Global Automotive Silicone Market to Reach $3.4 Billion by 2028, Fueled by Growing Automotive Industry and Advancements in Technology

Dec 29, 2023

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25 Jul, 2023, 13:15 ET

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DUBLIN, July 25, 2023 /PRNewswire/ -- The "Automotive Silicone Market by Type (Elastomers, Resins, Gels, Fluids), Application (Interior & Exterior, Engines, Electrical, Tires) and Region (North America, Europe, Asia Pacific, Middle East & Africa, South America) - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.

The global automotive silicone market is projected to witness substantial growth, reaching USD 3.4 billion by 2028, with a CAGR of 7.3% from USD 2.4 billion in 2023.

The key catalyst for this expansion is the surging demand from the growing automotive industry, driven by increased investments in infrastructure projects, smart cities, and technological advancements.

The automotive silicone market plays a critical role in the automotive electrical segment, providing reliable power transmission, exceptional damping, and insulation characteristics. It finds extensive applications in ignition cables, spark plug boots, and high-tension (HT) cables, ensuring smooth electrical connectivity and protection from heat and environmental factors.

With its remarkable attributes, automotive silicone enhances power transfer efficiency, improves electrical system performance, and safeguards against voltage disruptions or leaks, ultimately bolstering vehicle reliability and performance.

Regionally, Asia Pacific emerged as the largest market for automotive silicone in 2022, in terms of value. The region's market growth is driven by industrial expansion, a flourishing automotive industry, and continuous innovation. China, in particular, is expected to witness high growth during the forecast period due to its significant use of automotive silicone in various applications.

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For more information about this report visit https://www.researchandmarkets.com/r/gqn2ud

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