Automotive Silicone Market worth $3.1 billion by 2027 | Key players The Dow Chemical Company, Wacker Chemie AG, Momentive, Shin-Etsu Chemical, Elkem ASA

According to recent market research "Automotive Silicone Market by Type (Elastomers, Gels, Resins, Fluids), Application (Interior & Exterior, Engines, Electrical, Tires), and Region (North America, Europe, Asia Pacific, Middle East & Africa, South America) - Global Forecasts to 2027", The global automotive silicone market size is projected to grow from USD 2.2 billion in 2022 to USD 3.1 billion by 2027, at a CAGR of 7.1% between 2022 and 2027.Automotive silicones possess strength, resistance, and durability needed in various automotive applications. Silicones possess high-temperature resistance and outstanding weathering properties, which extend the service life of automotive assemblies. The rising use of automotive silicones owing to high growth in the automotive industry, especially in emerging economies, drives the automotive silicone market.

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The interior & exterior application segment is estimated to lead the automotive silicone market during the forecast period.

Based on application, the interior & exterior use of automotive silicone accounted for the largest market share in 2021 and is projected to grow at a CAGR of 6.8% in terms of value. Airbags, exhaust hangers, hoses, exterior trims, headlamps, shock absorbers, grommets, interior trims, and membranes in the interior & exterior application utilize automotive silicone. Airbags are defined as safety devices installed in a vehicle, which consist of a cushion that is designed to inflate rapidly in the event of a collision and protect passengers from impact. Automotive silicone coating helps in keeping the airbags flexible, resistant to temperature change, aging, and abrasion.
The electrical application is expected to have the fastest growth in the automotive silicone market during the forecast period.

Based on application, the electrical segment in the automotive silicone application accounted for the fastest growth in 2021 with a CAGR of 8.1%, in terms of value. Electrical transmission is a mechanism in a power transmission system that provides controlled application of the power. Often the term transmission refers simply to the gearbox that uses gears and gear trains to provide speed and torque conversions from a rotating power source to another device. Silicone compounds are used for providing maximum safety in cables that are used in the power transmission system.

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The global automotive silicone market size is projected to reach USD 3.1 billion by 2027 growing at a CAGR of 7.1% from 2022 to 2027. Rising demand from emerging markets and growth of transportation industry globally are driving the market for automotive silicone.

The increase in demand for automotive silicone due to their light weight & enhanced properties and the growing industrial development in the emerging economies, such as APAC, are driving the market. The key players in this market are The Dow Chemical Company (US), Wacker Chemie AG (Germany), Momentive (US), Shin-Etsu Chemical Co. Ltd. (Japan), Elkem ASA (Norway), EvonikIndustries AG (Germany), Gelest Inc. (US), Henkel (Germany), Primasil Silicones (UK), and Siltech Corporation (Canada). These players have adopted various strategies such as merger & acquisition, new product launches and expansion in order to strengthen their market position. For instance, in October 2020, Momentive established a North America Center of Excellence for silicone elastomers custom compounding. This investment will streamline the production process and will benefit the customer satisfaction by providing excellent service.

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The Dow Chemical Company is among the leading marketers and manufacturers of silicone and plastic products on a global level. Earlier, a joint venture was formed between The Dow Chemical Company and Corning Corporation named Dow Corning. This joint venture was created to carry out the silicone business. Later, in June 2016, The Dow Chemical assumed full ownership of Dow Corning, which specializes in silicone and silicon-based technology, thereby becoming the largest producer of silicone globally. The company operates through three business segments: packaging & specialty plastics, industrial intermediates & infrastructure and performance materials & coatings.

Wacker Chemie AG is a global manufacturer and distributor of chemical products. The company has organized its operation in four business segments: Wacker Silicones, Wacker Polymers, Wacker Biosolutions, and Wacker Polysilicon. It offers silicone-based products through the Wacker Silicones segment for various applications in industries, such as construction, automotive, paints, textiles, cosmetics, electronics, and paper. Silicone-based products account for 70% of Wacker sales.

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