Market Overview:
Specialty Silicones are used in wide range of end-user
industries owing to its excellent properties such as thermal stability, low
toxicity, low chemical reactivity, and heat and water resistance among others.
The rising demand for skin and healthcare products coupled with the increased
application in construction, automobile, electronics, fertilizer and chemical
manufacturing among others are also significantly contributing to the growth of
the market.
The Global Specialty Silicones Market has been driven by the
range of its application in various sectors such as textile, electrical,
automobile, and agriculture, and others. Moreover, it is estimated that the
silicone elastomer product segment is set to witness the highest growth in the
market due to the growing consumption of silicone elastomers in medical
devices, aerospace, automobiles, medical implants, and dental during the
forecast period, 2018-2023.
Competitive Analysis:
·
Dow Corning Corporation (U.S.)
·
Wacker Chemie AG (Germany)
·
Momentive (U.S.)
·
Shin-Etsu Chemical Company (Japan)
·
Elkem AS (Norway), Evonik Industries AG
(Germany)
·
Siltech Corporation (Canada)
·
AB Specialty Silicones (Illinois)
·
KCC Basildon (U.K)
Market Segmentation:
Regional Analysis:
The Global Specialty
Silicones Market is spanned across five key regions: Asia Pacific,
North America, Europe, Latin America, and the Middle East & Africa. Among
these, Asia Pacific holds a major share of the market and is expected to be the
fastest growing market with an expanding CAGR. The presence of the most
populated economies of the world such as India and China in this region has
augmented the demand for various sectors such as construction and healthcare
among others which in turn is anticipated to fuel the demand for Specialty
Silicones in the region. Moreover, the growing automobile demand is further
adding to the market growth owing to the excellent adhesive qualities of the
product. In addition, the growing electrical and electronic sector mainly in
Japan and China are also expected to contribute to the market growth owing to
the vast usage of Specialty Silicones as an insulating material, construction
material and processing aids in the electrical and electronics industry.
Europe region is estimated to witness a significant growth
owing to the presence of the well-developed cosmetic and personal care
industry. The use of Specialty Silicones as protection and repairing material
for skin and hair has augmented its demand in the region, which is expected to
be the major factor driving the European market.
The North American market of Specialty Silicones is
mainly driven by the U.S. and Canada. The presence of the developed end-user
industries coupled with the increasing adoption rate is the major factor
contributing significantly to the growth of the market. Moreover, the growing
investments in the infrastructural development are further expected to add to
the growth of the market.
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The Global Specialty Silicone Market is segmented into type
and end-use industry. On the basis of type, the market is segregated into
antifoam / defoaming agents, silicone elastomers, silicone greases, silicone
surfactants, silicone polish, silicone textile softeners, silicone water
repellents, thin silicone membranes, and others. The market by the end use
industry is further categorized textiles healthcare, electronics, construction,
cosmetic and personal, automotive, and others.
Market Scenario:
The Silicone Elastomer Market type segment is anticipated to
observe a higher CAGR during the forecast period. The efficiency and superior
qualities of silicone elastomers such as low surface friction, thermal
resistance, tear resistance, and self-adhesive properties pave its way into
many end-use industries. The burgeoning construction in the developing region
throughout the globe is expected to boost the market demand during the forecast
period.
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