Report Ocean published a new report on the Automotive Silicone market. The research report consists of thorough information about demand, growth, opportunities, challenges, and restraints. In addition, it delivers an in-depth analysis of the structure and possibility of global and regional industries.
The global market report contains data on research & development, new product launches, and product responses from global and local markets by leading companies. The structured study offers a graphical presentation and a diagrammatic examination of the global market by region.
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The global automotive silicone market size was US$ 1.91 billion in 2021. The global automotive silicon market is forecast to grow to US$ 3.41 billion by 2030 by registering a compound annual growth rate (CAGR) of 7.1% during the forecast period from 2022 to 2030.
Automotive silicone is the major raw material used in the production of ignition sets, coatings, windshield lining, cables, airbag cushion radiator seals, hoses, exhaust hangers, headlamps, and shock absorbers.
Factors Influencing the Market
Automotive silicone has many benefits, such as it reduces the weight of vehicles enabling fuel efficiency and decreasing emission rate. Therefore, these benefits will fuel the growth of the automotive silicone market during the forecast period. Apart from that, lightweight vehicles are gaining significant popularity due to stringent laws. As a result, it will drive the growth of the automotive silicone market during the forecast period.
Governments in various countries, such as India, China, etc., have mandated the use of airbags in the front seats. For example, all new vehicles produced after April 1, 2021, must include airbags, according to a rule introduced by the Indian government. Thus, it will be opportunistic for the automotive silicone market during the forecast period.
Further, the demand for new, safer, durable, and cost-effective products from manufacturers is increasing. Rubber accessories are gaining significant traction due to their beneficial application in the manufacturing of wires and cables. Moreover, the advantages this raw material like high heat resistance and good insulation properties will escalate the growth of the automotive silicone market during the study period.
Regional Analysis
The Asia-Pacific automotive silicone market is forecast to record the highest growth rate, owing to the shifting production facilities from Europe and North America to this region. In addition, the availability of a wide range of raw materials and cheap labor in the region is expected to bring untapped growth opportunities for the market during the study period.
Growing automotive sector and rising disposable income in the region will also escalate the growth of the Asia-Pacific automotive silicone market during the forecast period.
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COVID-19 Impact Analysis
The COVID-19 outbreak has affected the entire automotive sector, impeding the growth of almost every connected industry. The effect of the COVID-19 pandemic stayed for more than a year. During this time phase, various automotive manufacturers shut down their doors or reduced their production facilities. Thus, the automotive silicone market witnessed a sharp drop in terms of revenue.
Competitors in the Market
• BRB International b.v.
• Elkem ASA
• Evonik Industries AG
• Gelest Inc.
• Henkel
• Kibaru Manufacturing Sdn Bhd
• Momentive
• Novagard Solutions
• Primasil Silicones
• Silicone Solutions
• Siltech Corporation
• Shin-Etsu Chemical Co. Ltd.
• Specialty Silicone Products, Inc.
• The Dow Chemical Company
• Wacker Chemie AG.
• Other Prominent Players
Market Segmentation
The global automotive silicone market segmentation focuses on Type, Application, and Region.
By Type
• Resins
• Elastomers
• Adhesives and Sealants
• Gels
• Others
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By Application
• Engine and Drivetrain Systems
• Electrical Systems
• Interiors and Exteriors
• Suspension Systems
• Tires
• Others
By Region
● North America
o The U.S.
o Canada
o Mexico
● Europe
▪ Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
▪ Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
● Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
● Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
● South America
o Brazil
o Argentina
o Rest of South America
What are the goals of the report?
⮞The predicted market size for the Market Industry at the conclusion of the forecast period is shown in this market report.
⮞The paper also analyses market sizes in the past and present.
⮞The charts show the year-over-year growth (percent) and compound annual growth rate (CAGR) for the given projected period based on a variety of metrics.
⮞The research contains a market overview, geographical breadth, segmentation, and financial performance of main competitors.
⮞The research evaluates the current situation of the industry in North America, Asia Pacific, Europe, Latin America, the Middle East, and Africa, as well as future growth opportunities.
⮞The study examines the future period’s growth rate, market size, and market worth.
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