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)
- Elastomers
- Adhesives
& Sealants
- Resins
- Others
Application Outlook (Volume, Kilo Tons; Revenue, USD
Million, 2014 - 2025)
- Interior
& Exterior parts
- Engine
& Drive Train parts
- Electrical
systems
- Suspension
systems
- Others
Regional Outlook (Volume, Kilo Tons; Revenue, USD
Million, 2014 - 2025)
- North
America
- U.S.
- Europe
- UK
- Germany
- Asia
Pacific
- China
- Japan
- India
- Central
& South America
- Brazil
- 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.
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