The global automotive silicones market is expected to reach USD 5.84 billion by 2025, according to a new report by Radiant insights, inc. The growing awareness about lightweight materials used in automotive production is expected to drive the demand for silicones.
Automotive silicones are being used in a host of applications on account of their favorable properties such as resistance to corrosion, chemicals, heat and ultraviolet rays. Their ability to reduce the overall weight of the vehicle by the application in specific parts of the vehicle is expected to drive their market growth over the forecast period.
The industry is dominated by Asia Pacific due to the presence of a large number of automotive parts manufacturers and production facilities of silicone in countries such as China, Japan and India. Major automobile manufacturers such as Toyota, General Motors and Volkswagen are outsourcing their spare parts manufacturing operations to Asia Pacific on account of the low price of silicones.
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Further Key Findings from the Study Suggest:
Resins are the fastest growing segment and are anticipated to witness a CAGR of over 8.5%, in terms of volume, from 2016 to 2025 on account of their effective binding ability on vehicle surfaces and high protection of the automotive finishes
The interior and exterior parts was the largest application with a market share of over 35% in 2015 on account of the rapidly increasing application scope of lightweight materials in automotive body manufacturing
The demand in Asia Pacific was valued atover USD 900.0 million in 2015 on account of significantly growing vehicle equipment manufacturing in China and India
The market is highly consolidated with a few major companies dominating the industry. The key manufacturers include Wacker Chemie and Dow Corning.
The industry participants are now establishing alliances with OEM manufacturers to strengthen their market position. Industry players are also investing heavily in R&D to develop sustainable products that provide them with a competitive edg e in the future.
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Table of Contents
Chapter 1. Methodology & Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions
1.3. List of Data Sources
Chapter 2. Executive Summary
2.1. Market Snapshot
Chapter 3. Automotive Silicone Market Variables, Trends & Scope
3.1. Market segmentation & scope
3.2. Penetration & growth prospect mapping
3.3. Value Chain Analysis
3.4. Raw Material Trend
3.5. Market Dynamics
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About Radiant Insights
Radiant Insights is a platform for companies looking to meet their market research and business intelligence requirements. It assist and facilitate organizations and individuals procure market research reports, helping them in the decision making process. The Organization has a comprehensive collection of reports, covering over 40 key industries and a host of micro markets. In addition to over extensive database of reports, experienced research coordinators also offer a host of ancillary services such as, research partnerships/ tie-ups and customized research solutions.
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