Selbyville, Delaware, Dec. 05, 2018 (GLOBE NEWSWIRE) --
The worldwide silanes market is set to grow from its current value of USD 2.3 billion to over USD 3.9 billion by 2024; according to a new research report by Global Market Insights, Inc. Shifting focus from conventional energy sources to unconventional sources of energy in order to preserve the natural resources for the future generation is likely to drive the market size by 2024.
Product is widely applicable in the production of solar cells which are applicable in the generation of solar energy mainly in European and North America economy and increasingly in Asia Pacific. Therefore, solar cells production is on the rise to meet the rising energy demand from residential, commercial and industrial sector mainly in the growing economies including India, Singapore and Malaysia.
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Product is widely used in producing silicones, which are used in the electronics industry, as a key component of solar grade silicon which require high purity. Additionally, product also finds application in various other electronic components such as semiconductor, electronic chips, printed circuit boards, light emitting diodes, etc., which will help attain growth parameters for silanes market by 2024.
Shifting focus towards paper packaging materials as opposed to plastic packaging materials due to rising regulations and compliance against plastic is probable to hamper the global silanes market growth by 2024. However, extensive product use across several end-user industries such as automotive, construction, paints & coatings, packaging, etc. will generate enough opportunities for market share by 2024.
Silane market for organofunctional silanes is projected to witness gains of more than 7.5% in the coming years. Organofunctional silane are compounds with Si-C bond and are mainly used as coupling agents to promote the adhesion of organic matrices to inorganic substrates. These products find extensive applications in the form of adhesives, sealants, fillers, pigments, sol-gel system, foundry resin, silicones, etc. for various end-user industries including paints & coatings, construction, electronics, automotive, packaging, plastics, rubber, etc.
Browse key industry insights spread across 122 pages with 206 market data tables & 26 figures & charts from the report, “Silanes Market Size By Type (Halosilane/Hydride Functional Silane, Organofunctional Silane), By Applications (Fiber Glass & Mineral Wool, Paints & Coatings, Polyolefin Compounds, Adhesives & Sealants, Sol-Gel System, Fillers & Pigments, Foundry & Foundry Resin, Silicones), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, Saudi Arabia, UAE), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/silanes-market
Based on application, the silanes market for adhesives & sealants contributed close to 15% of the overall industry share in 2017. Product is extensively used in adhesives & sealants to improve the adhesiveness of the end-product. Sealants serve dual purpose which includes preventing the passage of water, air and chemical through a zone where applied and as an adhesion to the surface. Silane can form durable bonds in metal, glass, ceramic and other surfaces. Therefore, these types of sealants are used in a range of industries including aerospace, automotive, construction, etc. Furthermore, product also finds application in foundry & foundry resin in achieving the necessary strength at relatively low content of binder.
North America silanes market revenue was valued close to USD 500 million in 2017. It is mainly due to strong electronics industry growth which is due to strong R&D initiatives by the key players as product is widely used as a key component of semiconductors, circuit boards, electronic chips, photovoltaic cells, etc. Product is highly preferred in the production of solar cells for the solar energy power generation mainly in the U.S., as the country has technical expertise, environmental conditions, and technology. The region has world’s largest solar installations, which will be a major contributor to solar energy generation and henceforth in driving product demand, which will have positive impact on the market size by 2024.
The major silane market share companies are Dow Corning, Evonik Industries, ONICHEM, Tokyo Chemical Industry, Air Liquide, Momentive Performance Materials and Gantrade Corporation. Few of these market players are making substantial investment to boost the overall production to capture the regional market share. For example, Momentive Performance Materials has recently opened a new NXT silane production plant in the Leverkusen Chempark, with an objective to double the silane production in Europe.
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.