The market size of automotive silicone is expected to reach USD 3.33 billion by 2023 from USD 2.37 billion in 2018, at a CAGR of 7.1% from 2018 to 2023
NEW YORK, August 29, 2018 /PRNewswire/ -- Growing automotive industry is one of the major factors driving the market for automotive silicone.
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The market size of automotive silicone is expected to reach USD 3.33 billion by 2023 from USD 2.37 billion in 2018, at a CAGR of 7.1% from 2018 to 2023. The growth of the automotive industry is driving the market for automotive silicone. The automotive industry is growing rapidly, owing to the increasing population, rising income level, improving standards of living, and growing demand for high-performance vehicles.
Electrical is projected to be the fastest-growing application segment of the market for automotive silicone during the forecast period.
Automotive silicone is widely used in the electrical application.It is anticipated to be the fastest-growing application segment of the automotive silicone market from 2018 to 2023.
Automotive silicone possesses excellent dielectric properties as well as high electrical insulation, which makes it ideal for use in power transmission, damping & insulation, ignition cables, sparkplug boots, battery seals, connectors, and others.
Rising demand in APAC is the major driver for the automotive silicone market.
Asia Pacific is expected to be the fastest-growing market for automotive silicone during the forecast period.APAC is a rapidly emerging economy.
Hence, foreign investors and automotive manufacturers are establishing their production plants in this region. The growth of the market in this region can be attributed to the easy availability of raw materials and growing automotive industry.
The breakdown of primary interviews is given below.
• By Company Type: Tier 1 - 46%, Tier 2 - 31%, and Tier 3 - 23%
• By Designation: C Level - 54%, D Level - 31%, and Others - 15%
• By Region: North America - 23%, Europe - 31%, Asia Pacific - 38%, and RoW - 8%
The report also provides company profiles and details the competitive strategies adopted by major market players, such as DowDupont (US), Evonik (Germany), Shin-Etsu (Japan), Momentive Performance Materials (US), Evonik (Germany), and Elkem (Norway).
Research Coverage
The market is segmented based on type, application, and region.This report covers the automotive silicone market, in terms of value and volume, and forecasts its market size till 2023.
The report also provides company profiles and competitive strategies adopted by key players in the automotive silicone market.
Reasons to Buy the Report
The report will help the market leaders/new entrants in this market in the following ways:
1. The report segments the automotive silicone market comprehensively and provides the closest approximations of the revenue for the overall market and the subsegments and regions.
2. The report helps stakeholders understand the pulse of the market and provides information on key market drivers, restraints, and opportunities.
3. The report helps stakeholders understand their competitors better and gain additional insights into the business. The competitive landscape section includes expansions, new product developments, partnerships & collaborations, and mergers & acquisitions.
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