Automotive Silicone Market Size Giants Spending Is Going To Boom

According to the report, the global automotive silicone market generated $2.7 billion in 2022, and is anticipated to generate $6.1 billion by 2032, witnessing a CAGR of 8.5% from 2023 to 2032.

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Prime Determinants of Growth:

Over the years, there has been an increase in the pace of technological advancements in the automotive manufacturing industry. As a result, there has been growth in the use of silicone materials, which is predicted to be one of the important factors driving the growth of the global automotive silicone market in the forecast timeframe. However, increasing regulatory measures and environmental concerns may hamper the automotive silicone market growth in the coming period. On the contrary, the rapid rise in electric and autonomous vehicle production is expected to offer remunerative opportunities for expansion of the automotive silicone market in the 2023-2032 forecast period.

The automotive silicone market is, however, projected to show steady growth in the future due to the opening up of global economies and the growing pace of electric and autonomous vehicle production.

Type: Elastomers Sub-segment Projected to be Highly Dominant During the Forecast Period:

The elastomers sub-segment held the highest automotive silicone market share of 40.6% in 2022 and is expected to continue to maintain its dominance during the forecast period. Silicone elastomers contribute to the overall effectiveness and dependability of automotive systems by being employed in seals, gaskets, and thermal interface materials. This advantage of silicone elastomers is predicted to boost the sub-segment's growth by 2032.

Application: Interior and Exterior Sub-segment to be Flourish Immensely by 2032:

The interior and exterior sub-segment generated the highest market share of 41.4% in 2022 and is predicted to continue to hold maximum market share by 2032. Silicone is used in adhesives and sealants, trim and dashboard, and gaskets and sealing in interior applications. At the same time, it is also widely utilized for exterior gaskets and seals, external trim and moldings, paint protection, and vehicle lighting in exterior applications. This increase in applications of silicone materials is predicted to boost the sub-segment's growth by 2032.

Region: Asia-Pacific Market to be One of the Fastest Growing by 2032:

The Asia-Pacific region accounted for the highest share of 53.8% in the global automotive silicone market in 2022 and is expected to continue its growth during the forecast period. The increasing expanse of the automotive industry has led to a growing demand for automotive silicone materials which is expected to be the main growth driver of the market in the Asia-Pacific region by 2032.

Leading Players in the Automotive Silicone Market:

- Shin Etsu
- Momentive Performance Materials
- Evonik
- Wacker Chemie
- Primasil Silicones
- KCC Corporation
- Siltech
- Dowdupont
- Henkel AG & Co.
- Elkem Silicones

The report provides a detailed analysis of the key players of the global automotive silicone market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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