanghai (China). This facility is installed to cater to the demand from the construction, automotive, textiles, and other industries. These specialty silicones are used in coatings and inks.
• In January 2018, Elkem launched new tire-release agents Lyndcoat BR2105 and Lyndcoat BR2205. It is designed to bring durable and slip enabling multi-release technology in the automotive applications. This launch has helped the company to expand its silicone product offering in the tire application.
• In October 2017, Shin-Etsu expanded its silicones business, by establishing a plant in Japan. The company is also expanding its technical center in Japan that provides technical services for silicone rubber molding and processing. The company strengthened its automotive silicone product portfolio in the APAC region through this expansion.
In May 2017, Momentive launched a new self–bonding liquid silicone rubber in the Silopren LSR 27x9 series. This new LSR helped the company to expand its product offering of silicone used in the automotive industry.

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