Automotive Silicone Market Worth $9.47 Billion By 2025 | CAGR: 6.4%
Automotive Silicone Industry Overview The global automotive silicone market size was valued at USD 5.76 billion in 2017 and is projected to witness a CAGR of 6.4% from 2018 to 2025. Automotive silicones have applications in interior & exterior, electrical systems, and suspension systems of vehicles. Superior characteristics of the product make it highly compatible with rubber, adhesives, sealants, and coatings, which increases their preference over other products. Increasing the production of automobiles is the key driving factor behind the growth of this market. For instance, according to the International Organization of Motor Vehicle Manufacturers (OICA), the global production of commercial vehicles and cars grew at a CAGR of 2.04% from 2014 to 2017. The production increased by around 2 million units in 2017 from 2016. Automotive silicones help reduce the overall vehicular weight thereby enhancing fuel efficiency and reducing harmful emissions. Thus, strict regulations about h...