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

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

The automotive silicone market is projected to reach USD 3.4 billion by 2028, at a CAGR of 7.3% from USD 2.4 billion in 2023. The growing automotive industry is a key catalyst for the expansion of the automotive silicone market. This demand surge is primarily propelled by factors like the growth of industries, increased investments in infrastructure projects, smart cities, and advancements in technology. Additionally, increasing global population, rising middle-class incomes, and changing consumer preferences for durable goods contribute to the growing demand for automotive silicone in automotive sector.

“Electrical application segment is expected to account for the second-largest share in 2022.”

Automotive silicone plays a critical role in the automotive electrical segment, offering dependable power transmission, exceptional damping, and insulation characteristics. It is extensively employed in ignition cables, spark plug boots, and high-tension (HT) cables to ensure smooth electrical connectivity and protection from heat and environmental factors. Automotive silicone optimizes power transfer efficiency, enhances electrical system performance, and safeguards against voltage disruptions or leaks. With its remarkable attributes, automotive silicone is indispensable for maintaining reliable and efficient electrical systems, thereby bolstering vehicle reliability and performance.

“Based on region, Asia Pacific region was the largest market for automotive silicone in 2022, in terms of value.”

Asia Pacific was the largest market for global automotive silicone, in terms of value, in 2022. The market in Asia Pacific is driven by innovation. Industrial expansion and growing automotive indsutry in the region are driving the consumption of automotive silicone. The growth of the market is also expected to be supported by the improving global economy. China is the key market in Asia Pacific and is expected to witness high growth during the forecast period because of the high use of automotive silicone in various automotive silicone in the region.

In the process of determining and verifying the market size for several segments and subsegments identified through secondary research, extensive primary interviews were conducted. A breakdown of the profiles of the primary interviewees are as follows:

By Company Type: Tier 1 - 35%, Tier 2 - 45%, and Tier 3 - 20%

By Designation: C-Level - 35%, Director Level - 25%, and Others - 40%

By Region: Asia Pacific - 40%, North America - 30%, Europe - 20%, Middle East & Africa-5%, and Latin America-5%

The key players in this market are 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).

Research Coverage

This report segments the market for automotive siliconemarket on the basis of filter type, filter media, application , region, and provides estimations for the overall value of the market across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, products & services, key strategies, new product launches, expansions, and mergers & acquisition associated with the market for automotive siliconemarket.

Key benefits of buying this report

This research report is focused on various levels of analysis — industry analysis (industry trends), market ranking analysis of top players, and company profiles, which together provide an overall view on the competitive landscape; emerging and high-growth segments of the automotive silicone market; high-growth regions; and market drivers, restraints, opportunities, and challenges.

The report provides insights on the following pointers:

Analysis of key drivers (Growing automotive industry in Asia Pacific, Increasing demand for high efficiency and lightweight materials in the automotive industry, Superior properties of silicone), restraints (Growing use of electric vehicles ), opportunities (High growth opportunities in the emerging economies in Asia Pacific, Growing demand in the transportation industry, Advancements in autonomous technology), and challenges (Fluctuating raw material prices, Supply chain challenges in the automotive silicone market) influencing the growth of the automotive silicone market

Market Penetration: Comprehensive information on automotive silicone market offered by top players in the global automotive silicone market.

Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the automotive silicone market.

Market Development: Comprehensive information about lucrative emerging markets — the report analyzes the markets for automotive silicone market across regions.

Market Diversification: Exhaustive information about new products, untapped regions, and recent developments in the global automotive silicone market

Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the automotive silicone market