Automotive Silicone Market by Type, Application and Region - Global Forecasts to 2027 - ResearchAndMarkets.com

The "Automotive Silicone Market by Type (Elastomers, Gels, Resins, Fluids), Application (Interior & Exterior, Engines, Electrical, Tires), and Region (North America, Europe, Asia Pacific, Middle East & Africa, South America) - Global Forecasts to 2027" report has been added to ResearchAndMarkets.com's offering.

The global automotive silicone market size is projected to grow from USD 2.2 billion in 2022 to USD 3.1 billion by 2027, at a CAGR of 7.1% between 2022 and 2027.

Rising demand from emerging markets and growth of transportation industry globally are expected to offer significant growth opportunities to manufacturers of automotive silicone.

Electrical segment accounted for the second largest share in the automotive silicone market in terms of value.

The electrical segment had a share of 27.7% in the overall automotive silicone market, in terms of value, in 2021. Silicones are used in ignition cables, also known as spark plug wires which are a part of the ignition system. They transfer the spark from the distributor or ignition coil to spark plugs that ignite the air-fuel mixture, starting the engine. These spark plug wires are insulated with multiple layers of silicone to prevent jumping of sparks to adjacent wires and causing misfires.

Engines is the second fastest growing automotive silicone application.

Radiator sealant in engines is a chemical that is applied to the radiator wall and forms a coating around it to prevent leakage. Automotive silicone is one of the most versatile material that is used in radiator seals. Automotive silicones are available in various forms, such as sealant, tape, and epoxy. Automotive silicone seals are more used as they last longer than the rubber seals that are present in the market.

Europe is estimated to be the second-largest market for automotive silicone

Europe is the second-largest market for automotive silicone. Germany, Italy, France, Spain, and the UK are the major countries in the European automotive silicone market. The region has a strong industrial base in developed economies such as the UK, France, Italy, Spain, and Germany. The trend of reducing vehicle weight to increase fuel efficiency is driving the market for automotive silicones in the transportation industry in Europe. Germany was the largest market for automotive silicones in Europe in 2021. The key reason for Germany being the largest automotive silicones market in the region is the presence of a huge automobile industry in the country.

Market Dynamics

Drivers

• Growing Automotive Industry in Asia-Pacific
• Increasing Demand for High Efficiency and Lightweight Materials in the Automotive Industry
• Superior Properties of Silicone

Restraints

• Growing Use of Electric Vehicles

Opportunities

• High Growth Opportunities in the Emerging Economies of Asia-Pacific
• Growing Demand in the Transportation Industry

Challenges

• Fluctuating Raw Material Prices

Companies Mentioned

• Brb International
• Cht Group
• Elkem Asa
• Evonik Industries Ag
• Gelest Inc.
• Henkel
• Kibaru Manufacturing Sdn. Bhd.
• Mccoy Performance Silicones
• Mesgo
• Milliken
• Momentive
• Nolato
• Novaguard Solutions
• Permatex
• Primasil Silicones
• Reiss Manufacturing
• Rogers Corporation
• Shin-Etsu Chemical Co. Ltd.
• Silicone Solutions
• Siltech Corporation
• Simtech Silicone Parts
• Specialty Silicone Products Inc.
• The Dow Chemical Company
• Wacker Chemie Ag
• Wynca Tinyo Silicone

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View source version on businesswire.com: https://www.businesswire.com/news/home/20220712005664/en/