Silicone Market Outlook and Forecast 2019-2024 - High Market Potential in Structural Silicone Glazing (SSG)

/EIN News/ -- Dublin, Dec. 10, 2019 (GLOBE NEWSWIRE) -- The "Silicone Market by Type (Elastomers, Fluids, Resins, Gels), End-use Industry (Industrial Process, Building & Construction, Personal Care & Consumer Products, Transportation, Electronics, Medical & Healthcare, Energy), Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The global silicone market size is expected to grow from USD 20.4 billion in 2019 to USD 28.6 billion by 2024, at a CAGR of 7% during the forecast period.

The silicone market comprises major solution providers, such as The Dow Chemical Company (US), Wacker Chemie AG (Germany), Shin-Etsu Chemical Co. Ltd., (Japan), Elkem ASA (Norway), Momentive (US), KCC Corporation (South Korea), Evonik Industries AG (Germany), Gelest Inc. (US), and Innospec Inc. (US). The study includes an in-depth competitive analysis of these key players in the silicone market, with their company profiles, recent developments, and key market strategies.

Increasing demand from industrial process, building & construction, transportation, and electronics industries is expected to drive the silicone market

The silicone market is driven by various factors, such as high demand from industrial process, building & construction, transportation, and electronics industries. The growth of these industries is likely to further propel the market during the forecast period. However, fluctuation in the raw material prices is likely to hinder the growth of the market.

The elastomers segment is estimated to drive the global market during the forecast period

The silicone market has been segmented based on type into elastomers, fluids, resins, and gels & other products. Among these types, the elastomers segment accounted for the largest share of the market in 2018 and is likely to witness significant growth during the forecast period.

The market growth in this segment is attributed to its increasing use in various products, including voltage line insulators, cooking, baking, and; undergarments, sportswear and footwear; electronics; medical devices, and implants; and in household gaskets and O-rings. Some silicone elastomers are also used in the manufacturing of sealants. Their physiological inertness makes them suitable for use in the healthcare industry, especially for blood transfusions and in artificial heart valves & various prosthetic devices. These factors are expected to drive demand during the forecast period.

The industrial process end-use industry segment is projected to hold the largest market share during the forecast period

The industrial process segment is expected to hold the largest market share during the forecast period. It is growing rapidly due to the increasing demand for silicone materials in applications, such as lubricants, anti-foaming agents in offshore drilling, paper production, industrial coatings, and paint additives.

Silicone-based sealants are used in demanding industrial processes requiring resistance to high pressure, temperature and corrosion, and adaptation to all types of surfaces. Not only are they used as polymers, but they can also be added to polymers from other materials to improve their performance. Silicones also provide higher durability and resistance in industrial coatings as well as improved performance of lubricants. These factors are expected to drive the demand for silicone in the industrial process end-use industry during the forecast period.

The silicone market in APAC is expected to record the highest growth during the forecast period

APAC is expected to register the highest growth during the forecast period due to the increasing usage of silicone in various end-use industries such as industrial process, building & construction, personal care & consumer products, transportation, and electronics. China, India, Japan, South Korea, and Australia are providing enormous opportunities for the silicone market due to the presence of a large manufacturing sector in these countries.

Key Topics Covered

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in the Silicone Market
4.2 Silicone Market Growth, By Type
4.3 Silicone Market, By Type and Region
4.4 Silicone Market, By End-Use Industry

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Superior Properties of Silicone
5.2.1.2 High Demand for Silicone in the Electronics Industry
5.2.2 Restraints
5.2.2.1 Stringent Regulatory Policies for Silicone
5.2.3 Opportunities
5.2.3.1 Development of Antimicrobial Silicone Elastomers for the Healthcare Industry
5.2.3.2 Growing Demand in the Transportation Industry
5.2.3.3 High Market Potential in Structural Silicone Glazing (SSG)
5.2.4 Challenges
5.2.4.1 Fluctuating Raw Material Prices
5.3 Industry Trends
5.3.1 Porter's Five Forces Analysis
5.3.2 Bargaining Power of Suppliers
5.3.3 Threat of New Entrants
5.3.4 Threat of Substitutes
5.3.5 Bargaining Power of Buyers
5.3.6 Intensity of Competitive Rivalry
5.4 Macroeconomic Indicators
5.4.1 Personal Care and Cosmetics
5.4.2 Trends and Forecast in the Construction Industry
5.5 Trends and Forecast in the Transportation Industry
5.6 Growth Trend of World GDP

6 Silicone Market, By Type
6.1 Introduction
6.2 Elastomers
6.2.1 Increasing Use of Silicone Elastomers in the Transportation End-Use Industry Due to Excellent Properties
6.3 Fluids
6.3.1 Fluids are Used in Transportation and Cosmetics, Owing to Superior Temperature and Uv Resistance
6.4 Resins
6.4.1 High Demand in the Building & Construction Industry to Drive the Market
6.5 Gels & Other Products
6.5.1 Growing Demand From the Medical & Healthcare Industry Projected to Boost the Market

