Automotive Silicone Market Size Worth $6.1 Billion by 2032 | CAGR: 8.5%: AMR

PORTLAND, OREGON, UNITES STATE, January 30, 2024 /EINPresswire.com/ -- Allied Market Research has recently published a report, titled, “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”. According to the report, the global automotive silicone market generated $2.7 billion in 2022, and is anticipated to generate $6.1 billion by 2032, witnessing a CAGR of 8.5% from 2023 to 2032.

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Prime Determinants of Growth

Over the years, there has been an increase in the pace of technological advancements in the automotive manufacturing industry. As a result, there has been growth in the use of silicone materials, which is predicted to be one of the important factors driving the growth of the global automotive silicone market in the forecast timeframe. However, increasing regulatory measures and environmental concerns may hamper the automotive silicone market growth in the coming period. On the contrary, the rapid rise in electric and autonomous vehicle production is expected to offer remunerative opportunities for expansion of the automotive silicone market in the 2023-2032 forecast period.

The rise in applicability due to various advantages including heat resistance, cold resistance, weatherability, water repellency, defoaming capabilities, adhesiveness, releasability, and dielectric properties
Restraints Increasing regulatory measures and environmental concerns

COVID-19 Scenario

The outbreak of the COVID-19 pandemic has had a negative impact on the growth of the global automotive silicone market. The lockdowns and travel restrictions hampered the global supply chains which brought down the manufacturing of automobiles across the globe. As a result, the demand for automotive silicone also decreased, thus affecting the market growth.

Also, during the pandemic, there were lot of cutbacks from the government and investors’ side as the focus was shifted to putting more money in the healthcare sector for tackling the pandemic.

The automotive silicone market is, however, projected to show steady growth in the future due to the opening up of global economies and the growing pace of electric and autonomous vehicle production.
Type: Elastomers Sub-segment Projected to be Highly Dominant During the Forecast Period

The elastomers sub-segment held the highest automotive silicone market share of 40.6% in 2022 and is expected to continue to maintain its dominance during the forecast period. Silicone elastomers contribute to the overall effectiveness and dependability of automotive systems by being employed in seals, gaskets, and thermal interface materials. This advantage of silicone elastomers is predicted to boost the sub-segment’s growth by 2032.

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Application: Interior and Exterior Sub-segment to be Flourish Immensely by 2032

The interior and exterior sub-segment generated the highest market share of 41.4% in 2022 and is predicted to continue to hold maximum market share by 2032. Silicone is used in adhesives and sealants, trim and dashboard, and gaskets and sealing in interior applications. At the same time, it is also widely utilized for exterior gaskets and seals, external trim and moldings, paint protection, and vehicle lighting in exterior applications. This increase in applications of silicone materials is predicted to boost the sub-segment’s growth by 2032.

Region: Asia-Pacific Market to be One of the Fastest Growing by 2032

The Asia-Pacific region accounted for the highest share of 53.8% in the global automotive silicone market in 2022 and is expected to continue its growth during the forecast period. The increasing expanse of the automotive industry has led to a growing demand for automotive silicone materials which is expected to be the main growth driver of the market in the Asia-Pacific region by 2032.

Leading Players in the Automotive Silicone Market:
Shin Etsu
Momentive Performance Materials
Evonik
Wacker Chemie
Primasil Silicones
KCC Corporation
Siltech
Dowdupont
Henkel AG & Co.
Elkem Silicones

The report provides a detailed analysis of the key players of the global automotive silicone market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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Allied Market Research
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