Press release
Automotive Silicone Market is projected to reach $6.1 billion by 2032 | CAGR 8.5% | With Trends and Growth
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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.
COVID-19 Scenario
The outbreak of the COVID-19 pandemic has had a negative impact on the growth of the global automotive silicone market. The lockdowns and travel restrictions hampered the global supply chains which brought down the manufacturing of automobiles across the globe. As a result, the demand for automotive silicone also decreased, thus affecting the market growth.
Also, during the pandemic, there were lot of cutbacks from the government and investors' side as the focus was shifted to putting more money in the healthcare sector for tackling the pandemic.
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.
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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.
Key Benefits for Stakeholders
This report provides a quantitative analysis of the automotive silicone market forecast, segments, current trends, estimations, and dynamics of the automotive silicone market analysis from 2022 to 2032 to identify the prevailing automotive silicone market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the automotive silicone market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global automotive silicone market trends, key players, market segments, application areas, and market growth strategies.
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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
Similar Report:
Silicone Elastomer Market: https://www.alliedmarketresearch.com/silicone-elastomer-market
Silicone Market: https://www.alliedmarketresearch.com/silicones-market
Silicone in Construction Market: https://www.alliedmarketresearch.com/silicone-in-construction-industry-market
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