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Automotive Silicone Market Report 2024 - Automotive Silicone Market Growth, Opportunities, And Forecast
Automotive Silicone Market
According to The Business Research Company's, The automotive silicone market market size has grown strongly in recent years. It will grow from $6.99 billion in 2023 to $7.51 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to automotive manufacturing growth, stringent emission standards, rise in consumer demand for comfort, increased vehicle electrification, performance and durability requirements.
The automotive silicone market market size is expected to see strong growth in the next few years. It will grow to $10 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to shift to electric and hybrid vehicles, advancements in lightweighting, demand for advanced safety features, autonomous vehicle development, environmental sustainability focus.. Major trends in the forecast period include integration in advanced interiors and electronics, expansion of coatings for exterior applications, development of silicone-based tires, emphasis on sustainable solutions..
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Market Drivers and Trends:
Rising demand for fuel-efficient vehicles is expected to propel the growth of the automotive silicone market going forward. Fuel-efficient vehicles are vehicles that give better mileage per gallon of fuel than other less efficient models. Automotive silicones contribute to weight reduction in automobiles, which results in lower emissions of pollutants and increased fuel efficiency. For instance, in February 2021, according to The King Abdullah Petroleum Studies and Research Center(KAPSARC), a Saudi Arabia-based advisory think tank, consumer adoption of electric vehicles (EVs) - including hybrids, plug-in hybrids, and pure battery electric - is a critical step toward improving energy use and lowering emissions in the transportation industry, according to May 2022 published, Global EV Outlook report, electric vehicle (EV) sales had doubled from the previous year in 2021, reaching a new high of 6.6 million. Additionally, the sales of electric car vehicles worldwide in 2021 have reached 6600000 units from 2980000 units. Therefore, rising demand for fuel-efficient vehicles is driving the growth of the automotive silicone market.
Product innovation is a key trend gaining popularity in the automotive silicone market. Many companies operating in the automotive silicone market are developing new products with advanced technologies to strengthen their position in the market. For instance, in December 2022, Dow, a US-based chemical corporation company, launched SILASTIC™ SA 994X Liquid silicone rubber (LSR). It is a primerless, self-adhesive, general purpose, and self-lubricating, one-to-one mix ratio LSR developed for two-component injection moulding with thermoplastic substrates such as polybutylene terephthalate and polyamide. This new series can be employed in a variety of automotive applications.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Wacker Chemie AG; Evonik Industries; Elkem Silicones; Shin-Etsu Chemical Co. Ltd.; Momentive Inc.; KCC Corporation; Henkel AG & Co. KGaA; Siltech Corporation; Primasil Silicones; ACC Silicones Ltd.; CSL Silicone Inc.; Rogers Corporation; NuSil Technology LLC; Bostik; Laur Silicone Inc.; DOWSIL; CHT Group; Silicones Emerald Performance Materials; GELEST INC.; Jiangsu Mingzhu Silicone Rubber Material Co. Ltd.; Kaneka Corporation; DuPont de Nemours Inc.; ARCOSILICONE.COM; Simtec Systems GmbH; Vanguard Products Corporation; BJB Enterprises Inc.; Klinger IGI Inc.; Polymershapes; Wacker Chemical Corp.; Teknowate; Tempron Products Corp.
Automotive Silicone Market 2024 Key Insights:
• The automotive silicone market market will grow to $10 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%.
• Rising Fuel Efficiency Vehicles Propelling Automotive Silicone Market Growth
• Product Innovation Embracing The Automotive Silicone Market
• Asia-Pacific was the largest region in the automotive silicone market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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