Global Silicones Market to Hit US$ 22,000 Mn by 2026 with Increase in Automotive Industry

Published On : 29 Jan 2019

The global automotive silicone market is likely to witness significant growth during the course of forecast period from 2018 till 2026. The increasing awareness about the lightweight materials used in the production of automotive vehicles are driving growth of the global automotive silicone market in the year to come. The favorable properties of the silicone such as resistance to corrosion, ultraviolet rays, heat and chemicals are boosting demand for the global automotive silicone market. The growing demand to reduce the overall weight of the vehicle is another aspect contributing well for the growth of the global automotive silicones market in the upcoming years.

The silicone are also utilized in the adhesion films for vehicle customization is one of the important factor fueling growth of this market in the year to come. Additionally, silicone are also utilized in end using industries owing to favorable chemical and physical properties. This can be other advantage propelling demand for the automotive silicones market in the year to come. The supply of the silicone mainly depends on the following factors which includes growing environment protection, rate of exchange of currency. Furthermore, growing awareness among the consumers regarding the lightweight materials benefits are another trend supporting growth of this market, globally.  

Stringent Government Regulation May Limit Growth of Global Automotive Silicone Market

On the other hand, few market players are not enable to following the government stringent regulation and this compel the manufacturers to stop their production for a while during the government investigation process. This may create temporary shortage of the raw materials and fluctuating price of the raw materials is expected to hamper the overall growth of the global automotive silicone market in the near future. Furthermore, the vendors are unable to adhere stringent action against the dearth of supply and this is another factor restraining growth of the automotive silicone market in the foreseeable future.

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Prominent Players engaged in Research and Development Activities to Boost Market Growth

The manufacturers operating in the automotive silicone market are majorly focused towards technology advancement and research and development activities in order to gain foothold in the global market. The key players operating in this market are Wacker Chemie (Germany), Momentive Performance Materials (US), DowDupont (US). The key vendors are also strategically adopting various majors such as mergers and acquisitions in order to strengthen their geographical outreach.

Asia Pacific Dominate Global Automotive Silicone Market in Terms of Easy Availability

From a geographical point of view, Asia Pacific dominate the global automotive silicone market due to presence of large number of manufacturers in the region. This market is driven by silicone production facilities in these countries such as Japan, India and China. Several automotive manufacturers such as Volkswagen, Toyota, and General Motors are outsourcing their vehicle spare parts from the Asia Pacific countries due to low expense of the silicone in this region. This can be another factors majorly driving growth in the Asia Pacific regions.

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