Silicone In Car Care Products Market: Current Analysis and Forecast (2022-2028)
Emphasis on Product Form (Silicone and Specialty Silicones); Application (Paint Preservatives, Polishes, Spray Wax, Leather & Vinyl Care, Tire Care Products, Plastic Care, and Others); End-User (DIY and Professional/Commercial); and Region/Country
Global Silicone in Car Care Products Market is expected to grow at a significant rate of around 3% during the forecast period. Silicone is defined as a colorless oil or rubber-like substance. Silicone is a commonly used ingredient in car care products, particularly in products used to clean and protect the exterior and interior surfaces of a car. Silicone is a synthetic polymer that is known for its water-repellent, non-stick, and heat-resistant properties. These characteristics make silicone a useful ingredient in car care products, as it can help to provide a protective barrier against water, dirt, and other environmental contaminants, while also making surfaces easier to clean and maintain. In addition, many major players are working on launching advanced-featured silicone products in the market. For instance, in May 2022, Dow launched the new mouldable optical silicone for adaptive driving beam (ADB) light guides in cars. Factors such as increasing automotive sales coupled with growing awareness regarding the appearance and maintenance of the vehicle are growing the demand for the product in the market. Major companies in the market are expanding their businesses of silicone in car care products for better automotive applications. For instance, in Nov 2019, Rain-X Expanded its Premium Silicone Wiper Blade Portfolio with the Launch of Rain-X Silicone Endura to defend itself from the damage caused by the ozone, UV rays, wet weather, extreme temperatures, and normal driving wear and tear.
3M; CHT Germany GmbH; Evonik Industries AG; Dow; Momentive; Henkel AG & Co. KGaA; SONAX GmbH; Wacker Chemie AG; Shin-Etsu Chemical Co., Ltd.; Armor All. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst product form, the silicone category is expected to grow with a robust CAGR during the forecast period”
Based on product form, the market is bifurcated into silicone and specialty silicones. The silicone category is expected to grow with a robust CAGR during the forecast period. This is mainly because silicone is used in interior parts such as gaskets, hoses, connector seals, fuel system valves, diaphragms, and dashboards because they are more exposed to regular wear and tear. Moreover, silicones are utilized in the formulation of polishes, waxes, and protectants to change a certain property of the constituents. They are recognized for their exceptional oxidative stability, weathering resilience, and low-temperature flexibility. Additionally, these polymers have low surface tension and can moisten most surfaces due to which silicone is highly preferred in the market. Thus, due to these factors silicone demand is growing across the globe.
“Amongst application, the spray wax is expected to grow with a considerable CAGR during the forecast period”
On the basis of application, the market is categorized into paint preservatives, polishes, spray wax, leather & vinyl care, tire care products, plastic care, and others. Among these, the spray wax is expected to grow with a considerable CAGR during the forecast period. This is owing to the properties of spray wax in improving or changing a particular property of another substance. As, spray wax with a silicone basis helps shield the surface of the car against damage brought on by normal environmental factors such as pollution, sun, rain, pollutants, weather, and bird droppings. Thus, increasing the demand for spray wax in the automotive industry is further accelerating the growth of the market.
“North America is anticipated to grow at a substantial CAGR during the forecast period”
North America is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the large and diverse, with a wide range of products available for cleaning, polishing, and protecting different surfaces of a car within the region. The presence of car care product manufacturers and their establishments for vehicle care centers within the region is anticipated to boost market expansion. Additionally, silicone products offer a range of benefits such as protection, shine, and durability for cars. That leads to customer awareness of the advantages of silicone in car care products, leading to increased consumption of the silicone in car care products market in the region.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global silicone in car care products market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Silicone in Car Care Products Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global silicone in car care products market were the three major steps undertaken to create and analyze the adoption of silicone in car care products in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global silicone in car care products market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the silicone in car care products market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the silicone in car care products market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product form, application, and end-user. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the silicone in car care products market. Further, we conducted factor analysis using dependent and independent variables such as various product forms, applications, and end-user of silicone in car care products. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the silicone in car care products market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global silicone in car care products market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the silicone in car care products market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global silicone in car care products market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global silicone in car care products market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of product form, application, and end-user in the global silicone in car care products market.
The main objective of the Global Silicone in Car Care Products Market Study
The current & future market trends of the global silicone in car care products market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the silicone in car care products market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of product form, application, and end-user.
- Define and analysis of the regulatory framework for the silicone in car care products
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the silicone in car care products market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the silicone in car care products market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
Related Reports
Customers who bought this item also bought
India 3PL Market: Current Analysis and Forecast (2024-2032)
Emphasis on By Services (Domestic Transportation Management, International Transportation Management, Value-Added Warehousing and Distribution); By End User (Automobile, Chemical, Construction, Consumer Retail, Energy, Manufacturing, Life Sciences and Healthcare, Technology, and Others), and Regions (North India, East India, West India, and South India)
November 5, 2024
