Market Insights:
The global specialty silicone market is accruing pervasively, witnessing
massive demand from industries, such as personal care, electronics, health care, and building &
construction, among others. Enormous demand generated by these industries is
acting as a key tailwind to the growth of the market.
Advantageous properties, such as resistance to intense heat (temperature), environmental resistance,
and low compression are allowing specialty silicone to garner a vast market
prominence. The automotive industry is escalating the market on the global
platform, consuming a considerable amount of the product.
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Industry/ Innovation/ Related
News:
August 16, 2019 ---- Elkem ASA (Norway), a leading global
provider of silicones and silicon solutions announced the acquisition of
Basel Chemie (Korea), a leading producer of specialty silicone gels for
cosmetics and water repellents. The acquisition gives Elkem access to leading
technology in attractive end-user silicone segments, providing a solid platform
for further development and growth.
Acquiring Basel is in line with Elkem’s strategy to take further
positions in selected, specialized silicone segments. Further, the acquisition
is expected to strengthen Elkem’s position in downstream specialized silicones.
Basel’s products complement Elkem’s market offerings, and hence, their addition
would bring additional technologies to its specialty portfolio
in Asia where Elkem is strongly positioned.
Market Segmentation
The report is segmented into three market
dynamics to widen the scope of understanding,
By Type : Silicone Elastomers, Silicone Greases,
Silicone Surfactants, Silicone Polish, and Silicone Textile Softeners, among
others.
By End-use Industry : Textiles, Healthcare,
and Electronics, among others.
By Regions :
North America, Europe, APAC, and Rest-of-the-World.
Major Players:
Players leading the global specialty silicone market include Wacker
Chemie AG (Germany), Dow Corning Corporation (US), Momentive (US), Elkem AS
(Norway), Shin-Etsu Chemical Company (Japan), Evonik Industries AG (Germany),
AB Specialty Silicones (Illinois), Siltech Corporation (Canada), and KCC
Basildon (UK), among others.
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Regional Analysis
The Asia Pacific region is the dynamically largest market for specialty
silicone, globally. The APAC
has the edge over other regions in terms of size and revenues of the market.
The growing population and economy in the developing nations are driving the
growth of the specialty silicone market. Moreover, the burgeoning construction
industry in China, Vietnam, South Korea, Indonesia, and India is creating huge
market demand. Additionally, increasing government expenditure and the
exponential growth in healthcare, personal care, textiles, and electronics is
also significantly contributing to the regional market growth.
The specialty silicone market in the North American region is another
lucrative market, globally. The presence
of well-established automobile industry in the region is creating huge market
demand. Furthermore, rising investments in the building & construction
industry for infrastructure development activities, especially in the US and
Canada are further boosting the regional market growth. Also, the electrical and electronics industry
in the region is absorbing a vast amount of specialty silicone, witnessing
rising demand for consumer electronic devices.
The European specialty silicone is emerging as a promising market,
globally. The market is majorly driven by the well-developed automobile,
healthcare, and cosmetic industry in the region. Besides, the augmenting
consumption of specialty silicones in the cosmetic and personal care industry is
driving the growth of the market. Owing to the accelerating demand for
lightweight and fuel-efficient vehicles and aircraft, the automobile and
aerospace industry accounts for the largest consumer for specialty silicones.
Moreover, the proliferating medical device industry is propelling the regional
market growth.
Competitive Analysis
Highly competitive, the specialty silicone market appears to be
fragmented due to the presence of
several well-established players. To gain a competitive advantage, these
players incorporate strategic approaches, such as mergers & acquisition,
collaboration, expansion, and technique & product launch. Besides, greater
commercialization of their products, promotion initiatives through trade exhibitions,
and increased collaboration are other important strategies adopted by vendors
in the market.
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