Fior Markets launched a study titled “Silicones Market by Product (Fluids, Gels, Resins, Elastomers, Others), Application, Regions”,and Global Forecast 2019-2026.
The global silicones market is expected to grow from USD 13.34 Billion in 2018 to USD 19.56 Billion by 2026, at a CAGR of 4.90% during the forecast period 2019-2026.Increasing utilization of silicones in various applications such as flame resistant, airtight gasket, and water proofing in the construction and electrical & electronics sector is anticipated to bolster demand for the silicones over the forecast period.
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The elastomer segment dominated the market by accounting the highest market value of USD 5.77 billion in 2018
Product segment is divided into fluids, gels, resins, elastomers, and others. The elastomers segment dominated the global silicone market by accounting the highest market value of USD 5.77 billion in 2018. Due to the superior chemical resistance, water repellency, and easy coloring properties the silicone elastomers are extensively utilized in various end user industries. The high cost of producing the silicone elastomers may hamper the segment growth and due to this thedemand for the fluids are increasing. The fluids segment is anticipated to grow as the second-largest segment due to its shear stability and low volatility and excellent resistance properties. Fluids are widely used in producing release agent, hydraulic oils, damping fluids, and transformer oils.
The transportation segment is anticipated to grow at a CAGR of 6.97% in 2019-2026
The application segment includes electrical& electronics, transportation, construction, textiles, pharmaceuticals and others. Due to their stability over a wide temperature range and excellent tear resistance, the silicone based grease and lubricants are used in a wide ranging applications. As a result, the transportation segment is expected to grow at the highest CAGR of 6.97% over the forecast period. However, the construction segment is anticipated to dominate the global silicones market by accounting highest market size during the forecast years. This dominance of the construction segment is due to increasing demand in construction owing to the high strength and moisture resistance properties provided by the silicone as well as rapid industrialization.
Regional Segmentation Analysis:
The regions analyzed for the global silicones market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. Due to the huge demand from rapidly growing construction, automobile and electrical & electronics sectors, the Asia Pacific region emerged as a leader in the global demand for silicones with USD 5.71 billion revenue in 2018. Furthermore, the trend towards the low manufacturing costs as well as the increasing usage of electro-active polymers will enhance Asia Pacific regional segment growth. On the other hand, the North America region has also accounted for a significant market share of the global silicones market in 2018.
Even though factors such as rapid growth of electronics industry, growing demand for strong and lightweight materials from the automobile industry as well as superior chemical and physical properties of silicones are driving the global silicones market, the volatility in the raw material prices coupled with environmental regulations on silicone manufacturing process are expected to dampen the market growth over the forecast period.
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Major players in the global silicones market are Shin-Etsu, Silchem, Inc., ICM Products Inc., Silteq Ltd., WackerChemie GmbH, Specialty Silicone Products, Inc., Evonik Industries AG, Hutchinson,KemiraOyj, Allergan, Ashland Incorporated, CSL Silicones Incorporated, CRI-SIL Silicone Technologies, LLC, RUSNANO, Quantum Silicones, Dow Corning Corporation, Momentive Performance Materials Inc., Trelleborg AB, Bluestar Silicones International Co., Ltd., and among others.The Shin-Etsu, Ashland Incorporated, MomentivePerformance Materials Inc.,KemiraOyj, Dow CorningCorporation, EvonikIndustries AGand WackerChemie GmbH are the top leading companies in the global silicones market. The companies are adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership to maintain their presence in the global silicones market. For instance, in 2019, Trelleborg completed the acquisition of Sil-Pro, LLC; a U.S. based manufacturer of silicone and thermoplastic medical components. This strategic acquisition expanded the capabilities of Trelleborg’sSealing Solutions with medium volume silicone products as well as it added Sil-Pro’s thermoplastic capabilities to the current Trelleborg Sealing Solutions Healthcare & Medical component portfolio.
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