Automotive Silicone Market Global Leading Players, Industry Updates, Future Growth, Business Prospects, Forthcoming Developments and Future Investments by Forecast to 2023
Automotive Silicone is highly used to manufacture automotive with superior properties such as heat resistance, chemical resistance, abrasion resistance, high strength, durability, lightweight, and others.
The Global Automotive Silicone Market is segmented on the basis of its product as elastomers, adhesives, resins, and others. The high strength and ease of application of the elastomers are extensively used in making plug boots, connector seals, airbags, gaskets, hoses, wiper blades, and others. The adhesives are the second largest segment owing to their use as fillers in automotive paints. They increase the viscosity of the blend and makes it easier to apply the paint, which is likely to drive the market growth over the forecast period. The interior & exterior parts are leading in the application segment as they are responsible for increased fuel consumption. Silicones contribute to weight reduction and lower emissions thus protecting the environment and human health which is likely to augment the market growth in coming years. Furthermore, silicones are also used for tire manufacturing and optimize productivity and efficiency, lower the total cost of operations, increase production capacities with minimum capital expenditures and ensure clean and safe processing.
Some of the manufacturers operating in the Global Automotive Silicone Market are Wacker Chemie AG (Germany), Dow Corning Corporation (U.S.), Momentive (U.S.), Elkem Silicone (U.S.), Shin-Etsu Chemical Co., Ltd. (Japan), Rogers Corporation (U.S.), Nusil (U.S.), Bostik (U.S.), Evonik Industries AG (Germany), KCC Corporation (South Korea), ACC Silicones Ltd (U.K), CSL Silicone Inc. (Canada), Kaneka Corporation (Japan), and others.
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The Global Automotive Silicone Market is segmented on the basis of the product, application, and region.
On the Basis of the Product, the Global Automotive Silicone Market is segmented into elastomers, adhesives & sealants, resins, and others.
The Global Automotive Silicone Market is segmented on the basis of the application into interior & exterior, electrical system, engine & drive train system, suspension system, and others.
The Global Automotive Silicone Market is segmented into five regions of Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa.
The high production and sales of automotive in Asia Pacific is the major driver of the Global Automotive Silicone Market.
North America is the second largest region in the global market on the backdrop of the growing automotive sector and demand for high-efficiency vehicle in the U.S. and Canada.
The European market is anticipated to witness a considerable growth on account of the manufacturing and sales of automotive parts.
The Latin American regional market is majorly driven by the increased production and sales of automotive in Brazil.
Lastly, the Middle East & Africa is expected to grow at a significant CAGR due to the expanding yet untapped market regions.
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