Global Automotive Silicone Market Set to Grow at a CAGR of 6.8%

Cited from:https://pixabay.com/zh/illustrations/ai-generated-manufacturing-industry-8201501/

According to Market Research firm Persistence Market Research, the global automotive silicone market is on a growth trajectory with an estimated compound annual growth rate of 6.8%. It is expected to increase from $26 billion in 2023 to $42 billion in 2030. The market involves the production, distribution, and use of silicone products in the automotive industry, including seals, gaskets, adhesives, lubricants, and coatings. Despite the challenges of high initial investment, intense competition, and strict regulatory standards, new entrants have opportunities for innovation, partnerships, niche market focus, and sustainable solutions. With the continued robust growth in automotive sales, the demand for automotive silicone is expected to remain strong.