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Global Silicones Market Estimated to Reach US$ 22,000 Mn by 2026
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Market Driven by Rise in Manufacture of Electric and Electronic Products in Asia Pacific
Several countries in Asia Pacific are leading manufacturers and exporters of electric and electronic products. China’s share of the global export of Information and Communication Technology (ICT) goods stands at approximately 31%. Electronic products account for more than 50% share of exports in the Philippines. Electric machinery and equipment rank among the top exports of Thailand. Malaysia’s manufacturing efforts are focused on the semiconductor ecosystem. Production of electronics and hardware is still at the nascent stage in India. On the other hand, Indonesia is a major consumer of electric and electronic products in ASEAN. Silicones are primarily employed in products such as television sets, refrigerators, and mobile phones. Silicones is used in these products in the form of fluids, elastomers, and resins.
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Top Few Players Account for Nearly 50% Share of Global Silicones Market
Key players operating in the global silicones market include Wacker Chemie AG, DowDuPont, Momentive Performance Materials Inc., Evonik Industries, and Shin-Etsu Chemical Co. Ltd. These companies constitute around 50% share of the market. Local and regional players in various countries capture the rest of market share. Companies are focusing on expanding their geographical footprint through organic sales, distribution channels, and e-commerce.
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