Pune, India, Sept. 13, 2022 (GLOBE NEWSWIRE) -- The global silicone market will derive growth from the increasing applications of the product across the world. According to a report by Fortune Business Insights, titled “Silicone Market Size, Share, and Regional Forecast, 2022-2029,” the market will rise at a considerable pace driven by the presence of several large scale manufacturers across the world.
Silicone is a polymer that comprises of siloxane compound. The product possesses a few exceptional properties that make it suitable for applications across diverse industry verticals. The properties that have enabled a widespread application scope include no toxicity, no chemical reactivity, and low thermal conductivity.
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The massive investments in research and development of silicon and the efforts taken to integrate environmentally friendly materials will create several growth opportunities for the companies operating in the global market. The presence of several large-scale companies will subsequently emerge in favor of the growth of the overall market in the coming years. The widespread applications of the product make it one of the most popular products across the world.
List of companies profiled in the Silicone Market report:
- BASF.SA
- The Dow Chemical Company
- Wacker Chemie AG
- Evonik Industries
- Gelest Inc.
- Innospec
- Elkem
- Siltech Corporation
The rapid spread of the coronavirus has created a sense of urgency across the world. With strict measures taken to curb the spread of the disease, several major businesses have come to a standstill. Due to travel bans, companies in this sector are likely to take a huge hit in the coming years. Ultimately, the rapid spread of the disease has urged governments to take strict measures.
The report includes the impact on Covid-19 pandemic on the global market and discusses how major companies are coping with this. We are taking continuous efforts to help your business sustain and grow during the COVID-19 pandemic. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreaks across industries to help you prepare for the future.
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Base Year | 2021 |
| Historical Data | 2018-2020 |
| Region Covered | North America, Europe, Asia Pacific, Latin America, Middle East & Africa, and the Rest of the World |
| Segments Covered | By Type, End-user and Regional Insights |
| Silicone Market Growth Drivers | Increasing Product Applications across Diverse Industry Verticals will Emerge in Favor of Market Growth |
| Elkem Silicones Unveils New Silicone Rubber Manufacturing Unit in China; Increasing Investments in Product R&D have Yielded a Few Exceptional Innovations |
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Report Coverage:
The report presents a systematic study of the Silicone market segments and a thorough analysis of the market overview. A thoughtful assessment of the present market trends as well as the future prospects is offered in the report. Furthermore, it presents an exhaustive analysis of the regional insights and how they aid to develop the market growth.
The COVID-19 impacts have been conversed in the report to help investors and business professionals with a better understanding of the latent jeopardies present in the market. The report further converses the prime players and their prominent strategies to preserve their position as dominating companies.
Drivers and Restraints:
Increasing Number of Company Mergers and Acquisitions will have a Massive Impact on Market Growth
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Among all factors, the increasing number of company mergers and acquisitions has had the highest impact on the growth of the overall market in recent years. In December 2019, Elkem ASA announced that it has completed the acquisition of Polysil. The latter is a China-based silicone elastometers and resins company.
Through this acquisition, Elkem will look to maximize the resources of both companies by combining the product portfolios. This will help the company establish a wider consumer base and subsequently generate higher revenues in the coming years. An increasing number of such company acquisitions will provide impetus to the growth of the market in the foreseeable future.
Regional Insights:
Asia Pacific to Emerge Dominant; Increasing Product Use in Electronics Industry to Aid Growth
The report analyses the ongoing market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in Asia Pacific is projected to emerge dominant in the coming years.
The rise of the electronics industry across this region driven by applications of the product in this industry will have a positive impact on the growth of the market in the coming years. The presence of several large scale companies in countries such as India, China, and Japan will emerge in favor of market growth. Besides Asia Pacific, the market in North America will also rise at a considerable pace driven by the presence of several large scale manufacturers in this region.
Industry Developments:
December 2019: Elkem Silicones inaugurated a new manufacturing line for silicone rubber in China, at the company’s Xinghuo site. With this new production line, the company will strengthen its production and expand its business in the rubber industry.
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