Global Automotive Silicones Market to Witness High Demand from Developing Countries| Technavio
LONDON–(BUSINESS WIRE)–#Automotive—Technavio
market research analysts forecast the global
automotive silicones market to grow at a CAGR of close to 6%
during 2018-2022. The rising demand for pedestrian airbags is a key
trend, which is expected to impact the growth of the market.
Pedestrian airbags are likely to revolutionize road safety. Automotive
silicones are used for coating these airbags. They are installed at the
bottom of the windshield, outside the car and are deployed when the
sensors detect a collision with a pedestrian. Product development and
innovation will drive the growth of the global automotive silicones
market.
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In this report, Technavio researchers identify the increased demand for
automotive silicone from developing countries as one of the key factors
contributing to the global automotive silicones market:
Increased demand for automotive silicone from
developing countries
Developing economies such as India, China, Brazil, Mexico, the
Philippines, and Indonesia are the key contributors to the global
automotive silicones market. Many OEMs of highly automotive silicones
are shifting their manufacturing facilities to these countries due to
various factors such as availability of raw materials, relatively cheap
labor, lower transportation costs and favorable government policies.
According to a senior analyst at Technavio for specialty
chemicals research, ÔÇ£The emergence of China and India as the
manufacturing hubs in APAC is expected to drive the demand for
commercial vehicles. The increase in per capita income, road
infrastructure, and the rise in the number of vehicles owned in APAC
will drive market growth.ÔÇØ
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Global automotive silicones market – segmentation and analysis
This market research report segments the global
automotive silicones market by application (interior and
exterior, engine and drivetrain systems, electrical systems, suspension
systems, and others) and key regions (Americas, APAC, and EMEA).
Based on application, the interior and exterior segment accounted for
close to 36% of the market share in 2017. However, the market share of
this segment is expected to witness a small decline over the forecast
period. The electrical systems segment will witness the maximum increase
in its market share by 2022.
In 2017, APAC dominated the global automotive silicones market with a
market share of close to 41%, followed by EMEA and the Americas. APAC.
The market share of APAC is expected to witness the maximum growth over
the forecast period while the other two regions will see a decline in
their market shares.
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