Automotive Silicone Market Growth and Opportunities (2024-2032) | BRB International b.v., Elkem ASA, Evonik Industries AG, Gelest Inc.

Global Automotive Silicone Market presents a variety of new trends that have a significant impact on market growth dynamics as well as the most recent industry knowledge. According to the most recent projection, global growth will reach its lowest point this year at 2.8% before edging up to 3.0% in 2024. Although more slowly than expected, the rate of global inflation will drop from 8.7% in 2022 to 7.0% this year and 4.9% by 2024. Notably, growth rates for emerging markets and developing economies have increased significantly in many cases, from 2.8 percent in 2022 to 4.5% this year.

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. 

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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.

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.

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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

The report furnishes an intricate comprehension of each segment, delivering potential estimations for principal applications and insights into emerging prospects. Every regional market is meticulously scrutinized to ascertain its potential for growth, development, and demand in the forthcoming years.

As of the end of 2022, the Automotive Silicone industry experienced notable growth in its workforce. Starting in January, employment within the Automotive Silicone sector exceeded its pre-COVID levels, resulting in an expansion of payrolls by over 15,000 employees throughout the course of the year. The global Automotive Silicone output demonstrated a remarkable increase of 5.2% during 2021, primarily attributed to a widespread economic upswing and a surge in demand for commodities. However, the momentum shifted in 2022, with the global industrial sector’s production contracting. This reversal followed a robust expansion in 2021, fueled by altered consumer spending patterns and substantial fiscal support.

Forecasts indicate that the global Automotive Silicone output is set to rise by approximately 2.9% in 2023. This projection is underpinned by the gradual recovery of production in Western Europe from its previous troughs, as well as a rebound in output across the Asia/Pacific region. Maintaining its dominant position, China, accounting for nearly 45% of the global Automotive Silicone market, remains both its largest producer and consumer. Remarkably, China’s market share has surged since 2010, when it stood at around 26%. This ascent has led to a substantial contribution to the nation’s GDP. Notably excelling as a top exporter, China leads in various sectors, including silicon, PVC, and several specific segments of the Automotive Silicone market.

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

(*Note: The historical years and projected period in the report are flexible and can be tailored upon request. Additionally, the scope of the published report is adjustable to meet specific requirements, and customized analyses based on particular geographies or countries can be included as part of the customization.)

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Table of Contents:

Chapter 1: Introduction to the Global Automotive Silicone Industry

Chapter 3: Dynamics of the Market

Chapter 4: Profiles of Leading Companies

Chapter 5: Competition in the Global Automotive Silicone Market among Players

Chapter 6: Market Size across Global Regions

Chapter 7: Application Segments in the Global Market

Chapter 8: Segment Analysis of the Global Automotive Silicone Industry

Chapter 9: Market Chain, Sourcing Strategies, and Downstream Buyers

Chapter 10: Strategies and Key Policies by Distributors/Suppliers/Traders

Chapter 11: In-depth Analysis of Key Marketing Strategies by Market Vendors

Chapter 12: Evaluation of Market Impact Factors

Chapter 13: Forecasted Global Automotive Silicone Market Size (2024-2032)

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• In-depth Market Analysis: By scrutinizing regional market trends and drivers, the report provides a comprehensive understanding of the market landscape. It also highlights factors that might impede growth, allowing for informed decision-making.
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Key Questions Market Research and Analysis Report

• What is the current market size, both in terms of value and volume?
• What is the historical growth rate of the market, and what are the projected growth rates for the future?
• Who are the major players in the market, and what is their market share?
• What are the market trends and dynamics influencing the industry?
• What are the key drivers of market growth?
• What are the challenges and barriers faced by market participants?
• What are the emerging opportunities in the market?
• What is the competitive landscape of the market?
• What are the consumer preferences, behaviors, and buying patterns within the market?
• What is the market segmentation, and how are different market segments performing?
• What are the pricing trends and strategies in the market?
• What are the distribution channels and their effectiveness in reaching the target audience?
• What are the regulatory and legal factors impacting the market?

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