23-April-2019: The global automotive silicone
market size is expected to reach USD 9.47 billion by 2025 growing at a CAGR of
6.4% over the forecast period, according to a new report by Grand View
Research, Inc. Growing production of automobiles, especially lightweight vehicles,
and stringent regulations pertaining to harmful emissions are the driving
factors for the market. Silicones help reduce the overall vehicle weight, thus,
possess vital importance in lightweight vehicles market. Factors, such as
government regulations, high fuel consumption, increasing environmental
concerns, and technological advancements are driving the lightweight vehicles
market.
The product is extensively used
in vehicles as rubber, adhesives & sealants, and coatings. They play a
major role in enhancing the fuel efficiency of vehicles, thus, leading to a
decrease in harmful emissions. Interior & exterior application segment
accounted for a share of 34.3% of the overall revenue in 2017. The superior
characteristics of silicones over other products has led to their increased
demand in the manufacturing of different parts of vehicles. From seat belts to
tires, flooring to door panels, and lubricants to cables & plugs, the
product is used in most of the interior & exterior parts. Silicone rubber
is a versatile product that has properties of both organic and inorganic
materials.
It is available in different
forms, such as compounds, bases, or liquid, which make it applicable in various
automotive applications including fuel cells, exhaust mounts, electronic
control system seals, spark plug boots, grommets, and airbags. The product also
has strong prospects for its usage in hybrid engines. Hence, growing
utilization of silicone rubber is anticipated to have a positive influence on
the market over the forecast period. Moreover, supportive emission control
standards in various regions are likely to augment the product usage over the
forecast period. Asia Pacific is expected to be the largest and fastest-growing
regional segment in future.
Growing population and rapid
developments in Asia Pacific are driving the product demand, thereby resulting
in capacity expansions by key companies in the regional market. For instance,
in September 2018, the Dow Chemical Company began the construction of its new
silicone resin plant in Jiangsu’s Zhangjiagang to meet the growing product
demand. The new plant is expected to be operational by 2021. Also, in September
2018, Shin-Etsu Chemical Co., Ltd. announced its plan of increasing its
silicone output by 50%.
Increasing production
capacities, new product developments, and extensive research & development
activities are some of the key strategies adopted by prominent companies. For
example, In June 2017, Wacker Chemie AG opened a new silicones R&D Center
in Ann Arbor, U.S. to support its overall business and product development in
North America.
In
depth research report on Automotive Silicone Market
Further
key findings from the study suggest:
· In
terms of revenue, electrical systems is anticipated to witness a CAGR of 7.5%
over the forecast period due to increasing preference for these systems in
vehicles
· Silicone
rubber is expected to be the fastest-growing product segment during the
estimated time as a result of its extensive usage in high-temperature
applications
· Coatings
accounted for 25.8% of the global automotive silicones market volume share in
2017 owing to its increased adoption in airbags
· In
terms of volume, MEA is expected to be the second fastest-growing regional
market due to increasing production of automobiles in the region
· Integration
across the value chain has been witnessed in the market. For instance, in March
2017, Elkem Silicones integrated its two plants in China into Elkem Group for
enriching the its silicone value chain
Grand View Research has
segmented the global automotive silicone market on the basis of product,
application, and region:
Automotive
Silicone Product Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
· Rubber
· Adhesives
& Sealants
· Coatings
· Others
Automotive
Silicone Application Outlook (Volume, Kilotons; Revenue, USD Million, 2014 -
2025)
· Interior
& Exterior
· Engine
& Drive Train (EDT) Systems
· Electrical
System
· Suspension
System
· Others
Browse
more research reports of this category:
About
Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
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