Automotive Silicone Market Future Challenges, SWOT Analysis, Expert Review, and Industry Growth Outlook 2030
Automotive Silicone Market
Silicone is an
element which has moved from being used in microprocessors in engines of cars
to widespread applications in the entire body of the car. Improvements in
silicon chip technology which furthered the development of processor-based
systems has driven the demand for the element. The emphasis on low carbon
emissions and fuel efficiency is expected to be a banner period (2018-2023) for
the global automotive silicone market, as per the analysis of Market Research
Future (MRFR).
Market Outlook
The Automotive
Silicone Market is expected to achieve a windfall due to the upswing
noticed in sales of vehicles in the automotive sector. High demand for
lightweight vehicles due to rapid urbanization and changing lifestyles of
consumers can drive the market. This trend is supported by properties of
silicone such as durability, resistance, and strength. The use of silicone in
exterior paints, car parts, tires, and other parts can spur the market demand
exponentially during the forecast period.
The skyrocketing
gas prices has led to manufacturers shift to elements which can lower vehicle
weight and overall emissions. Governments regulations such as the Corporate
Average Fuel Economy (CAFÉ) which has specified standards for controlling fuel
consumption rates and emission levels can positively impact the market.
Consumer awareness of the element as well as emerging trends of electric
vehicles (EVs) and hybrid vehicles can favor the global automotive silicone
market till 2023.
But high
production cost of vehicles and the exorbitant prices charged for silicone
rubber are challenged faced by the market.
Get a Free
Sample PDF Brochure - https://www.marketresearchfuture.com/sample_request/5828
Segmentation Analysis
The global
automotive silicone market is segmented on the basis of the product,
application, and region.
Products
discussed include adhesives & sealants, resins, elastomers, and others.
Major
applications in the global automotive silicone market are engine & drive
train system, suspension system, interior & exterior, electrical system,
and others
Regional Analysis
Asia Pacific
(APAC), Latin America, Europe, North America, and the Middle East & Africa
(MEA) are five major regions considered for the market report.
APAC is currently
in the lead in the global automotive silicone market on account of the skyrocketing
production and sales of vehicles in the region. This can be credited to the expansion
of the automotive industry in Japan, China, and India. Presence of major
automotive manufacturers in the Asia Pacific region such as Honda, Nissan, Hyundai,
Toyota, Ford, and others can drive the demand further owing to the need for
outward appearances. Moreover, government regulations pertaining to the
lowering of CO2 emission levels can influence regional market growth.
The North
America region market is expected to exhibit a modest growth rate on account of
the reviving automotive industry. The demand for fuel-efficient vehicles along
with high disposable income levels are anticipated to fuel the market growth in
the region.
Get Complete
Report for Better Understanding —
https://www.marketresearchfuture.com/reports/automotive-silicone-market-5828
Europe is anticipated
to enjoy massive growth due to the increased production of electric vehicles
owing to its renewable energy goals. The export of automotive parts in Western
European countries such as Germany, the U.K., and others can contribute to the
regional automotive silicone market.
Latin America,
on the other hand, is driven by high sales of vehicles in Brazil. While the
growing demand for luxury and passenger vehicles in the MEA is likely to propel
the market growth in the coming years.
Competition Outlook
CSL Silicone
Inc., Wacker Chemie AG, ACC Silicones Ltd, Evonik Industries AG, Rogers
Corporation, Bostik, KCC Corporation, Kaneka Corporation, Elkem Silicone,
Momentive, Dow Corning Corporation, Shin-Etsu Chemical Co., Ltd., Nusil, and
other are some of the primary manufacturers of silicone.
Industry Update
ExxonMobil has
decided to expand its capacity by establishing a unit in Wales. This will lead
to higher production of thermoplastic elastomers which has major applications
in the automotive sector.
About Market
Research Future:
Market Research
Future (MRFR) is a global market research company that takes pride in its
services, offering a complete and accurate analysis with regard to diverse
markets and consumers worldwide. Market Research Future has the distinguished
objective of providing the optimal quality research and granular research to
clients. Our market research studies by products, services, technologies,
applications, end users, and market players for global, regional, and country
level market segments, enable our clients to see more, know more, and do more,
which help answer your most important questions.
Market Research
Future
99 Hudson
Street,5Th Floor
New York, New
York 10013
United States of
America
Phone:
+1 628 258
0071(US)
+44 2035 002
764(UK)
Comments
Post a Comment