Global Automotive Silicone Market: Introduction
Silicone is a class of inorganic polymers made of repeating units of siloxane, which is a chain of alternating silicon and oxygen atoms. Silicone has properties such as high gas permeability, electric insulation, low chemical reactivity, flame retardancy, low thermal conductivity, low toxicity, resistance to ultraviolet (UV) light, thermal stability, and oxidative stability. Owing to these properties, silicone is increasingly used in various applications in the automotive industry. Since silicone products are increasingly being used in automobiles to improve reliability, safety, and comfort and make automobiles light in weight, silicone has become critical in evolution of the automobile technology.
Global Automotive Silicone Market: Trends & Developments
Growing use of silicone-based film adhesives in car customization is expected to drive the global automotive silicone market during the forecast period. With recent technological advancements in the paints & coatings industry, silicone is being increasingly used in combination with thermoplastics to provide paint finishes with scratch and mar resistance. The growing ownership of passenger cars led by growth of the economy and rising disposable income in countries such as India, China, Mexico, and Vietnam are expected to drive the market for automotive silicone in these countries in the near future.
Global Automotive Silicone Market: Segmentation
Based on type, the global automotive silicone market can be segmented into elastomers, fluids, resins, and gels. Silicone elastomers offer high durability and stable performance over a wide range of temperatures. They are used in the automotive industry as sealing materials, adhesives, and potting agents for ECUs (electronic control units) used in automobiles. Silicone resins are used to manufacture heat-resistant and flame-retardant binders and heat-resistant paints, as they produce films with excellent properties such as heat resistance, weather-ability, and water repellency. Based on application, the global automotive silicone market can be segmented into engine & drive train systems, interior & exterior, electrical systems, suspension systems, and others. Automotive silicone is consumed the maximum in the interior & exterior segment. Automotive silicone is used in bonding and sealing of interior and exterior cosmetic parts. It is also used for encapsulating and protecting of electric and electronic components such as airflow meters, pressure and temperature sensors, and ECUs (electronic control units).
Global Automotive Silicone Market: Regional Outlook
In terms of region, the global automotive silicone market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is expected to lead the global automotive silicone market, in terms of consumption, during the forecast period. This is attributable to the rising demand for automotive silicone from the automotive industry in Asia Pacific. Growth of the market for automotive silicone in Asia Pacific can be attributed to easy availability of raw materials used in the manufacture of automotive silicone and growth of the automotive industry in the region, especially in developing countries such as India, South Korea, and China. The market for automotive silicone in North America is expected to witness significant growth during the forecast period, due to revival of the economy and rise in automobile production. The market in Europe is projected to register a sluggish growth rate during the forecast period, due to sluggish growth of the economy in Europe.
Global Automotive Silicone Market: Key Players
Key players operating in the global automotive silicone market are ACC Silicones Ltd., Momentive, Shin-Etsu Chemical Co., Ltd., NuSil, DowDuPont, Kaneka Corporation, Primasil Silicones Limited, Evonik Industries AG, KCC Corporation, Wacker Chemie AG, Henkel AG & Co. KGaA, Rogers Corporation, Elkem ASA, Bostik, and Siltech Corporation.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
With a robust experience in creating exceptional market reports, Transparency Market Research has emerged as one of the trusted market research companies among a large number of stakeholders and CXOs. Every report at Transparency Market Research goes through rigorous research activity in every aspect. The researchers at TMR keep a close watch on the market and extract beneficial growth-boosting points. These points help the stakeholders to strategize their business plans accordingly.
TMR researchers conduct exhaustive qualitative and quantitative research. This research involves taking inputs from the experts in the market, focused attention on recent developments, and others. This method of research makes TMR stand out from other market research firms.
Here's how Transparency Market Research helps the stakeholders and CXOs through the reports:
Inculcation and Evaluation of Strategic Collaborations: The TMR researchers analyze recent strategic activities like mergers, acquisitions, partnerships, collaborations, and joint ventures. All the information is compiled and included in the report.
Perfect Market Size Estimations: The report analyzes the demographics, growth potential, and capability of the market through the forecast period. This factor leads to the estimation of the market size and also provides an outline about how the market will retrieve growth during the assessment period.
Investment Research: The report focuses on the ongoing and upcoming investment opportunities across a particular market. These developments make the stakeholders aware of the current investment scenario across the market.
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.