Automotive Silicone Market by Type (Elastomers, Gels, Resins, Fluids), Application (Interior & Exterior, Engines, Electrical, Tires), and Region (North America, Europe, Asia Pacific, Middle East & Africa, South America) - Global Forecasts to 2027

Automotive Silicone Market by Type (Elastomers, Gels, Resins, Fluids), Application (Interior & Exterior, Engines, Electrical, Tires), and Region (North America, Europe, Asia Pacific, Middle East & Africa, South America) - Global Forecasts to 2027

The global automotive silicone market size is projected to grow from USD 2.2 billion in 2022 to USD 3.1 billion by 2027, at a CAGR of 7.1% between 2022 and 2027. Rising demand from emerging markets and growth of transportation industry globally are expected to offer significant growth opportunities to manufacturers of automotive silicone.

“Electrical segment accounted for the second largest share in the automotive silicone market in terms of value.”

The electrical segment had a share of 27.7% in the overall automotive silicone market, in terms of value, in 2021. Silicones are used in ignition cables, also known as “spark plug wires” which are a part of the ignition system. They transfer the spark from the distributor or ignition coil to spark plugs that ignite the air-fuel mixture, starting the engine. These spark plug wires are insulated with multiple layers of silicone to prevent jumping of sparks to adjacent wires and causing misfires.

“Engines is the second fastest growing automotive silicone application.”

Radiator sealant in engines is a chemical that is applied to the radiator wall and forms a coating around it to prevent leakage. Automotive silicone is one of the most versatile material that is used in radiator seals. Automotive silicones are available in various forms, such as sealant, tape, and epoxy. Automotive silicone seals are more used as they last longer than the rubber seals that are present in the market.

“Europe is estimated to be the second-largest market for automotive silicone”

Europe is the second-largest market for automotive silicone. Germany, Italy, France, Spain, and the UK are the major countries in the European automotive silicone market. The region has a strong industrial base in developed economies such as the UK, France, Italy, Spain, and Germany. The trend of reducing vehicle weight to increase fuel efficiency is driving the market for automotive silicones in the transportation industry in Europe. Germany was the largest market for automotive silicones in Europe in 2021. The key reason for Germany being the largest automotive silicones market in the region is the presence of a huge automobile industry in the country.

In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the automotive silicone market, and information was gathered from secondary research to determine and verify the market size of several segments.

By Company Type: Tier 1 – 40%, Tier 2 – 30%, and Tier 3 – 30%

By Designation: C Level Executives– 20%, Directors – 10%, and Others – 70%

By Region: APAC – 30%, Europe – 30%, North America – 20%, the Middle East & Africa –10%, and South America- 10%

The key players in this market are 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 Siltech Corporation (Canada).

Research Coverage:

The report offers insights into the automotive silicone market in key regions. It aims at estimating the size of the automotive silicone market during the forecast period and projects future growth of the market across various segments based on type, application, and region. The report also includes an in-depth competitive analysis of the key players in the automotive silicone market, along with company profiles, MNM view, recent developments, and key market strategies.

Key Benefits of Buying the Report

From an insight perspective, this research report focuses on various levels of analyses — industry analysis (industry trends), market share ranking of top players, and company profiles, which together comprise and discuss the basic views on the competitive landscape; emerging and high-growth segments of the automotive silicone market; high growth regions; and market drivers, restraints, opportunities, and challenges.