Global Specialty Silicones Market - Segmented by Product Type, End-user Industry, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global specialty silicones market is expected to register a CAGR of around 7% during the forecast period, 2018 to 2023. Asia-Pacific accounted for the largest market in 2017. Asia-Pacific is also expected to register the fastest growth during the forecast period.
Rising Demand from the Construction Sector
The construction sector is one of the major end users in the specialty silicone market. Silicone, owing to their waterproofing abilities, weather & temperature resistant properties, UV stability, and protective glazing applications are used extensively in the construction sector. The global construction industry grew at a decent pace during 2017. However, it is anticipated that it will increase by ~4% in 2018, with the rising construction activities in the Middle East & Africa, and Asia-Pacific (especially in China, as the government is planning to support the economy through infrastructure programs and public investments). Additionally, the construction industry in North America, especially in the United States, is expected to witness a steady growth in the construction sector, owing to rapid expansion in the residential sector and repaired construction sector. With the construction industry projected to grow in the near future, the demand for specialty silicones is expected to increase through the forecast period.
Silicone Elastomers – The Dominant Product Type
Silicone elastomers are used in a vast variety of applications, ranging from silicone-based sealants for use in the construction industry to the formulation of color cosmetics & skin care products in the personal care sectors. However, the growing need for separate individual silicone formulations for a wide range of applications has forced the silicone manufacturers to develop and produce end-user sector-specific specialty silicone elastomers. Owing to the various benefits of similar tailor-made elastomers, including desired properties and cost-effective production, they are increasingly finding usage in a variety of applications, especially in the healthcare, electronics, automotive, and energy (solar) sectors.
Asia-Pacific the Largest Market
Asia-Pacific is the most dynamics region as it is home to two of the rapid developing economies, China and India. The industrial production and manufacturing sector has seen augmented growth, which has driven the market for specialty silicones. China’s investment policy has helped in witnessing the establishment of new manufacturing units by major MNCs. For example, Evonik has started a new plant in Shanghai for the production of Specialty Silicones in 2017. Specialty silicones are used in various applications such as health care & pharmaceuticals, automotive, electronics, textiles, oil & mining industries, construction, agriculture and others. With huge demand and potential from various end-user industries, the consumption of specialty silicones is expected to increase during the forecast period, driven by the growth in developing economies in the region.
Key Developments in the Market
September 2017: Evonik Industries AG has announced the completion of its Shanghai plant to produce specialty silicones
Major Players: Dow Corning Corporation, Wacker Chemie AG, Momentive, Shin-Etsu Chemical Co., Ltd., Elkem Silicones, and Evonik Industries AG, amongst others.
Reasons to Purchase this Report
Growing demand from construction sector will drive the market
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
Product type and end-user industry that are expected to dominate the market
Region that is expected to witness fastest growth during the forecast period
Identifying the latest developments, market shares and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet in excel
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