Automotive Silicone Market By Type (Elastomers, Resins, Gels, Others), By Application (Interior and Exterior, Engines, Electrical Systems, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032
The global automotive silicone market is anticipated to reach $6.1 billion by 2032, growing from $2.7 billion in 2022 at a CAGR of 8.5% from 2023 to 2032.
Automotive silicone is a specific type of silicone material that is majorly designed for use in automotive applications. Silicone is a flexible polymer renowned for its excellent electrical insulation properties, temperature resistance, and durability. In the automotive industry, silicone is majorly used owing to its unique properties and benefits. The temperature resistance property of silicone can withstand extreme temperatures, both high and low, without losing its physical properties. It remains stable and flexible across an extensive temperature range, making it appropriate for automotive applications.
Automotive weight reduction is a constant goal for automakers as they seek to improve overall performance and fuel economy. Vehicle design is increasingly incorporating lightweight components including carbon fiber composites, high-strength steel, aluminum, and plastics. Because they may replace heavy materials and have a low density, silicone-based materials including adhesives, silicone foams, and sealants are a crucial step in the process of making automotive products lighter. These lightweight silicone materials are opted in various applications, such as seals, gaskets, electrical components, and thermal management systems, to reduce overall vehicle weight. Silicone-based adhesives, sealants, and gaskets are used in powertrain components, including transmissions, engines, and exhaust systems, to improve performance and reduce energy losses.
Silicon is a non-renewable resource that is used to make automotive silicone, and the procedures used to make silicone consume a lot of energy. In addition, silicone products are not easily biodegradable, leading to possible waste management challenges. As governments and regulatory bodies implement strict environmental regulations, automotive manufactures may face consequences and can diverge towards using more sustainable materials in comparison to silicone. Volatile organic compounds (VOCs) can be discharged as a result of the usage and manufacture of products with silicone as a base. VOCs are dangerous compounds that can harm human health and contribute to air pollution. Limits on VOC emissions are frequently imposed by stringent environmental laws, which may have an effect on the creation and application of automotive silicone. Moreover, the growing emphasis on sustainability has increased the demand for eco-friendly alternatives to silicone. The automotive industry is exploring and adopting greener solutions such as bio-based polymers and recyclable materials to reduce their environmental footprints. This is expected to restrain market growth during the forecast period.
As electric vehicle production surges globally, the demand for silicone-based materials is expected to surge. This provides an opportunity for automotive silicone manufacturers to develop innovative solutions, increase their product offerings, and cater to the specific needs of the EV industry. Electric vehicles generate heat during operation, particularly in the battery and powertrain systems. Silicone-based thermal management solutions, such as gels, thermal interface materials, and adhesives, can effectively manage and dissipate heat, ensuring ideal performance and safety of EV components. Moreover, silicone materials possess excellent electrical insulation properties, making them suitable for applications like cable and wire insulation, connectors, and gaskets in electric vehicles. As EVs incorporate advanced electronics and electrical systems, the demand for reliable and high-performance electrical insulation materials will increase.
The COVID-19 pandemic had both positive and negative impacts on various industries, including the automotive silicone industry. The pandemic caused disruptions in global supply chains, affecting the availability of raw materials, equipment, and components necessary for automotive production. This hampered the production of automotive globally. The automotive industry experienced a significant decline in demand during the initial stage of the pandemic owing to lockdowns, travel restrictions, and economic instability. Moreover, as a result automotive manufacturers scaled back production, leading to reduced demand for automotive silicone and other related materials.
The key players profiled in this report include Shin Etsu, Wacker Chemie, Siltech, Elkem Silicones, Momentive Performance Materials, Primasil Silicones, Dowdupont, Evonik, KCC Corporation, and Henkel AG & Co. The market players are continuously striving to achieve a dominant position in this competitive market using strategies such as collaborations and acquisitions.
Key Benefits For StakeholdersThis report provides a quantitative analysis of the market 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.
Key Market SegmentsBy TypeElastomers
Resins
Gels
Others
By ApplicationInterior and Exterior
Engines
Electrical Systems
Others
By RegionNorth America
U.S.
Canada
Mexico
Europe
France
Germany
Italy
Spain
UK
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Brazil
Morocco
South Africa
Argentina
Rest of LAMEA
Key Market Players
Dowdupont
Elkem ASA
Evonik
Henkel AG & Co
KCC Corporation
Momentive
Primasil Silicones
Shin Etsu
Siltech Corporation
Wacker Chemie
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