Global automotive silicone market projected to reach $3.1 billion by 2027
Pune, India – The global automotive silicone market size is projected to grow from USD 2.2 billion in 2022 to USD 3.1 billion by 2027, at a CAGR of 7.1% between 2022 and 2027 according to Research and Markets.
Rising demand from emerging markets and growth of transportation industry globally are expected to offer significant growth opportunities to manufacturers of automotive silicone.
The electrical segment had a share of 27.7% in the overall automotive silicone market, in terms of value, in 2021. Silicones are used in ignition cables, also known as spark plug wires which are a part of the ignition system. They transfer the spark from the distributor or ignition coil to spark plugs that ignite the air-fuel mixture, starting the engine. These spark plug wires are insulated with multiple layers of silicone to prevent jumping of sparks to adjacent wires and causing misfires.
Radiator sealant in engines is a chemical that is applied to the radiator wall and forms a coating around it to prevent leakage. Automotive silicone is one of the most versatile material that is used in radiator seals. Automotive silicones are available in various forms, such as sealant, tape, and epoxy. Automotive silicone seals are more used as they last longer than the rubber seals that are present in the market.
Europe is the second-largest market for automotive silicone. Germany, Italy, France, Spain, and the UK are the major countries in the European automotive silicone market. The region has a strong industrial base in developed economies such as the UK, France, Italy, Spain, and Germany. The trend of reducing vehicle weight to increase fuel efficiency is driving the market for automotive silicones in the transportation industry in Europe. Germany was the largest market for automotive silicones in Europe in 2021. The key reason for Germany being the largest automotive silicones market in the region is the presence of a huge automobile industry in the country.