Specialty Silicone Market
The specialty silicone market is growing at a rapid pace. The market growth attributes to the massive consumption of specialty silicone across the end-use industries. Spurting growth in major end-use industries, including personal care, electronics, health care, and building construction due to the rising global economy, is the key driving force for market growth. Growing usages of specialty silicone in the manufacturing of lightweight components is another key growth driver for the market.
Moreover, the rising consumption of specialty silicone in the aircraft and automobile manufacturing sectors escalates the market demand to furthered height. According to Market Research Future (MRFR), the global specialty silicone market is projected to grow at an impressive CAGR during the assessment period (2017 to 2023). Advantageous properties such as resistance to high temperature, weather conditions, and low compression, allow specialty silicone to garner a vast market prominence.
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The aircraft building and automotive manufacturing industries accelerate the market growth, consuming a considerable amount of the product. Additionally, factors such as the increasing per capita income and consumer purchasing power influence the growth of the market. Simultaneously, growing applications of specialty silicone in the medical device manufacturing support market growth.
Conversely, the poor abrasion and oil petroleum resistance properties of specialty silicone, act as major growth impeders for the market. Nevertheless, the cost-effectiveness of silicone materials would support the growth of the market, keeping the demand for silicone elastomer up during the forecast period.
Major Players:
Players driving the global specialty silicone market are Wacker Chemie AG (Germany), Momentive (US), Dow Corning Corporation (US), Elkem AS (Norway), Evonik Industries AG (Germany), Shin-Etsu Chemical Company (Japan), AB Specialty Silicones (Illinois), KCC Basildon (UK), and Siltech Corporation (Canada), among others.
Specialty Silicone Market – Segmentation
The report is segmented into three dynamics;
By Type : Silicone Greases, Silicone Elastomers, Silicone Surfactants, Silicone Textile Softeners, Silicone Polish, and others.
By End-use Industry : Healthcare, Textiles, Electronics, and others.
By Regions : Americas, Europe, Asia Pacific, and Rest-of-the-World.
Global Specialty Silicone Market – Geographical Analysis
The Asia Pacific region dominates the global Specialty Silicone Market. The largest market share attributes to the growing population and economy across the region. Moreover, burgeoning construction industries in Vietnam, China, South Korea, India, and Indonesia create substantial market demands.
Additionally, increasing government funding, alongside the exponential growth in healthcare, personal care, textile, and electronic sectors, plays a significant role in growth contribution. The APAC specialty silicone market is expected to retain its dominance throughout the forecast period.
North America is another lucrative market for specialty silicones. The well-established automobile industry drives the market in the region. Also, rising investments in infrastructure development activities and the rapidly growing building construction industry, in Canada and the US boost the regional market growth. Besides, the vast consumption of specialty silicone in the electrical and electronics industry creates substantial market demand.
Europe is an emerging market for specialty silicone, showing promising growth prospects. The market is majorly driven by the well-developed industries in the region, such as automobiles, healthcare, and cosmetics. Besides, the growing cosmetic and personal care industry in the region absorbs a vast amount of specialty silicone, driving the growth of the market. The transportation industry is a significant consumer for specialty silicones in Europe.
The aircraft, aerospace, and automobile manufacturing industries backed accelerate the regional market growth, witnessing a massive demand for lightweight and fuel-efficient components. Moreover, the proliferating medical device industry in the region propels the growth of the market. The European specialty silicone market is estimated to grow at a noteworthy CAGR during the forecast period.
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Global Specialty Silicone Market – Competitive Landscape
Highly competitive, the specialty silicone market appears fragmented due to the presence of several large and small players. To gain a larger competitive share, industry players incorporate strategic initiatives such as mergers acquisitions, collaboration, expansion, and product/technology launch. They transpire huge investments in RD and to increase their global footprints.
These players focus on optimizing situational awareness to ensure their mission success. Pharmaceutical desiccant manufacturers use a variety of distribution channels and appropriate modifications to provide high quality and consistency of the product.
Industry/ Innovation/ Related News:
December 30, 2019 ---- Elkem ASA (Norway), a leading global supplier of advanced silicon-based materials, announced the acquisition of a Chinese silicone elastomer resins material manufacturer – Polysil. The acquisition complements Elkem product and market positions, increasing its further specialization and growth in China.
Polysil holds a strong position in pharmaceutical-grade silicone used in food, baby care, medical, and electronics products. Elkem produces silicones and silicon alloys for the foundry industry, carbon, and micro-silica sector through the value chain, holding attractive market positions in specialty ferrosilicon alloys and carbon materials.
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