LONDON--(BUSINESS WIRE)--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, “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.”
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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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