Specialty Silicone Market Investigation and Growth Forecasted until the End of 2025
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The specialty silicone market size is anticipated to grow significantly over the projected period majorly owing to the rise of product consumption, mainly in the construction industry coupled with rising innovative
The up-surging product demand from the electrical & electronics end-use industry, owing to numerous advantages of specialty silicones, mainly elastomer silicone, acts as a key driver for the market. Its advantages including profound electrical insulating characteristics, high thermal conductivity, easy fabrications, and several others are fueling the product demand from the electrical and electronics industry.
This is more likely used for electrical insulation operations, owing to its high dielectric strength, ozone resistance, ultraviolet radiation, sustainability at high temperatures. Additionally, they are also known for their hydrophobic characteristic properties, which do not facilitate surface insulation failures applicable in numerous industries such as construction, electrical & electronics, textile, and others.
Furthermore, the product has its additional applications in signage, architectural lightening, automotive headlamps, lamps and luminaries and lights for car interiors. Therefore, the rising applications in the numerous industries will boost the specialty silicone market in the coming years.
The high cost of silicones and its risks to human could be a restraining factor for the growth of global specialty silicone market share. However, numerous research organizations such as EU’s Scientific Committee on Consumer Safety and Cosmetic Ingredients Review are concluding that the use of silicone does not pose risk when exposed to humans in various industrial and consumer applications.
Elastomers segment in the global specialty silicone market size is anticipated to hold the prime position in the global market, owing to its expanding applications in numerous industries, majorly in construction followed by personal care. Elastomers are considered to last longer and work better with silicone sealants, adhesives, and coatings for application in the construction end-use industry.
The use of this product will result in the stronger joints in buildings and better protection from UV rays, heat, and corrosion. Moreover, the use of elastomers facilitates innovative structures to the buildings, which will be a key factor for the growth of silicone elastomers, which in turn drives the global specialty silicone market over the projected period.
Specialty silicone market share for construction end-use industry is anticipated to be dominant in the global market followed by electrical & electronics, and personal care. The rising prevalence of specialty silicone in construction industry owing to its strong sealing characteristics, coupled with structural glazing applications will fuel the specialty silicone demand for use in the construction industry.
According to Insights and Reports analysis, the construction industry is expected to be one of the largest industries in the U.S., reaching approximately to US$ 1.05 trillion by 2020. Moreover, China’s construction industry has also gained 16.3% growth in terms of value in 2016. Therefore, the rising construction market would facilitate the substantial growth of the specialty silicone market over the coming years.
Asia Pacific specialty silicone market size is perceived to be the fastest growing market over the forecast period, majorly owing to the rapidly rising of construction industry mainly in developing economies such as India and China. Increasing investments by the key companies to initiate their presence in the specialty silicone market will drive this market significantly.
For instance, in September 2017 Evonik has initiated with its new manufacturing unit in Shanghai, China for the production of specialty silicones for the use in multiple industries including textile, electronics, construction, healthcare, and personal care.
North America specialty silicone market share is expected to hold the prime share in the global market owing to the wide use of sealants in the automobile industry due to its key characteristics such as insolubility, adhesion and corrosion resistance. According to the OICA, the production of vehicles including cars and vehicles accounted for 11.2 million in 2017 in the U.S. Therefore, the established automobile industry would propel the growth of specialty silicone market.
Key players in the global specialty silicone market include Momentive Performance Material Inc., Dow Coming, Ashland Incorporated, KCC Corporation, Shin Etsu, Evonik, Specialty Silicone Products Incorporated, Wacker, Quantum Silicones, Elkem, Penta and several others.
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Mergers & Acquisitions, product launch, and investments are the underlying strategies which are adapted by the key players in the global specialty silicone market to attain a strong position. For instance, in September 2018, Momentive Performance Material Inc. and SJL Partners, Wonik QnC Corp and KCC Corp announced strategic merger agreement collectively whereby acquiring Momentive which is leading supplier of specialty silicone in its 24 production sites, at the value of approximately US$ 3.1 billion. It will result in a broadening of geographical reach for the sale of their products.
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