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(Transportation-News.com, March 26, 2020 ) Market Overview
• The global Automotive Silicone market is expected to grow at a CAGR of 6.8 % during the forecast period (2019-2026).
• 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.
• Additionally, silicone compounds such as silicone rubber are used as coatings and sealants for airbags; the high strength of silicone rubber makes it an optimal adhesive/sealant for high impact airbags. Recent technological advancements allow the convenient use of silicone in combination with thermoplastics to provide improvements in scratch and mar resistance and lowered coefficient of friction.
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Market Dynamics
• 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. Lightweight materials are essential for boosting the fuel economy of modern cars while maintaining their safety and performance. Because it takes less energy to accelerate a lighter car than a heavier one, lightweight materials offer more potential for both automakers and auto buyers. Not only are lightweight vehicles energy efficient, but they also enhance performance.
• Companies are concentrating on the development of raw materials. For instance, in January 2018, New facility in Detroit's Corktown has focused on development of lightweight metals and composite materials. Volkswagen Group's Audi brings R&D work from Germany to Detroit. Adding to this, VW's Audi unit is partnering with Lockheed Martin and Carpenter Technologies on developing lighter gears and gear components, said Roman Landes, lead engineer for materials for steel and specialty alloys at Audi.
• Growing adoption of EV and fluctuations in raw material prices are the key restraints hindering the growth of the market globally.
Market Segmentation
• By application, the Automotive Silicone market is segmented into electrical systems, engines, suspension systems, interior & exterior, and others. The global Automotive Silicone market size by application was worth USD YY million in 2018 and is estimated to reach USD YY million by 2026, at a CAGR of YY% during the forecast period. 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. Companies have been using latest technologies to develop products. For instance, Shin-Etsu has introduced dimethyl silicone fluid (KF-96). This is used as a gloss enhancer for automotive waxes, as fill material in sensors and damping medium for auto seats.
• By type, the Automotive silicone market is segmented into fluids, resins, gels, elastomers, and others. The global Automotive Silicone market size by application was worth USD YY million in 2018 and is estimated to reach USD YY million by 2026, at a CAGR of YY% during the forecast period.
Geographical Analysis
• The North America Automotive Silicone market size was worth USD YY million in 2018 and is estimated to reach USD YY million by 2026, at a CAGR of YY% during the forecast period. 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.
• Companies in this region are focusing to expand their business to building new manufacturing facilities. For instance, in November 2018, DuPont Transportation & Advanced Polymers is investing more than USD 80 million to build a new manufacturing facility in Zhangjiagang that will produce Multibase thermoplastic elastomers, and specialty silicone materials and many more.
Competitive Landscape
• The Automotive Silicone market is highly competitive with existing players in the market.
• 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.
• The key players are adopting various key strategies such as product launches, collaborations, mergers & acquisitions which are contributing to the growth of the Automotive Silicone Market.
• In November 2018, DuPont Transportation & Advanced Polymers is investing more than USD 80 million to build a new manufacturing facility in Zhangjiagang that will produce Multibase thermoplastic elastomers, and specialty silicone materials and many more
• In September 2018, Shin-Etsu Chemical Co., Ltd. has announced its plan of increasing its silicone output by 50%
• Companies are focusing on R&D centers to support their products. For instance, In June 2017, Wacker Chemie AG has opened a new silicones R&D Center in Ann Arbor, U.S. to support its entire business in North America.
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