Rockville, MD., July 15, 2024 (GLOBE NEWSWIRE) -- The global Siloxane Market is analyzed to reach a value of US$ 3.27 billion in 2024. According to a recently updated research report by Fact.MR, the market is calculated to expand at 6.1% CAGR from 2024 to 2034.
Siloxane finds widespread application in the construction industry. It is used in sealants, adhesives, and coatings, which are essential in modern construction practices. Furthermore, the electronics industry is another significant consumer of siloxanes. Siloxanes are used in the production of electronic components and devices due to their excellent insulating properties. Siloxanes' thermal stability, chemical resistance, and durability make them indispensable in applications like personal care, coatings, sealants, lubricants, and medical devices. Siloxane-based coatings and paints provide superior protection against UV radiation, moisture, and corrosion, enhancing building aesthetics and longevity.
The market faces challenges such as stringent environmental regulations and volatility in raw material prices. Despite these challenges, the market is projected to exhibit steady growth over the forecast period, thanks to continuous research and development activities that aim to discover new applications and improve the properties of siloxanes. Researchers and manufacturers are continuously innovating to explore new applications and formulations, addressing emerging challenges and evolving consumer preferences.
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Key Takeaways from the Siloxane Market Study:
- The global siloxane market is forecasted to reach a value of US$ 5.91 billion by 2034-end.
- Worldwide sales of siloxanes are forecasted to rise at 6.1% CAGR from 2024 to 2034.
- East Asia is calculated to occupy 27.1% of the global market share by 2034-end.
- The market in Japan is analyzed to expand at 5.1% CAGR from 2024 to 2034.
- Sales of siloxane resins are forecasted to reach US$ 2.91 billion by 2034-end.
- Demand for siloxanes in Canada is projected to increase at 5.4% CAGR through 2034.
“Government support and investments in research and development are leading to innovation in siloxane formulations, further boosting market growth,” says a Fact.MR analyst.
Leading Players Driving Innovation in the Siloxane Market:
Key Players in siloxane industry are Dow Chemical Company, Momentive Performance, Materials Inc., Wacker Chemie AG, Shin-Etsu Chemical Co., Ltd., Elkem ASA., 3M, Akzo Nobel N.V., Evonik Industries AG.
Robust Industrial Activities and Rising Need for High-Performance Materials in East Asia
Demand for phenyl-based and methyl-based siloxane resins is gaining traction due to their versatility and performance characteristics. In East Asia, sales of siloxanes are rising at a steady pace due to the region's industrial growth and increasing demand for advanced materials.
Growing industrialization and urbanization in countries such as China and India have fueled the need for siloxane-based products, thus contributing to market growth. The exceptional thermal stability, weather resistance, and chemical inertness of siloxane resins have made them indispensable in various applications.
Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Type:
- Elastomers
- Fluids
- Resins
Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Application:
- Electrical & Electronics
- Construction
- Transportation
- Health & Personal Care
- Chemical Intermediates
Siloxane Industry News:
To keep ahead of the competition, major companies in the siloxane market are leveraging their strong production capabilities, extensive distribution networks, and creative product development. These market participants are basing their strategy on offering premium items at competitive prices, together with outstanding customer support, in the face of intense competition.
- A limited government-use license for Sherwin-Williams Company's patented non-skid coating, based on polysiloxane and created at the US Naval Research Laboratory, was acquired in 2022.
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More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the siloxane market for 2019 to 2023 and forecasts market statistics for 2024 to 2034.
The study divulges essential insights into the market based on siloxane market by type (elastomers, fluids, resins) and application (electrical & electronics, construction, transportation, health & personal care, chemical intermediates), across seven major regions of the world (North America, Latin America, Eastern Europe, Western Europe, East Asia, South Asia & Pacific, and MEA).
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