Global Automotive Silicone Market Size 2024, Forecast To 2033

The automotive silicone market market size has grown strongly in recent years. It will grow from $6.99 billion in 2023 to $7.51 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to automotive manufacturing growth, stringent emission standards, rise in consumer demand for comfort, increased vehicle electrification, performance and durability requirements. The automotive silicone market market size is expected to see strong growth in the next few years. It will grow to $10 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to the shift to electric and hybrid vehicles, advancements in lightweighting, demand for advanced safety features, autonomous vehicle development, environmental sustainability focus. Major trends in the forecast period include integration in advanced interiors and electronics, expansion of coatings for exterior applications, development of silicone-based tires, emphasis on sustainable solutions.