Summary
Major players in the automotive silicone market are Wacker Chemie AG, Evonik Industries, Elkem Silicones, Shin-Etsu Chemical Co. Ltd., Momentive Inc., KCC Corporation, Henkel AG & Co. KGaA, Siltech Corporation, Primasil Silicones, ACC Silicones Ltd., CSL Silicone Inc., Rogers Corporation, NuSil Technology LLC, Bostik, and Laur Silicone Inc.
The global automotive silicone market is expected to grow from $2.43 billion in 2022 to $2.61 billion in 2023 at a compound annual growth rate (CAGR) of 7.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The automotive silicone market is expected to grow to $3.39 billion in 2027 at a CAGR of 6.7%.
The automotive silicone market consists of sales of dimethyl silicone fluid, heat-resistant silicone fluids, carbinol-modified siloxanes, and silicone master pellets, and fluorosilicone.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Automotive silicone refers to high-performance polymers made up of siloxane that help to streamline assembly and ensure safety and quality for the lifecycle of the vehicle. It is used to improve safety and reliability, and to make automobiles lighter, smaller, and more eco-friendly.
Asia-Pacific was the largest region in the automotive silicone market in 2022. The regions covered in the automotive silicone report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of automotive silicone are elastomers, resins, gels and fluids.Elastomers refer to polymers that have viscosity and elasticity.
The different forms include sealant, tape and epoxy, that are applied in interior and exterior, engines, electrical, tires and others.
Rising demand for fuel-efficient vehicles is expected to propel the growth of the automotive silicone market going forward.Fuel-efficient vehicles are vehicles that give better mileage per gallon of fuel than other less efficient models.
Automotive silicones contribute to weight reduction in automobiles, which results in lower emissions of pollutants and increased fuel efficiency. For instance, in February 2021, according to The King Abdullah Petroleum Studies and Research Center(KAPSARC), a Saudi Arabia-based advisory think tank, consumer adoption of electric vehicles (EVs) - including hybrids, plug-in hybrids, and pure battery electric - is a critical step toward improving energy use and lowering emissions in the transportation industry, according to May 2022 published, Global EV Outlook report, electric vehicle (EV) sales had doubled from the previous year in 2021, reaching a new high of 6.6 million. Additionally, the sales of electric car vehicles worldwide in 2021 have reached 6600000 units from 2980000 units. Therefore rising demand for fuel-efficient vehicles is driving the growth of the automotive silicone market.
Product innovation is a key trend gaining popularity in the automotive silicone market.Many companies operating in the automotive silicone market are developing new products with advanced technologies to strengthen their position in the market.
For instance, in December 2022, Dow, a US-based chemical corporation company, launched SILASTIC™ SA 994X Liquid silicone rubber (LSR).It is a primerless, self-adhesive, general purpose, and self-lubricating, one-to-one mix ratio LSR developed for two-component injection moulding with thermoplastic substrates such as polybutylene terephthalate and polyamide.
This new series can be employed in a variety of automotive applications.
In October 2021, Rogers Corporation, a US-based specialty engineered materials company acquired Silicone Engineering Ltd. for an undisclosed amount. Through this acquisition, Silicone Engineering expands Rogers’ existing advanced silicone platform and provides Rogers with a European Center to serve customers requiring premium silicone solutions for applications in the Automotive, Industrial, Medical, and other markets. This combination creates a dynamic silicone platform in Rogers that further strengthens its ability to serve its global customers, especially in its core markets. Silicone Engineering Ltd is a UK-based manufacturer of silicone material solutions such as silicone rubber, sponge sheeting, and extrusions.
The countries covered in the automotive silicone market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The automotive silicone market research report is one of a series of new reports that provides automotive silicone market statistics, including automotive silicone industry global market size, regional shares, competitors with an automotive silicone market share, detailed automotive silicone market segments, market trends and opportunities, and any further data you may need to thrive in the automotive silicone industry. This automotive silicone market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
