LONDON, Feb. 4, 2020 /PRNewswire/ -- TheBusinessResearchCompany.com offers "Global Silicone Market Report 2020" segmented into elastomers, fluids, gels, others and complete report is spread in more than 150+ pages.
Increasing Demand For Green Chemicals Will Drive The Silicone Market At 6.5% CAGR.
The global silicone market was worth $120.43 billion in 2019. It is expected to grow at a compound annual growth rate (CAGR) of 6.5% and reach $155.12 billion by 2023. The increasing demand for green chemicals is driving the growth of the global silicone market. The increasing stress on the use of environmentally friendly materials is positively affecting the silicone market. Silicone products are more environmentally friendly and durable than plastic products. For instance, in 2019, The Canadian Health Department reports on its website stated that there are no health risks associated with the use of silicon cookware instead of plastic cookware. View Complete Report @ https://www.thebusinessresearchcompany.com/report/silicone-global-market-report .
Another driver of the silicone market is the increasing demand of silicone from different industries. Silicone materials are being extensively used in industries such as construction, transportation, electrical & electronics, textiles and personal care, and pharmaceuticals. Silicone materials such as silicone sealants, adhesives and coatings have major applications in construction. Also, in the electronics sector, silicon is used to provide high thermal stability and resistance to weathering, ozone, moisture, and UV radiation in electronic products.
Silicone is characterized by thermal stability, hydrophobic nature and physiological inertness. Silicone (except resins) are widely used in the medical industry to manufacture surgical implants and dental impression materials.
Global Silicone Market Restraint
Increasing prices of raw materials adding to the manufacturing costs is expected to restraint the growth of the silicone market. The low availability of raw silicone resulting from the shutting down of the manufacturing facilities is considered to be an important factor affecting the prices of silicone materials. The shutdown of silicone production facilities in Germany, USA and China due to different environmental factors and government sustainable policies disrupted the supply of silicone in recent years. This has increased pressure on the manufacturers to raise the prices of silicone materials. For instance, companies such as Wacker Chemie AG, Elkem Silicones, Shin-Etsu Chemical Co., and Momentive Performance Materials Inc. increased silicone elastomers prices by 10% to 30% at the end of 2017 and the beginning of 2018, due to an increase in raw material and energy costs. Therefore, fluctuations in the prices of raw materials are expected to hamper the silicone market growth.
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Silicone Market Competitive Landscape
Major players in the global silicone market are Wacker-Chemie GmbH, CSL Silicones, Specialty Silicone Products Incorporated, Evonik Industries AG, Kaneka Corporation, Dow Corning Corporation, Momentive, Elkem ASA, and Gelest Inc. Companies have been investing in merger and acquisition strategies to strengthen their silicone businesses. In 2019, Elkem ASA, a Norway based leading silicone manufacturer, acquired Basel Chemie Co., Ltd for an undisclosed amount. The acquisition of Basel Chemie Co., Ltd was aimed to strengthen Elkem ASA's silicone gel manufacturing capabilities. Basel Chemie Co., Ltd is a South Korea based company that specializes in manufacturing silicone gels for its use in cosmetics and water repellents.
Silicone Market Global Overview And Segmentations
The silicone market has been geographically segmented into North America, Western Europe, Asia-Pacific, Eastern Europe, South America and Middle East & Africa. In 2019, Asia Pacific was the largest region in the silicone market.
The silicone market can be segmented by product into elastomers, fluids, gels, and others. It is also segmented by application into construction, transportation, electrical & electronics, textiles, personal care & pharmaceuticals, and others. By end-user, it is segmented into industrial, electronics, machinery, aerospace, and medical.
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