Global silicones Report: Global Outlook and Growth Analysis by 2027
Competitive analysis
The
major players operating in the silicones market include Dow Corning Corporation
(U.S.), Wacker Chemie AG (Germany), Shin-Etsu Chemical Co., Ltd. (Japan),
Momentive (U.S.), Elkem Silicones (Norway), Evonik Industries (Germany), KCC
Corporation (South Korea), GELEST, INC. (U.S.), NuSil Technology LLC (U.S.),
Specialty Silicone Products, Inc. (U.S.), Saint-Gobain Performance Plastics
(France), and BASF SE (Germany) among others.
Market Overview:
Silicones
are versatile and unique polymers because addition of different compounds and
molecules to the main structure improve or alter the original properties. They
are used with chemicals and materials often without generating undesired odor
or byproduct. Moreover, they retain their fundamental chemical as well as
physical properties when exposed to extreme environment condition and
temperature. They are widely utilized in various end-use applications such as
automotive & transportation, building & construction, medical &
healthcare, industrial process, personal care & consumer products, and
others on account of their superior properties such as resistance to UV and IR
radiation, strong water repellency, and extremely strong adhesion qualities.
Some
of the prominent factors that positively influence the growth of the silicones
market are increasing per capita disposable income, improved living standards,
and rapid industrialization. Moreover, continuous growth of the building &
construction industry in the developing countries worldwide is estimated to
propel the market over the assessment period. Huge investment in the ongoing
innovation and research & development projects by the major key operational
players and high adoption rate within the end use industries are set to
influence silicones demand positively. Furthermore, coatings and adhesives made
from silicones provide excellent durability and better performance, which make
them suitable for utilization in automotive and construction industries.
However, volatility in raw material prices is estimated to hinder the growth of
the market.
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Regional Analysis
The
market in the Asia Pacific is predicted to register the fastest growth, which
is further followed by Europe and North America owing to growing demand from
numerous end-use industries such as automotive, personal care, and building
& construction among others. The North American market is expected to
witness a steady growth with the U.S. and Canada being major contributors.
Europe is estimated to witness an average growth over the assessment period on
account of increasing demand for silicones in automotive and textile sector
specifically in Germany, Poland, Spain, and the U.K. Numerous countries of
Latin America and the Middle East & Africa are estimated to register a
moderate growth due to increasing disposable income along with rising
consumption of personal care.
Market Segmentation:-
Globally,
silicones market is categorized on the basis of type and application. On the
basis of the type, the market is categorized into resins, fluids, gels, and
elastomer. Silicone elastomer can be further segmented into liquid silicone
rubber, high temperature vulcanized silicone elastomers, and room temperature vulcanized
silicone elastomers. Silicone fluids are further bifurcated into straight
silicone fluid and modified silicone fluid. Silicone resins can be segmented
into methyl silicone resin, phenyl silicone resin, and silicone combination
resin. Among them, the elastomer accounted for the largest market share in 2016
on account of rising use of this elastomer in the automotive &
transportation and construction industries. On the basis of the application,
the market is segmented into building & construction, personal care &
consumer products, automotive & transportation, medical & healthcare,
industrial process, and others. Other application include, electrical &
electronics, paper, textile, and energy. Among these, automotive &
transportation is estimated to grow at a significant CAGR due to increasing
automotive production and sales along with increasing use of silicone in the
manufacturing of automotive components.
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