Automotive Silicone Market worth $3.4 billion by 2028 | Key players Wacker Chemie AG (Germany), Momentive (US), Shin-Etsu Chemical Co. Ltd. (Japan), Elkem ASA (Norway).

According to recent market research the "Automotive Silicone Market by Type (Elastomers, Resins, Gels, Fluids), Application (Interior & Exterior, Engines, Electrical, Tires) and Region (North America, Europe, Asia Pacific, Middle East & Africa, South America) - Global Forecast to 2028", is projected to reach USD 3.4 billion by 2028, at a CAGR of 7.3% from USD 2.4 billion in 2023. The automotive silicone market is mainly driven by the growing automotive industry in Asia Pacific. Moreover, it is also driven by increasing demand for high efficiency and lightweight materials in the automotive industry.

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Automotive silicone is integral to the electrical segment of the automotive industry. It excels in power transmission, offering reliable performance, damping, and insulation properties. Its application extends to ignition cables, spark plug boots, and high-tension (HT) cables, ensuring optimal electrical connectivity and protection against heat and environmental factors. Automotive silicone enables efficient power transfer, enhances electrical system performance, and safeguards against voltage leakage or disruption. With its superior properties, automotive silicone plays a pivotal role in maintaining reliable and efficient electrical systems in vehicles.

Automotive silicone finds significant application in the engine segment of the automotive industry. It is used in engine filtration systems, providing efficient and effective filtration of contaminants. It is also utilized in the manufacturing of gaskets, radiator seals, and vibration damping components, enhancing the overall engine performance, and reducing noise and vibration. With its excellent sealing properties and ability to withstand extreme temperatures, automotive silicone plays a vital role in maintaining engine integrity and optimizing vehicle performance.

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The markets of Asia Pacific are registering high growth, and the trend is projected to continue during the forecast period. Emerging economies such as India, and China are investing in various industrial developments that are driving the automotive silicone market. The Asia Pacific region has a large population and a growing middle class, leading to increased consumer purchasing power and demand for automobiles. As the demand for vehicles rises, so does the need for automotive silicone in various applications such as gaskets, seals, hoses, and electrical components. This strong consumer base and growing vehicle ownership contribute to the robust market potential for automotive silicone in the region.

New product launches and expansions are the major growth strategies adopted by the key players in the market. The key global players in the automotive silicone market include The Dow Chemical Company (US), Wacker Chemie AG (Germany), Momentive (US), Shin-Etsu Chemical Co. Ltd. (Japan), Elkem ASA (Norway), Evonik Industries AG (Germany), Gelest Inc. (US), Henkel (Germany), Primasil Silicones (UK), and Slitch Corporation (Canada).

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The Dow Chemical Company, a prominent global player in the industry, holds a leading position as a marketer and manufacturer of silicone and plastic products. To bolster its silicone business, Dow Chemical entered a joint venture with Corning Corporation, forming Dow Corning. This strategic collaboration aimed to leverage the expertise in silicone and silicone-based technology. In a significant development, in June 2016, Dow Chemical acquired full ownership of Dow Corning, solidifying its position as the largest global producer in this field. The company operates across three key business segments: packaging & specialty chemicals, industrial intermediates & infrastructure, and performance materials & coatings.

Wacker Chemie AG is an internationally recognized manufacturer and supplier of chemical products, catering to a diverse range of industries. The company has structured its operations into four distinct business segments: Wacker Silicones, Wacker Polymers, Wacker Biosolutions, and Wacker Polysilicon. With a comprehensive product portfolio, Wacker Chemie offers a wide array of solutions including amino acids, fine chemicals, polymer dispersion, pyrogenic silica, silicone fluids & emulsions, silicone sealants, acetyls, dispersible polymer powders, polysilicon, silanes, siloxanes, & silicates, silicone rubber, polymer resin, silicone resins, silane-modified polymers, hydroxytyrosol, cyclodextrins and complexes. Its specialty lies in the production and distribution of silicon-based products through the Wacker Silicones segment, serving key sectors such as construction, automotive, paints, textiles, cosmetics, electronics, and paper.

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