Automotive Silicone Market Global Market Report 2024

The automotive silicone market has grown strongly in recent years. It will grow from $6.99 billion in 2023 to $7.51 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The historical growth in this sector can be primarily attributed to several key factors. These include the expansion of automotive manufacturing, the imposition of stringent emission standards necessitating innovation, a growing consumer demand for enhanced comfort in vehicles, the increasing trend towards vehicle electrification, and the escalating demands for superior performance and durability in automotive products.

The automotive silicone market is expected to see strong growth in the next few years. It will grow to $10 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The anticipated growth in the forecast period is expected due to several driving factors, including the transition towards electric and hybrid vehicles, ongoing advancements in lightweight materials, an increasing demand for advanced safety features in vehicles, the continual development of autonomous vehicle technology, and a heightened focus on environmental sustainability across the automotive industry.

Anticipated surges in the demand for fuel-efficient vehicles are projected to drive growth in the automotive silicone market. These vehicles, boasting superior mileage per gallon of fuel, benefit from automotive silicones that aid in reducing automobile weight. This reduction subsequently lowers pollutant emissions and enhances fuel efficiency. Notably, the Global EV Outlook report of May 2022 highlighted a substantial doubling of electric vehicle (EV) sales in 2021, reaching an unprecedented high of 6.6 million, further affirming this market trajectory.

The ascending trajectory of vehicle production is poised to propel the automotive silicone market. Vehicle manufacturing heavily relies on automotive silicones for sealing, bonding, and safeguarding electronic components due to their durability and heat resistance. Recent data from the Board of Governors of the Federal Reserve System in November 2023 highlighted a notable increase in total vehicle production in the United States, rising from 10.77 million units in June to 11.75 million units in July, underscoring the pivotal role of this market dynamic.

Innovation emerges as a significant trend fueling growth in the automotive silicone market. Companies within this industry are steadfastly developing advanced products to fortify their market positions. Notably, Dow's December 2022 launch of SILASTIC SA 994X Liquid silicone rubber (LSR) exemplifies this trend, offering a primer less, self-adhesive, one-to-one mix ratio LSR suitable for various automotive applications, showcasing a drive towards enhanced technological offerings.

Technological advancements in insulation covering materials represent a pivotal strategy adopted by major players within the automotive silicone market. These high-performance silicone-based solutions cater to electrical insulation and thermal management in automotive applications. For instance, the March 2023 development by Shin-Etsu Chemical Co. Ltd. of the KE-5641-U, specifically tailored for molding, serves as an exemplary insulation covering material for high-voltage cables in automobiles. Its superior insulation performance, coupled with enhanced cable flexibility and reduced weight due to thinner insulation layers, embodies the industry's pursuit of innovative solutions meeting stringent regulatory standards.

In October 2021, Rogers Corporation, a US-based specialist in engineered materials, completed the acquisition of Silicone Engineering Ltd. for an undisclosed sum. This strategic move bolsters Rogers' advanced silicone capabilities and establishes a European hub to cater to clients seeking high-end silicone solutions across Automotive, Industrial, Medical, and other sectors. The integration of Silicone Engineering into Rogers significantly fortifies the company's silicone offerings, empowering enhanced global customer service, particularly in its key markets. Silicone Engineering Ltd., situated in the UK, specializes in manufacturing silicone material solutions encompassing silicone rubber, sponge sheeting, and extrusions.

Major companies operating in the automotive silicone market report are Wacker Chemie AG, Evonik Industries, Elkem Silicones, Shin-Etsu Chemical Co. Ltd., Momentive Inc., KCC Corporation, Henkel AG & Co. KGaA, Siltech Corporation, Primasil Silicones, ACC Silicones Ltd., CSL Silicone Inc., Rogers Corporation, NuSil Technology LLC, Bostik, Laur Silicone Inc., DOWSIL, CHT Group, Silicones Emerald Performance Materials, GELEST INC., Jiangsu Mingzhu Silicone Rubber Material Co. Ltd., Kaneka Corporation, DuPont de Nemours Inc., ARCOSILICONE.COM, Simtec Systems GmbH, Vanguard Products Corporation, BJB Enterprises Inc., Klinger IGI Inc., Polymershapes, Wacker Chemical Corp., Teknowate, Tempron Products Corp.

Asia-Pacific was the largest region in the automotive silicone market in 2023. The regions covered in the automotive silicone market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the automotive silicone market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of automotive silicone encompass elastomers, resins, gels, and fluids. Elastomers represent polymers possessing both viscosity and elasticity. These materials are available in various forms such as sealants, tapes, and epoxies, utilized across a wide range of automotive applications including interior and exterior components, engines, electrical systems, tires, and other integral parts of vehicles.

The automotive silicone market research report provides automotive silicone market statistics, including automotive silicone industry global market size, regional shares, competitors with an automotive silicone market share, detailed automotive silicone market segments, market trends and opportunities, and any further data you may need to thrive in the automotive silicone industry. This automotive silicone market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The automotive silicone market consists of sales of dimethyl silicone fluid, heat-resistant silicone fluids, carbinol-modified siloxanes, and silicone master pellets, and fluorosilicate. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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