New Jersey, NJ, July 15, 2019 (GLOBE NEWSWIRE) -- Fior Markets launched a study titled, "Silicones Market by Product (Fluids, Gels, Resins, Elastomers, Others), Application, Regions, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2019 to 2026". As per the report, 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.
Silicones belong to a family of specialty, high performance materials. Silicones are polymers containing synthetic compound made up of repeating units of siloxane. Silicones are characteristically heat-resistant and either liquid or rubber-like, and are commonly used in sealants, adhesives, lubricants, medicine, cooking utensils, and thermal and electrical insulation. Owing to their molecular structure, silicones can be manufactured in many forms including solids, liquids, semi-viscous pastes, greases, oils and rubber. Silicones exhibit a wide range of chemical and physical properties, such as flexibility, resistance to moisture, chemicals, heat, cold and ultraviolet radiation etc. Thus, increasing utilization of the silicones in various applications such as flame resistant, airtight gasket, and water proofing in the construction sector is anticipated to bolster demand for the silicones over the forecast period.
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Global Silicones Market Key Findings:
- The 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. But, the volatility in the raw material prices coupled with environmental regulations on the silicones manufacturing process is likely to dampen the global silicones market growth.
- The increasing use in the construction industry as an energy-efficient and green material, growing demand for the housing and commercial structure, and potential use in the aerospace sector is evolving new opening for the expansion of the global silicones market. Furthermore the growing trend of the online consumers has increased the supply of the finished good.
- 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 repellence attribute, and easy colouring 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 the demand 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 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.
- The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. The Asia Pacific region emerged as the largest market for silicones with a 42.78% share of market revenue in 2018.
- 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 silicones market. The region is also a home to the rapidly growing electronics and automobile industry. As a result, the Asia Pacific region dominated the global silicone market.
- On the other hand, the North America region has also accounted for a significant market share of the global silicones market in 2018. Healthy demand from the construction, transportation and electronics sector were the key driving factors behind this increased demand.
- 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’s Sealing 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.
- For instance in 2016, Dow Corning High Performance Building Solutions introduced new Dow Corning® IE 6686 Water Repellent, a next-generation, silicone-based microencapsulation/ emulsion for fiber-reinforced cement (FRC) admixtures that delivers excellent resistance to water uptake and efflorescence.
- Major players in the global silicones market are Shin-Etsu, Silchem, Inc., ICM Products Inc., Silteq Ltd., Wacker Chemie GmbH, Specialty Silicone Products, Inc., Evonik Industries AG, Hutchinson, Kemira Oyj, 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.
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All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment.
This study forecasts revenue growth and volume at global, regional, and country levels from 2016 to 2026. Fior Markets has segmented the global Silicones market on the basis of below mentioned segments:
Global Silicones Market by Product:
- Fluids
- Gels
- Resins
- Elastomers
- Others
Global Silicones Market by Application:
- Electricals & Electronics
- Transportation
- Construction
- Textiles
- Pharmaceuticals
- Others
Global Silicones Market by Region:
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Asia-Pacific
- Japan
- China
- India
- South America
- Brazil
- Middle East and Africa
- UAE
- South Africa
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