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Automotive Silicone Market Development, Opportunities And Forecast To 2033

Automotive Silicone Market Development, Opportunities And Forecast To 2033

The Automotive Silicone Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2024-2033).

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The insights gleaned from The Business Research Company’s Automotive Silicone Global Market Report 2024 illuminate a robust trajectory in the automotive silicone market. With a notable surge, the market size has escalated from $6.99 billion in 2024 to a projected $7.51 billion in the same year, showcasing a commendable compound annual growth rate (CAGR) of 7.5%. This growth emanates from several factors, including the expansion of automotive manufacturing, adherence to stringent emission standards, heightened consumer demand for comfort, and the burgeoning adoption of vehicle electrification to meet performance and durability requisites.

Projections unveil a promising outlook for the automotive silicone market, anticipating a substantial expansion to $10 billion by 2028, driven by a CAGR of 7.4%. The forthcoming growth trajectory is underpinned by the transition towards electric and hybrid vehicles, advancements in lightweighting technologies, escalating demand for advanced safety features, the evolution of autonomous vehicle technologies, and an escalating emphasis on environmental sustainability initiatives. Notable trends in the forecast period encompass the integration of silicone in advanced interiors and electronics, the proliferation of coatings for exterior applications, the emergence of silicone-based tires, and a concerted focus on sustainable solutions.

Rising demand for fuel-efficient vehicles is expected to propel the growth of the automotive silicone market going forward. Fuel-efficient vehicles are vehicles that give better mileage per gallon of fuel than other less efficient models. Automotive silicones contribute to weight reduction in automobiles, which results in lower emissions of pollutants and increased fuel efficiency. For instance, in February 2021, according to The King Abdullah Petroleum Studies and Research Center(KAPSARC), a Saudi Arabia-based advisory think tank, consumer adoption of electric vehicles (EVs) - including hybrids, plug-in hybrids, and pure battery electric - is a critical step toward improving energy use and lowering emissions in the transportation industry, according to May 2022 published, Global EV Outlook report, electric vehicle (EV) sales had doubled from the previous year in 2021, reaching a new high of 6.6 million. Additionally, the sales of electric car vehicles worldwide in 2021 have reached 6600000 units from 2980000 units. Therefore, rising demand for fuel-efficient vehicles is driving the growth of the automotive silicone market.

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The automotive silicone market market covered in this report is segmented –

1) By Type: Elastomers, Resins, Gels, Fluids

2) By Form: Sealant, Tape, Epoxy

3) By Application: Interior and Exterior, Engines, Electrical, Tires, Other Applications

A notable trend reshaping the automotive silicone landscape is the pervasive adoption of product innovation strategies. Numerous industry players are steadfastly committed to developing novel offerings imbued with cutting-edge technologies to fortify their market positioning. A case in point is Dow, a prominent US-based chemical corporation, which in December 2022 unveiled SILASTIC™ SA 994X Liquid silicone rubber (LSR). This pioneering product, characterized by its primerless, self-adhesive, general-purpose, and self-lubricating attributes, features a one-to-one mix ratio LSR formulation tailored for two-component injection molding with thermoplastic substrates like polybutylene terephthalate and polyamide. The versatility of this new series renders it suitable for a myriad of automotive applications, underscoring the industry's commitment to innovation and advancement.

The automotive silicone market report table of contents includes:

1. Executive Summary

2. Automotive Silicone Market Characteristics

3. Automotive Silicone Market Trends And Strategies

4. Automotive Silicone Market - Macro Economic Scenario

5. Global Automotive Silicone Market Size and Growth


31. Global Automotive Silicone Market Competitive Benchmarking

32. Global Automotive Silicone Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Automotive Silicone Market

34. Automotive Silicone Market Future Outlook and Potential Analysis

35. Appendix

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