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Automotive Silicone Market Size

Report ID: GMI6412
Published Date: Aug 2023
Report Format: PDF

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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.

Automotive Silicone Market

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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.

Automotive Silicone Market Report Attributes
Report Attribute	Details
Base Year:	2023
Automotive Silicone Market Size in 2023:	USD 2.2 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	7.4%
2032 Value Projection:	USD 4.3 Billion
Historical Data for:	2018 - 2023
No. of Pages:	150
Tables, Charts & Figures:	191
Segments covered:	Type, Vehicle Type, Application, Region
Growth Drivers:	Growing automotive industry Rapid urbanisation Growing EV adoption
Pitfalls & Challenges:	High cost of products Competition from Alternative Materials Stringent Regulations and Standards

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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.

Authors: Kiran Pulidindi, Kunal Ahuja

Frequently Asked Questions (FAQ) :

The market size of automotive silicone was worth over USD 2.2 billion in 2023 and is estimated to reach USD 4.3 billion by the end of 2032.

Interior & exterior segment will record around 6.8% CAGR from 2023 to 2032 as automotive silicone enhance the appearance of exterior and interior components, making them attractive for decorative trims and weatherproofing elements.

U.S. automotive silicone industry size was around USD 500 million in 2022 and is anticipated to expand at a significant pace from 2023-2032 owing to the expansion of the automotive industry across the region.

Dow Inc., Wacker Chemie AG, Elkem ASA, Momentive Performance Materials Inc., Shin-Etsu Chemical Co., Ltd., KCC Corporation, Reiss Manufacturing, Inc., Kaneka Corporation, Reiss Manufacturing, Inc., Specialty Silicone Products, Inc., Quantum Silicones, LLC, Reiss Manufacturing, Inc., Evonik Industries AG, Mesgo S.p.A., Siltech Corporation among others.