Automotive Silicone Market Segmentation By Product, Application, And Region

02/dic/2019 14:19:53 Grand View Research Contatta l'autore

Automotive Silicone Market

According to a report available on Grand View Research, Inc., the worldwide automotive silicone market was valued at USD 5.76 billion in 2017 and is anticipated to exhibit a healthy CAGR of 6.4% during the forecast period (2018-2025). Rise in automobiles manufacturing is likely to drive the market in the forthcoming years.

The other driving factors include growing demand for light weight vehicles and strict government regulations on harmful emissions by regular vehicles. Silicones are used in vehicles as coatings, sealants, rubber, and adhesives thereby reducing overall vehicle weight. Light weight vehicles follow the environmental regulations and have low fuel consumptions and hence are more likely to drive the demand in the years to come.

The other emerging trend in the market is increase in use of hybrid and electric vehicles and use of automotive silicone in the production of these vehicles. This is projected to provide lucrative opportunities for the development of the market in the near future.

Access Press Release of Automotive Silicone Market @ https://www.grandviewresearch.com/press-release/global-automotive-silicone-market

In September 2018, the Dow Chemical Corporation started with its silicone resin plant in Jiangsu’s Zhangjiagang to meet the increasing product demand and is likely to be functional by 2021. Similarly, in September 2018, Shin-Etsu Chemical Co., Ltd. declared its plan of growing its silicone productivity by 50%.

Asia Pacific will continue to account for a large share in the global arena throughout the forecast period due to high sales and production of automotive in the region and rising disposable income. In addition, rising use of silicone in numerous engine applications, such as interior and exterior and electrical systems is expected to drive its expansion in the forecast period.

Leading players operating in the automotive silicone market include Wacker Chemie AG, The Dow Chemical Company, Shin-Etsu Chemical Co., Ltd, and Momentive Performance Materials. Key manufacturers are constantly accepting strategic initiatives such as regional expansion, new product development, and mergers and acquisitions to stay ahead of the competition. 

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: www.grandviewresearch.com

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