7 Silicone Market, By End-Use Industry
7.1 Introduction
7.2 Industrial Process
7.2.1 Excellent Resistance to Hydrolysis Makes Silicone Suitable for Use in the Industrial Process End-Use Industry
7.3 Building & Construction
7.3.1 The Use of Silicone Adhesives, Coatings, and Sealants in the Building & Construction Industry to Drive the Silicone Market
7.4 Transportation
7.4.1 Increasing Fuel Efficiency and Weight Reduction Drive the Demand for Silicone in the Transportation End-Use Industry
7.5 Personal Care & Consumer Products
7.5.1 Versatility and Unique Properties of Silicone Make It Suitable for Use in Personal Care & Consumer Products
7.6 Electronics
7.6.1 The Emerging Trend of Miniaturization in the Electronics Industry to Boost the Demand for Silicone
7.7 Medical & Healthcare
7.7.1 Biocompatibility, Low Surface Tension, High Permeability, and Pressure-Sensitive Properties Make Silicone Suitable for Use in Medical & Healthcare End-Use Industry
7.8 Energy
7.8.1 The Use of Silicone in Solar Panels and Wind Turbines to Drive the Market
7.9 Others

8 Silicone Market, By Region
8.1 Introduction
8.2 APAC
8.2.1 China
8.2.1.1 Increasing Industrial Activities and High Growth of the Electronics Sector are Expected to Boost the Market
8.2.2 India
8.2.2.1 The Growing Construction Industry and Rapid Industrialization are Driving the Market
8.2.3 Japan
8.2.3.1 Increasing Demand for Lightweight Passenger Vehicles and Growing Electronics Industry are the Market Drivers
8.2.4 South Korea
8.2.4.1 Increasing Government Investments for Research on the Use of Silicone Across Industries are Boosting the Market
8.2.5 Australia
8.2.5.1 Strong Spending in Building & Construction Activities is Likely to Drive the Market
8.2.6 Rest of APAC
8.3 Europe
8.3.1 Germany
8.3.1.1 The Demand for Silicone is Expected to Grow in the Transportation Segment
8.3.2 France
8.3.2.1 Increasing Use of Silicone in Personal Care & Cosmetic Products is Propelling the Market
8.3.3 UK
8.3.3.1 Increasing Demand for Silicone Elastomers in the Building & Construction Industry is Boosting the Market
8.3.4 Italy
8.3.4.1 The Rebound of the Industrial and Manufacturing Sectors is Favorable for the Market
8.3.5 Russia
8.3.5.1 The Immense Growth Potential of the Construction Industry is Lucrative for Market Growth
8.3.6 Turkey
8.3.6.1 Private and Public Investments in Infrastructural, Residential, and Institutional Construction Projects are Spurring the Market Growth
8.3.7 Rest of Europe
8.4 North America
8.4.1 US
8.4.1.1 The Demand Can Get Hampered With Growing Market Maturity
8.4.2 Canada
8.4.2.1 The Canadian Government's Efforts to Augment Residential and Public Infrastructure is Significantly Contributing to the Market Growth
8.4.3 Mexico
8.4.3.1 The Growth of the Industrial Sector and Building & Construction Industry is Expected to Drive the Demand for Silicone in the Country
8.5 South America
8.5.1 Brazil
8.5.1.1 Government's Efforts for the Country's Fiscal Sustainability Will Be Helpful for the Market Growth
8.5.2 Argentina
8.5.2.1 The Repair of Motor Vehicles, Motorcycles, and Personal and Household Goods Contributes Significantly to the Growth of the Silicone Market in Argentina
8.5.3 Rest of South America
8.6 Middle East & Africa
8.6.1 Saudi Arabia
8.6.1.1 The Highest Demand for Silicone is Generated From the Building & Construction Industry in the Country
8.6.2 UAE
8.6.2.1 The Building & Construction Industry Leads the Silicone Market in the Country
8.6.3 Rest of Middle East & Africa

9 Competitive Landscape
9.1 Overview
9.2 Market Ranking Analysis
9.3 Competitive Scenario
9.3.1 Expansions
9.3.2 Acquisitions
9.3.3 Agreements & Joint Ventures
9.3.4 New Product Launches

10 Company Profiles
10.1 Wacker Chemie AG
10.2 Shin-Etsu Chemical Co. Ltd.
10.3 Momentive
10.4 Elkem ASA
10.5 The Dow Chemical Company
10.6 Gelest Inc.
10.7 KCC Corporation
10.8 Evonik Industries AG
10.9 Innospec Inc.
10.10 Specialty Silicone Products, Inc.
10.11 Other Company Profiles
10.11.1 Zhejiang Xinan Chemical Industrial Group Co. Ltd.
10.11.2 Reiss Manufacturing Inc.
10.11.3 Siltech Corporation
10.11.4 Kaneka
10.11.5 CHT Group
10.11.6 Primasil Silicones
10.11.7 CSL Silicones
10.11.8 Sivance
10.11.9 Silicone Solutions
10.11.10 Silicone Engineering Ltd.

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