The global automotive silicone elastomers market is anticipated to grow at a CAGR of 3.8% during the forecast period (2022-2028). Silicone rubbers or elastomers are defined as a range of heat stable elastic silicone materials used for electrical insulation as sheet, tape, wire and cable coverings, extruded sleeving and moldings, unsupported, however, more extensively as coated glass-fiber cloths, tapes and braided glass sleeving. Silicone elastomers are commonly employed in high-performance applications, particularly in hostile situations where other polymeric materials cannot be used. The market growth is majorly attributable to the growing need for silicone elastomers in the field of automotive.
The utility of silicone elastomers in the automotive vertical is propelled by the significant demand for passenger and commercial vehicles. For instance, as per the OICA, total vehicle sales including the passenger cars and light commercial vehicles, had increased to 92,654,055 units in 2018 from 91,458,490 units in 2016. Such augmented vehicle sales have surged the growth of the global automotive silicone elastomers market. Although, the high cost of silicone elastomer in comparison to other elastomers coupled with the instability in the prices of raw material may hamper the global automotive silicone elastomers market.
Some major players in the market include Elkem ASA, Wacker Chemie AG, and Momentive Performance Materials Inc., among others. The market players are eyeing on strengthening their position in the market by adopting various strategies as mergers and acquisitions, partnerships, new product launches, and collaborations. For instance, in December 2021, Pexco LLC declared the acquisition of Performance Elastomers Corp. (PEC). Based in Ohio, US, PEC engaged in the manufacturing of dense and sponge elastomer products, which comprises both rubber-based and thermoplastic elastomers used in marine and heavy equipment, recreational vehicle, and automotive aftermarket applications. With this acquisition, Pexco is focusing on expanding the silicone and thermoplastic elastomer products and widening capabilities which aims to comprise other high performance polymer solutions. This will enable to deliver even greater value to its customers in the truck aftermarkets, mobility, and recreational vehicle as well as expand into applications across other industries where such kinds of specialized products are required.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Application
- By Vehicle Type
- By Location
- Regions covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape: Elkem ASA, Wacker Chemie AG, and Momentive Performance Materials Inc., among others.
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Global Automotive Silicon Elastomers Market Report by Segment
By Application
- EV Battery Seals
- Airbags
- Engine Gaskets
- Headlamps
- Ignition Cables
- Radiator Seals
- Vibration Damping
- Shock Absorber
- Others
By Vehicle Type
- Passenger Vehicles
- Commercial Vehicles
By Location
- Interiors
- Exteriors
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
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