Global Silicones Market Estimated to Reach US$ 22,000 Mn by 2026; Market Driven by Rise in Manufacture of Electric and Electronic Products in Asia Pacific – TMR

The global silicones market was valued at around US$ 13,700 Mn in 2017 and is anticipated to expand at a CAGR of more than 5.0% from 2018 to 2026

Albany, New York, Dec. 05, 2018 (GLOBE NEWSWIRE) — Some of the prominent participants in the global silicones market are DowDuPont, Wacker Chemie AG, Evonik Industries, Shin-Etsu Chemical Co. Ltd., and Momentive Performance Materials Inc. Together they account for around half the market share. This makes the global silicones market somewhat consolidated. However, this does not mean competition is tepid. Across the market, key stakeholders are seen emphasizing on expanding their geographical footprints organically. To that end, they are also seen strengthening their distribution channels and ecommerce.

The global silicones market is the subject of a report by Transparency Market Research. The report finds that the market would rise at a steady 5.0% from 2018 to 2026. The report uncovers that the value of the said market was US$13.7 bn in 2017.

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In order to examine the global silicones market in-depth, the report segments it based on different parameters. One of those is the form. The report states that elastomers, fluids, and resins are the three different forms in which it is found. Among the three, the segment of elastomers is predicted to rise at maximum pace in the next couple of years. This is because of their usage in various industries, namely transportation, consumer goods, construction, and electrical and electronics. Geographically, the Asia Pacific silicones market accounts for maximum share. In 2017, its leading market value stood at US$5.77 bn.

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Rising Car Sales Benefitting Global Silicones Market

At the forefront of driving the global silicones market is the transportation industry. Elaborates our in-house analyst, “The proliferating car sales is playing a pivotal role in pushing up sales in the global silicones market. Silicones find usage in making car components, namely ignition coils, airbags, engine seals, turbocharge hosing, engine seals, gaskets, radiator seals, turbocharge hosing, and hoses.”

The report finds that new applications of silicones in almost every segment of transportation such as automotive, aviation, and marine are being invented. For instance, they are being also used in the production of deck cleats, windscreens, bilge pump seals, storage hatches, and deck seals in marine vessels. Silicones find application in lighting, fuel tanks, overhead bins, sealants in in-flight entertainment, and hydraulic gear boxes during aircraft manufacturing.

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Silicones See High Uptake Cause of Excellent Physical and Chemical Properties

The reason for the high uptake of silicones is their excellent performance. They have excellent chemical and physical properties. Adds our lead analyst, “Silicones are resistant to cold, moisture, heat, and many chemicals. Further they are also not affected by UV radiations. This makes them an ideal choice. All these are stoking growth in the global silicones market.

Fluctuating Raw Material Prices Hampers Market

Posing a major challenge to the market, on the other hand, is the volatility in raw material prices. This drives up prices of the final products, which in turn is passed on to customers. The price fluctuation is because of several reasons. Two of them are environment protection norms and currency exchange rates.

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The review is based on the findings of a TMR report, titled, “Silicones Market (Form – Fluids, Elastomers, Resins; Application – Rubber, Coatings, Emulsions, Sealants; End use Industry – Consumer Goods, Construction and Architecture, Transportation, Energy, Electrical and Electronics, Paper, Textiles) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018–2026.”

The report segments the Global Silicones Market into the following:

Global Silicones Market, by Form

• Fluids
• Elastomers
• Resins

Global Silicones Market, by Application

• Rubber
• Coatings
• Emulsions
• Sealants
• Others (Greases etc.)

Global Silicones Market, by End-user Industry

• Consumer Goods
• Construction & Architecture
• Transportation
• Energy
• Electrical & Electronics
• Paper
• Textiles
• Others (Healthcare etc.)

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