Automotive Silicone Market Size Expected To Reach $ 4.41 Billion By 2026 | Reports and data


Reports and data

The growing demand for automotive silicone from emerging economies is an important factor that is expected to drive the market demand.

NEW YORK CITY, NY, UNITED STATES, December 24, 2021 /EINPresswire.com/ – The Global automotive silicone market is expected to reach $ 4.41 billion by 2026, according to a new report from Reports and Data. Silicones are used in various ways to increase safety and reliability and to make the automobile lighter and more environmentally friendly. Silicones are essential to the advancement of automotive technology, due to a range of properties such as heat resistance, cold resistance, water repellency, detachability, anti-foam properties, adhesion and dielectric properties.

The growth of the market is mainly driven by the increasing demand for efficient, light and durable vehicles around the world. This can be attributed to changing lifestyles and the high disposable income of auto consumers. The product is widely consumed in the automotive industry for the production of windshield trims, ignition kits, cables, airbag cushion covers and radiator gaskets, among others.

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Major participants include Wacker Chemie, Evonik, Elkem Silicones, DowDuPont, Shin Etsu, ACC Silicones, KCC Corporation, Henkel Ag & Co., Siltech and Primasil Silicones, among others.

The increasing demand for automotive silicone from emerging economies is expected to propel the market growth in the coming years. The easy availability of raw materials, cheap labor and low transportation costs, among others, are the factors driving increased demand for products in emerging economies.

The role of automotive silicone in enabling the adhesion of films and packaging to automobiles is of significant importance and prompts manufacturers to invest in product development. However, the high cost associated with the product may hamper the growth of the market during the forecast period.

Market Snapshot:
The chemicals and materials industry has experienced significant revenue growth in recent years due to the increasing demand for chemicals, raw materials, consumer products such as perfumes, soaps and detergents, and plastics from various end-use industries. The chemicals and materials are widely used in various consumer goods and different industries such as agriculture, construction and petroleum refining among others. Polymers occupy the largest share of the global chemical industry’s revenue due to increasing demand from the packaging industry, construction markers, and furnishings, among others. Increasing availability of raw materials at affordable costs, falling labor and energy costs, and rapid economic growth in developing regions are key factors driving the growth of income in the world. chemicals and materials industry and the trend is expected to continue.

The report further offers in-depth analysis of key market regions along with the analysis of import / export, production and consumption ratios, supply and demand, cost, price, estimated revenue and gross margins. It also studies the presence of key players in each region as well as the macro- and micro-economic growth factors, the regulatory framework and the investment and financing opportunities in each major region.

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Other key findings from the report suggest
By product type, rubber contributed the largest market share in 2018 and is expected to grow at a rate of 6.1% during the forecast period. Rubber has many distinctive properties that make it useful in the automotive manufacturing industry. As automobiles are exposed to varying temperatures and various chemicals, rubber becomes a material of choice due to its ability to withstand harsh environments.
By automobile type, passenger vehicles held a larger market share in 2018 and are expected to experience a growth rate of 6.6% during the forecast period.
By region, the Asia-Pacific region dominated the market in 2018 and is expected to have the fastest CAGR of 6.7% during the forecast period. The market dominance of the Asia-Pacific region is due to the easy availability of raw materials for the manufacture of silicones, coupled with the growth of the automotive industry.
In May 2019, KCC Corporation, a leading market player, completed the acquisition of US company Momentive Performance Materials Inc., a global silicone manufacturer. With the acquisition, KCC owns a 45.5% stake in the company and plans to develop a high value-added business aimed at making silicone a significant part of the company’s core business, while also obtaining a global credibility and competitiveness thanks to its long-term vision and financial plans.

For the purpose of this report, reports and data have segmented the global automotive silicone market on the basis of product type, automotive type, application, and region:
Outlook Product Type (Volume, Kilotons; 2016-2026 and Revenue, USD Million; 2016-2026)
Rubber
Adhesives and sealants
Coatings
Others

Automotive Type Outlook (Volume, Kilotons; 2016-2026 and Revenue, USD Million; 2016-2026)
Tourism vehicle
Commercial vehicle

Application Outlook (Volume, Kilotons; 2016-2026 and Revenue, USD Million; 2016-2026)
Interior Exterior
Electrical systems
Engines
Others

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Regional Outlook (Volume, Kilotonnes; 2016-2026 and Revenue, USD Million; 2016-2026)
North America
Europe
Asia Pacific
Latin America
AEM

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