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Silicone in Heavy Machinery Market Segments 2024-2033 | Size, Share And Insights
Silicone in Heavy Machinery Market Segments
As per the report, the silicone in heavy machinery market size has grown strongly in recent years. It will grow from $1.42 billion in 2023 to $1.54 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The silicone in heavy machinery market size is expected to see strong growth in the next few years. It will grow to $2.16 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%.
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Silicone Rubber's Rising Demand In The Global Wind Energy Sector Fuels Market Growth
Growing demand for silicone rubber in the wind energy sector across the globe is expected to propel the growth of the silicone market going forward. Silicone rubber refers to an elastomer made of silicone, which contains silicon as well as carbon, hydrogen, and oxygen. In wind turbine blades and tower sections, silicone rubber is frequently utilized for its long-lasting, adhesive, and sealing qualities for lubrication, thermal interference, and sealing. For instance, in November 2021, according to the Global Wind Report published by the Global Wind Energy Council, a Belgium-based international trade association for the wind power industry, 93 GW of new capacity wind power was installed worldwide, with a 53% year-on-year increase, making 743 GW of wind power capacity globally. Therefore, the growing demand for silicone rubber in the wind energy sector is driving the silicone market.
Product Innovation In The Heavy Machinery Market
Product innovation is a key trend gaining significant popularity in silicone in the heavy machinery market. Major market players are concentrating their efforts on innovating new products in various industries that aid in thermal stability, durability, flexibility, and electrical conductivity. It provides properties such as flame retardant, steam resistant, UV and radiation resistance, and metal adhesion. For instance, in December 2022, Dow Inc., a US-based chemical company, launched its SILASTIC™ SA 994X Liquid Silicone Rubber (LSR) series. It represents a collection of primerless, self-adhesive, multipurpose, self-lubricating Liquid Silicone Rubbers (LSRs) characterized by a one-to-one mix ratio. These LSRs are specifically engineered for two-component injection molding, particularly in conjunction with thermoplastic substrates such as polybutylene terephthalate and polyamide.
The silicone in heavy machinery market covered in this report is segmented -
1) By Type: Elastomer, Liquid Silicone Rubber, Other Types
2) By Application: Transformer, Switchgears
3) By Sales Channel: Channel-Direct/Institutional Sales, Indirect Sales
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Major companies operating in the silicone in heavy machinery market include Dow Inc., Elkem Silicones, KCC Corporation, Momentive Inc, Shin-Etsu Silicone, Wacker Chemie AG, Iota Silicone Oil (Anhui) Co.Ltd, Stockwell Elastomerics Inc, Zhejiang XinAn Chemical Industrial Group Co Ltd, Evonik Industries AG, Gelest Inc., Innospec Inc., Avantor, Alstone Industries, ARCO Silicone, 3M, Saint-Gobain, Henkel, H.B. Fuller, Avery Dennison, Bostik, Sika, Huntsman Corporation, EssentialCo, Lanxess AG, Arkema SA, Toray Industries, Mitsubishi Chemical Corporation, Sumitomo Chemical Co Ltd
Contents of the report:
1. Executive Summary
2. Silicone in Heavy Machinery Market Report Structure
3. Silicone in Heavy Machinery Market Trends And Strategies
4. Silicone in Heavy Machinery Market - Macro Economic Scenario
5. Silicone in Heavy Machinery Market Size And Growth
…..
27. Silicone in Heavy Machinery Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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