Automotive Silicone Market - By Type (Silicone Elastomers, Silicone Adhesives and Sealants, Silicone Fluids and Greases, Silicone Resins), By Vehicle Type (Passenger Vehicles, Commercial Vehicles, Electric and Hybrid Vehicles), By Application & Forecast, 2024 – 2032
Report ID: GMI6412
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Published Date: August 2023
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Report Format: PDF
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Base Year: 2023
Companies covered: 15
Tables & Figures: 191
Countries covered: 21
Pages: 150
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Automotive Silicone Market
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Automotive Silicone Market Size
Automotive Silicone Market was valued at USD 2.2 billion in 2023 and is estimated to register a CAGR of 7.4% from 2024 to 2032. The continuous growth of the automotive industry worldwide is one of the primary drivers for the automotive silicone industry. As the automotive sector expands, the demand for silicone-based materials for various applications also increases. Silicone materials offer excellent temperature resistance and thermal stability, making them suitable for use in high-temperature environments within the engine, exhaust systems, and other components.
Silicone-based products, such as silicone gaskets and seals, are widely used in automotive applications to provide leak-proof and weather-resistant seals for engines, transmissions, and other critical components. Silicone is an excellent electrical insulator, making it valuable in automotive electrical systems, connectors, and sensors.
Silicone-based materials can be relatively expensive compared to other materials used in the automotive industry. The higher cost can limit their widespread adoption, particularly in price-sensitive markets. The automotive industry continually explores and adopts alternative materials that offer similar or even superior properties to silicone. The automotive industry is subject to stringent safety, emissions, and performance standards. Thus, the high-end pricing and risks associated with Automotive silicone may drive down the acceptance rate, further hampering the business growth.
COVID-19 Impact
The automotive industry experienced a sharp decline in vehicle sales during the pandemic as consumers delayed purchases and economic uncertainty prevailed. Reduced vehicle production directly impacted the demand for automotive silicone materials used in vehicle components and systems. Thus, the reduced number of COVID-19 cases and implementation of subsequent strategies by government and non-government organizations is anticipated to drive the automotive silicone industry growth in the upcoming years.
Automotive Silicone Market Trends
The automotive industry's focus on lightweighting to improve fuel efficiency and reduce emissions is driving the demand for lightweight silicone materials. Silicone's low density and high strength-to-weight ratio make it an attractive choice for automotive components that require weight reduction. The rising adoption of electric vehicles is creating new opportunities for silicone materials in EV battery packs, electric drivetrains, and thermal management systems. Silicone's electrical insulating properties and resistance to high temperatures are advantageous in electric vehicle components.
Automotive Silicone Market Analysis
Based on type, the automotive silicone market is segmented as silicone elastomers, silicone adhesives and sealants, silicone fluids and greases, silicone resins. Silicone Elastomers held a majority market value of USD 0.7 billion in 2022. Silicone Elastomers is used in compression molding processes to manufacture automotive components, including hoses, diaphragms, and spark plug boots. Silicone offer effective protection against moisture and environmental elements, making them suitable for various automotive electronics.
Based on application, the automotive silicone market is segmented as passenger vehicles, commercial vehicles, electric and hybrid vehicles. Passenger vehicles held a dominant market share of around 40% in 2022 and is expected to grow at a lucrative pace through 2032. Silicone materials are used in various automotive safety systems, such as airbags and seat belts, to enhance passenger safety and comfort. Silicone is used in interior components like dashboard panels, armrests, and instrument clusters to provide a pleasant tactile experience and improve aesthetics.
Based on application, the automotive silicone market is segmented as interior & exterior, electrical system, engine & drive train system, suspension system, others. Interior & exterior held a dominant market share in 2022 and is anticipated to grow at 6.8% CAGR till 2032. Silicone materials can enhance the appearance of exterior and interior components, making them attractive for decorative trims and weatherproofing elements. Thus, the high-quality services and growing usage of Automotive silicone at food centres are anticipated to expedite the business growth.
U.S. automotive silicone market dominated the North American region with a revenue of USD 0.5 billion in 2022 and is anticipated to expand at a significant pace from 2023-2032 The overall growth and expansion of the automotive industry in North America drive the demand for automotive silicone materials. As the automotive sector advances and introduces new models and technologies, the need for silicone-based components and solutions increases.
Automotive Silicone Market Share
Some of the major industry players operating in the Automotive silicone market are:
These players focus on strategic partnerships, new product launch & commercialization for market expansion. Furthermore, these players are heavily investing in research that allows them to introduce innovative products and garner maximum revenue in the market.
Automotive Silicone Industry News:
Automotive silicone market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million & Units from 2018 to 2032, for the following segments:
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By Type
By Vehicle Type
By Application
The above information is provided for the following regions and countries: