A vehicle's suspension system is like a bunch of mechanical parts that connect the wheels to the main frame or body of the vehicle. People who design cars spend a lot of time working on these suspension systems to make sure that when you ride in a car, it feels smooth and safe. Most new cars have a suspension system that helps to make the ride comfortable and prevent the car from bouncing too much.
The market for these suspension systems is pretty big, valued at about USD 49,595.31 million in 2020. It's expected to grow by 5.5% every year from 2021 to 2027. There are different types of suspension systems, like active, semi-active, and passive ones. They work in different ways to make sure the ride is just right for the driver and passengers.
But, there are some challenges. The rules and standards for making these suspension systems are not the same everywhere, which can slow down the growth of the market. On the other hand, new and lighter materials and the need for special suspension systems for electric and hybrid cars could open up new opportunities for companies in this market.
The market is divided into different regions like North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. Different types of vehicles, like passenger cars, commercial vehicles, electric vehicles, and two-wheelers, also play a role in this market. There are different ways people can buy these systems, either when the car is first made (OEM) or later on as an upgrade (aftermarket).
As we look ahead, we can expect more advancements and changes in the world of automotive suspension systems, all aimed at making our rides safer, smoother, and more comfortable.
Report Attribute/Metric | Details |
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Growth Rate | Â Â 6.88% 2030 |
Global Automotive Silicone, by the application (%)
Â
Source: MRFR analysis
The global automotive silicone market is segmented into five regions of Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa.
Asia Pacific is the leading region in the global automotive silicone market on account of the high production and sales of automotive in the region. The growing automotive industry in Japan, India, and China is the major factor driving the growth of the global market. The major automotive manufacturers in Asia Pacific region include Toyota, Honda, Nissan, Ford, Hyundai, and others. Furthermore, government regulations concerning the reduction of CO2 emissions and for environmental protection are likely to augment the market growth.
The North American regional market is growing on account of reviving automotive industry. The demand for the fuel-efficient vehicle along with the high disposable income is anticipated to fuel the market growth in the region.
Europe is expected to witness a significant growth due to the increased production and exportation of automotive parts in western European countries such as Germany, U.K, and others.
The increasing production and sales of automotive in Brazil is the major factor driving the global automotive silicone market in the Latin American region.
The growing demand for automotive in the Middle East & Africa is likely to propel the market growth in the coming years.
The global automotive silicone market is segmented on the basis of the product, application, and region.
The global automotive silicone market is segmented on the basis of the product as elastomers, adhesives & sealants, resins, and others.
By the application, the global automotive silicone market is segmented into interior & exterior, electrical system, engine & drive train system, suspension system, and others.
Geographically, the global automotive silicone market is spanned across five regions namely Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Some of the manufacturers operating in the global automotive silicone market are Wacker Chemie AG (Germany), Dow Corning Corporation (U.S.), Momentive (U.S.), Elkem Silicone (U.S.), Shin-Etsu Chemical Co., Ltd. (Japan), Rogers Corporation (U.S.), Nusil (U.S.), Bostik (U.S.), Evonik Industries AG (Germany), KCC Corporation (South Korea), ACC Silicones Ltd (U.K), CSL Silicone Inc. (Canada), and Kaneka Corporation (Japan).
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