Automotive silicone is used as lubricant, tubes, sheets, etc. in automotive manufacturing plants, owing to its high strength, less friction, and insulating property.
Growing demand for silicone from automotive sector for production of vehicles is a major factor expected to drive growth of the global automotive silicone market. The increasing prices of raw materials resulting into high cost of automotive silicone, which may hamper demand and restrain growth of the global automotive silicone market over the forecast period. Increasing demand of automotive silicone from electric and hybrid vehicle manufacturers is an increasing trend anticipated to propel growth of the target market.
The global market is segmented on the basis of product type, application, and region. On the basis of product type, the global market is segmented into elastomers, adhesives & sealants, resins, and others. The others segment is bifurcated into gels and fluids. The elastomers segment is estimated to register highest growth during the forecast period.
On the basis of application, the global market is segmented into interior & exterior parts, engine & drive train system, electrical system, suspension system, and others. The others segment includes paint & plastic polishes, sheathing & protecting, rain and distance sensors, ventilation flaps, molds & prototypes, and break-protection caps. The interior and exterior parts segment is expected to register significant growth rate over the forecast period.
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On the basis of region, the global market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Asia Pacific accounted for highest share in terms of revenue in the global market. The Europe market is expected to witness a significant growth in terms of revenue over the forecast period, due to increasing presence of major automotive manufacturers in countries in the region. North America automotive silicone market is expected to register moderate CAGR in coming years.
Key players in the global automotive silicone market are Wacker Chemie AG, Evonik Resource Efficiency GmbH, Elkem Silicones, 3M Company, The Dow Chemical Company, Shin-Etsu Chemical Co., Ltd., Henkel AG & Co. KGaA, KCC CORPORATION, Momentive Performance Materials Inc., and Specialty Silicone Products, Inc.