(I-BusinessNews.Com, October 17, 2019 ) Market Overview:
Silicone has frequently been used as an automotive material. Silicone is used to manufacture gaskets used in automotive engines, transmissions, and other applications. Automotive spark plug wires are insulated by multiple layers of silicone to prevent sparks from jumping to adjacent wires, causing misfires. Silicone tubing is sometimes used in automotive intake systems.
Rising demand for lightweight materials in the automotive industry and increasing automotive industry worldwide are the major factors driving the market growth. Lightweight metals may be used in the vehicle in both wrought and cast forms. Aluminum, in the form of stamped sheet, has the potential to be used extensively in vehicle structures and closures.
Growing adoption of EV and fluctuations in raw material prices are the key restraints hindering the growth of the market globally.
By application, the Automotive Silicone market is segmented into electrical systems, engines, suspension systems, interior & exterior, and others. Demand is increased in the manufacturing of different parts of vehicles owing to the greater characteristics of silicones.
The interior & exterior application segment is expected to grab a major market share in the forecast period. The product is used in the interior & exterior parts such as seat belts, door panels, tires, cables & plugs, instrumental panels, flooring, and, lubricants. This is extensively used in all of these parts in the form of adhesives, coatings, sealant, and, rubber.
By type, the Automotive silicone market is segmented into fluids, resins, gels, elastomers, and others.
By geography, the Market is segmented into North America, Asia-Pacific (APAC), Europe, South America, and the Middle East and Africa (MEA).
Asia Pacific is expected to grow with a high CAGR rate in the forecast period. The rising automotive industry in this region has open major opportunities for the growth of the automotive silicone market. Growing usage of automotive silicone in various applications, such as exterior & interior, engine components, and electrical applications, is driving the automotive silicone market in APAC.
Some of the major players include Dowdupont, KCC Corporation, Siltech, Momentive Performance Materials, Wacker Chemie, Mccoy Performance Silicones, Simtech Silicone Parts, Silicone Solutions, Specialty Silicone Products Inc and Elkem Silicones.
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