Press release
Europe Silicone Masterbatches Market to Reach Valuation of US$ 427.5 Mn by 2031
The regulatory focus on reducing vehicle emissions has been increasing worldwide since the last few decades, especially of carbon dioxide, NOX, hydrocarbons, and particulate matter.
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There is a threat of penalties for failing to meet emission standards for light duty vehicles and trucks. This has prompted OEMs to focus on research efforts for the reduction of emissions as an integral part of new models and platform development. The usage of lightweight and sustainable materials in automotive production has been increasing since the last few years, as these materials help comply with regulatory criteria.
Several manufacturers in Europe are involved in the production of silicone masterbatches. Consistent expansion of packaging and automotive industries; and increase in investments in research and development activities are boosting the silicone masterbatches market in the region.
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The demand for electric cars has been rising significantly in Europe. The global automobile market contracted 16% in 2020 due to the coronavirus pandemic and economic recession; however, demand for electric vehicles has not been affected significantly. In 2020, Europe bagged the leading position in the global electric cars market with 137% year-on-year increase in electric car sales. Thus, rise in demand for electric cars in Europe is expected to fuel the silicone masterbatches market, as silicone masterbatches are widely used in the manufacture of auto interior polypropylene parts.
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The share held by Europe in the global wire and cable market is expected to rise considerably due to an increase in investments in conventional grid networks. Furthermore, economic growth as well as rise in demand for stable power supply are estimated to boost the wire and cables market in Europe. This, in turn, is projected to boost the silicone masterbatches market in the region.
Europe Silicone Masterbatches Market: Prominent Regions
The silicone masterbatches market in Europe can be segmented into Germany, France, Italy, the U.K., Spain, Russia, CIS, and Rest of Europe. Germany dominated the silicone masterbatches market in Europe in 2020. It is expected to maintain its dominance during the forecast period. Increase in the usage of fireproof wires, and rise in demand for automotive parts and packaging products such as BOPP films in Germany are anticipated to play a crucial role in the expansion of the silicone masterbatches market in Europe.
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Europe Silicone Masterbatches Market: Key Players
The silicone masterbatches market is fragmented, with the presence of large numbers of players. Key players operating in the silicone masterbatches market in Europe are DuPont, Momentive Performance Materials, Wacker Chemie AG, SILCOLORS, Chengdu Silike Technology Co., Ltd, Dow Corning, ACSIC Ingredients, Silteq Ltd, Avient, and AB Specialty Silicones.
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