Press release
Automotive Silicone Market Expected to Garner a Revenue of $6,068.1 Million, Growing at a Stunning CAGR of 8.5% Over the Analysis Timeframe 2022-2032
Automotive Silicone Market
According to a report published by Research Dive, the global automotive silicone market is anticipated to garner a revenue of $6,068.1 million by 2032 and rise at a CAGR of 8.5% during the estimated timeframe from 2022 to 2032.
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Dynamics of the Market
As per our analysts, the increasing use of lightweight materials like silicone-based adhesives and foams in automotive design, growing focus on improving fuel efficiency and vehicle performance, and the rising demand for advanced thermal management systems in electric vehicles (EVs) are predicted to boost the growth of the global automotive silicone market throughout the analysis period. Moreover, the rising global production of EVs and increased demand for silicone-based thermal management & electrical insulation solutions in EVs are expected to create huge growth opportunities for the market throughout the forecast timeframe. However, the environmental concerns related to the non-recyclability of silicone materials may impede the growth of the automotive silicone market during the analysis timeframe.
Impact of COVID-19 on the Market
The COVID-19 pandemic disrupted the automotive silicone industry by affecting global supply chains and reducing demand due to lockdowns and economic instability. Automotive production slowed, and manufacturers scaled back. However, government stimulus packages, including China's $1.13 billion in 2020, offered financial relief, tax incentives, and loans to support the industry's recovery and business continuity.
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Segments of the Market
The report has divided the global automotive silicone market into segments based on type, application, and region.
By type, the elastomers sub-segment held the largest market share in 2022 and is predicted to witness significant growth throughout the forecast period. This is majorly owing to their superior resistance to extreme temperatures and chemicals, making them ideal for reliable seals. They also reduce vibrations, enhancing ride comfort in vehicles.
By application, the interior & exterior sub-segment generated the highest revenue in 2022 and is expected to witness prominent growth over the estimated timeframe. The rising demand for automotive silicone in interior and exterior applications is driven by its role in enhancing comfort, safety, and aesthetics, along with its contribution to weight reduction and environmental sustainability.
By region, the Asia-Pacific automotive silicone market garnered the highest revenue in 2022. The region's growth is driven by rising automobile demand due to economic expansion and stringent vehicle emission and safety regulations, coupled with advancements in silicone technology.
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Key Players of the Market
The major players of the global automotive silicone market include Shin Etsu, Siltech, Wacker Chemie, Elkem Silicones, Primasil Silicones, Momentive Performance Materials, Dowdupont, Evonik, Henkel AG & Co., and KCC Corporation. These players are widely working on the development of new business strategies, such as mergers and acquisitions, partnerships and collaborations, and product development to attain a leading position in the global industry.
Further, the report also presents other crucial aspects including SWOT analysis, the financial performance of the key players, the product portfolio, and the latest strategic development.
๐๐จ๐ง๐ญ๐๐๐ญ:
Mr. Abhishek Paliwal
Research Dive
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Website: https://www.researchdive.com
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Research Dive is a market research firm offering actionable insights and extensive analysis of various markets across different verticals. Maintaining the integrity and authenticity of the services, the firm provides services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With unprecedented access to several paid data resources, a team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive delivers the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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