Northbrook, IL -- (SBWIRE) -- 12/03/2018 -- According to the new market research report "Automotive Silicone Market by Type (Elastomers, Gels, Resins, Fluids), Application (Interior & Exterior, Engines, Electrical), and Region (APAC, Europe, North America, South America, Middle East & Africa) - Global Forecast to 2023", The automotive silicone market is projected to grow from USD 2.37 billion in 2018 to USD 3.33 billion by 2023, at a CAGR of 7.1% from 2018 to 2023. The growth of the market can be attributed to the increasing demand for automotive silicone in various applications in emerging economies such as India, China, Brazil, and others. Increasing adoption of strategies such as new product launches and agreements & joint ventures by players operating in the market is also fueling the market.

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Interior & Exterior: The largest application segment of the automotive silicone market

Interior & exterior is the largest application segment of the automotive silicone market. It is used in airbags, exhaust hangers, exterior trim, headlamps, hoses, grommets, and others. Automotive silicone plays a vital role in bonding & sealing, adding lubricity to weather stripping & side molding, auto paint additives, and others. It helps in improving the processing and efficiency of automotive components, owing to its properties such as high resistance to compression set and excellent electrical insulation. The use of silicone in interior & exterior application enhances and increases the performance and durability of automotive components. It also reduces the weight of automotive vehicles and lowers emission.

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Elastomers: The largest type segment of the automotive silicone market

Elastomers is one of the largest type segment of the automotive silicone market, as it is used in various applications such as interior & exterior, engine components, electrical, and others. Silicone elastomers are generally stable, non-reactive, and resistant to extreme environments and temperatures ranging from -55 °C to +300 °C with maintaining its useful properties. Silicone elastomers are widely used in the automotive industry to manufacture spark plug boots, connector seals, turbocharger hoses, silicone wiper blades, gaskets, and ignition cables. The use of silicone elastomers has revolutionized building and designing in the automotive industry.
APAC: The fastest-growing market for automotive silicone during the forecast Period.

APAC is expected to be the fastest-growing market for automotive silicone during the forecast period. The growing automotive industry in APAC has offered significant opportunities to the automotive silicone market to grow in the region. Increasing use of automotive silicone in various applications, such as exterior & interior, engine components, and electrical applications, is driving the automotive silicone market in APAC.

Asia Pacific is expected to be the fastest-growing market for automotive silicone during the forecast period.

China and India are among the fastest-growing economies in the world. India is projected to continue to be the fastest growing market for automotive silicone during the forecast period. The growth of the automotive silicone market in Asia Pacific can be attributed to the easy availability of raw materials used to manufacture these silicones and growing automotive industry. Lesser stringent regulations related to the use and manufacturing of the automotive silicone compared to North America and Europe also provide growth opportunities to the manufacturers of automotive silicone in the region.

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Major players such as DowDupont (US), Evonik (Germany), Shin-Etsu (Japan), Momentive Performance Materials (US), and Elkem (Norway) have adopted development strategies such as expansions, agreements & collaborations, and new product development to achieve growth in the automotive silicone market.

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