Silicone is a class of inorganic polymers made of repeating units of siloxane, which is a chain of alternating silicon and oxygen atoms. Silicone has properties such as high gas permeability, electric insulation, low chemical reactivity, flame retardancy, low thermal conductivity, low toxicity, resistance to ultraviolet (UV) light, thermal stability, and oxidative stability. Owing to these properties, silicone is increasingly used in various applications in the automotive industry. Since silicone products are increasingly being used in automobiles to improve reliability, safety, and comfort and make automobiles light in weight, silicone has become critical in evolution of the automobile technology.
Growing use of silicone-based film adhesives in car customization is expected to drive the global automotive silicone market during the forecast period. With recent technological advancements in the paints & coatings industry, silicone is being increasingly used in combination with thermoplastics to provide paint finishes with scratch and mar resistance. The growing ownership of passenger cars led by growth of the economy and rising disposable income in countries such as India, China, Mexico, and Vietnam are expected to drive the market for automotive silicone in these countries in the near future.
Based on type, the global automotive silicone market can be segmented into elastomers, fluids, resins, and gels. Silicone elastomers offer high durability and stable performance over a wide range of temperatures. They are used in the automotive industry as sealing materials, adhesives, and potting agents for ECUs (electronic control units) used in automobiles. Silicone resins are used to manufacture heat-resistant and flame-retardant binders and heat-resistant paints, as they produce films with excellent properties such as heat resistance, weather-ability, and water repellency. Based on application, the global automotive silicone market can be segmented into engine & drive train systems, interior & exterior, electrical systems, suspension systems, and others. Automotive silicone is consumed the maximum in the interior & exterior segment. Automotive silicone is used in bonding and sealing of interior and exterior cosmetic parts. It is also used for encapsulating and protecting of electric and electronic components such as airflow meters, pressure and temperature sensors, and ECUs (electronic control units).
In terms of region, the global automotive silicone market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is expected to lead the global automotive silicone market, in terms of consumption, during the forecast period. This is attributable to the rising demand for automotive silicone from the automotive industry in Asia Pacific. Growth of the market for automotive silicone in Asia Pacific can be attributed to easy availability of raw materials used in the manufacture of automotive silicone and growth of the automotive industry in the region, especially in developing countries such as India, South Korea, and China. The market for automotive silicone in North America is expected to witness significant growth during the forecast period, due to revival of the economy and rise in automobile production. The market in Europe is projected to register a sluggish growth rate during the forecast period, due to sluggish growth of the economy in Europe.
Global Automotive Silicone Market: Key Players
Key players operating in the global automotive silicone market are ACC Silicones Ltd., Momentive, Shin-Etsu Chemical Co., Ltd., NuSil, DowDuPont, Kaneka Corporation, Primasil Silicones Limited, Evonik Industries AG, KCC Corporation, Wacker Chemie AG, Henkel AG & Co. KGaA, Rogers Corporation, Elkem ASA, Bostik, and Siltech Corporation.
This post was originally published on The Market Plan