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The predicted growth for the automotive silicones market share from 2021 to 2026 is USD 1.14 billion at a progressing CAGR of 6.46%.
This automotive silicones market forecast report extensively covers segmentations by:
The automotive silicones market report offers information on several market vendors, including BASF SE, CHT Germany GmbH, CRI-SIL Silicone Technologies LLC, CSL Silicones Inc., The Dow Chemical Co., Elkem ASA, Evonik Industries AG, H.B. Fuller Co., Henkel AG and Co. KGaA, International Silicone Technologies, Kaneka Corp., Momentive Performance Materials Inc., Primasil Silicones Ltd., Rogers Corp., Shin Etsu Chemical Co. Ltd., Silicone Engineering Ltd., Siltech Corp., United Silicones Ltd., and Wacker Chemie AG among others. Furthermore, our analysts have provided valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches for the coming years.
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Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The growing demand for fuel-efficient and low-emission vehicles is notably driving the automotive silicones market growth, although factors such as fluctuations in raw material prices may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the automotive silicones market industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Automotive Silicones Market Driver
The growing demand for fuel-efficient and low-emission vehicles is one of the key drivers supporting the automotive silicones market growth. There has been an increasing demand for EVs due to the growing consensus among governments and consumers to reduce emissions. This, in turn, will drive the demand for EVs during the forecast period. Moreover, the use of silicones for producing automobile components contributes significantly to vehicle weight reduction, thereby ensuring improved fuel efficiency and low emissions of pollutants such as carbon dioxide, nitrogen oxide, and sulfur dioxide. For instance, the US Environmental Protection Agency (EPA) estimates that a 10% reduction in vehicle weight increases fuel economy by 5%-7%. Thus, the growing environmental concerns and rising focus on sustainability for fuel-efficient and low-emission vehicles will contribute to the growth of the automotive silicones market.
Key Automotive Silicones Market Trend
Increasing demand for silicone adhesive films for car customization is one of the key automotive silicones market trends fueling the market growth. Silicones are expected to play a major role in facilitating the adhesion of films and wrappings on vehicles during the forecast period. They display excellent bonding properties and ensure that the films are bonded well with the surface. Silicones are basically versatile materials and can be used for removing and dissolving tough adhesives from vehicles. Moreover, they can be used for creating full or partial car coverings. Silicone films can stretch up to 40% beyond their original size and can be molded to fit snugly around curves, providing a perfect finish with no bubbles or wrinkles. As a result, car owners can customize their vehicles without re-coating. Such factors will fuel the automotive silicones market growth during the forecast period.
Key Automotive Silicones Market Challenge
Fluctuations in raw material prices is one of the limitations hindering the automotive silicones market growth. Silicon metal is a key raw material used for producing automotive silicones. The manufacturing of all types of silicones requires polymers that are mainly derived from crude oil. Thus, the market depends heavily on the oil and gas industry. Meanwhile, the cost of energy required for manufacturing automotive silicones, transportation charges, and the cost of secondary materials are rising. For instance, in 2020, Wacker Chemie proposed to increase the price of silicones, silicone polymers, and silicone fluids due to an increase in the cost of raw materials and energy used in manufacturing process. Thus, the fluctuating prices of raw materials can hamper the growth of the global automotive silicones market during the forecast period.
This automotive silicones market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global automotive silicones market as a part of the global automotive components and accessories market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the automotive silicones market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the automotive silicones market encompasses successful business strategies deployed by the key vendors. The automotive silicones market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The automotive silicones market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the automotive silicones market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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70% of the market's growth will originate from APAC during the forecast period. China, Japan, and India are the key markets for the automotive silicones market in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The growing adoption of automobiles in China will facilitate the automotive silicones market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the COVID-19 pandemic had a negative impact on the regional automotive silicones market. However, in 2021, the initiation of mass COVID-19 vaccination drives by the governments in the region led to a decline in the number of COVID-19 cases. This led to the lifting of COVID-19-related restrictions and the resumption of manufacturing operations of regional automotive silicone manufacturers. These factors will drive the growth of the regional automotive silicones market during the forecast period.
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The automotive silicones market share growth by the interior and exterior segment will be significant during the forecast period. The use of automotive silicones in applications, such as in the formulation of paint additives, seat belt lubricants, synthetic leather seats, and damping oil for meters, is expected to increase. Silicone elastomers are used for bonding, sealing, and potting automotive components. Thus, bonding and sealing of interior and exterior cosmetic parts in automotive accessories will foster automotive silicones market growth.
This report provides an accurate prediction of the contribution of all the segments to the growth of the automotive silicones market size and actionable market insights on post COVID-19 impact on each segment.
Silicones- The market size has the potential to grow by USD 6.20 billion during 2021-2025, and the market's growth momentum will accelerate at a CAGR of 6.42%.
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Automotive Silicones Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.46% |
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Market growth 2022-2026 |
$ 1.14 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
6.28 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 70% |
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Key consumer countries |
US, China, Japan, India, and Germany |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
BASF SE, CHT Germany GmbH, CRI-SIL Silicone Technologies LLC, CSL Silicones Inc., The Dow Chemical Co., Elkem ASA, Evonik Industries AG, H.B. Fuller Co., Henkel AG and Co. KGaA, International Silicone Technologies, Kaneka Corp., Momentive Performance Materials Inc., Primasil Silicones Ltd., Rogers Corp., Shin Etsu Chemical Co. Ltd., Silicone Engineering Ltd., Siltech Corp., United Silicones Ltd., and Wacker Chemie AG |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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