The global automotive silicones market is expected to reach USD 5.84 billion by 2025, according to a new report by Grand View Research, 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.
Browse full research report on Automotive Silicone Market: http://www.grandviewresearch.com/industry-analysis/automotive-silicone-market
Further key findings from the report 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 edge in the future.
Grand View Research has segmented the global automotive silicones market on the basis of product, application, and region:
Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 – 2025)
- Adhesives & Sealants
Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 – 2025)
- Interior & Exterior parts
- Engine & Drive Train parts
- Electrical systems
- Suspension systems
Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 – 2025)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For more information: http://www.grandviewresearch.com