The global siliconesmarket was valued at around US$ 13,700 Mn in 2017 and isanticipated to expand at a CAGR of more than 5.0% from 2018 to 2026, accordingto a new report by Transparency Market Research (TMR) titled ‘SiliconesMarket – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast,2018–2026.’ Silicones can be defined as a family ofhigh-performance specialty materials. These polymers with large moleculesconsist of many repeated sub-units. Silicones are used in a wide range ofindustries due to their favorable physical and chemical properties. Forinstance, they are resistant to ultraviolet radiation, cold, heat, moisture,and several chemicals. They also provide insulation and long-term elasticity.
MarketDriven by Rise in Manufacture of Electric and Electronic Products in AsiaPacific
Severalcountries in Asia Pacific are leading manufacturers and exporters of electricand electronic products. China’s share of the global export of Information andCommunication Technology (ICT) goods stands at approximately 31%. Electronicproducts 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 electronicproducts in ASEAN. Silicones are primarily employed in products such astelevision sets, refrigerators, and mobile phones. Silicones is used in theseproducts in the form of fluids, elastomers, and resins.
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Uncertainties Associated with RawMaterial Supply Adversely Affect Long-term Growth of Silicones Market
Supply andprices of raw materials of silicones depend upon several factors such ascurrency exchange rates, environment protection measures, and energy costs.China is an important manufacturer and provider of raw materials in thesilicones market. However, often, market players based in the country areunable to meet the environment protection regulations. Hence, they need tofrequently stop production during government investigation and restart it onceit is over. This creates temporary shortage of raw materials in the market,resulting in increased prices. Companies manufacturing silicones bear someportion of increased raw material prices, while the rest is passed on tocustomers. However, these shortages of raw materials and associated rise inprices of silicones are difficult to predict. As a result, siliconemanufacturers are unable to take pre-emptive actions or secure themselvesagainst the shortage of supply. This adversely affects the ability of siliconemanufacturers to plan for long-term.
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Silicon Used in Wide Range ofComponents in Automobiles, Marine Vessels, and Aircraft
Thetransportation industry comprises segments such as automobiles, marine vessels,aircraft, railways, and other modes of transport such as bicycles and drones.The industry has been expanding consistently. It provides stable revenuegeneration opportunities. The transportation industry accounted for more than10% share of demand for silicones in 2017. Consumption of silicones in theindustry is expected to increase at a rapid pace, as new applications ofsilicones are being consistently developed. Silicones are used in themanufacture of a wide range of components such as airbags, ignition coils,engine seals, gaskets, turbocharge hosing, radiator seals, and hoses in car orautomobile manufacturing; windscreens, deck cleats, storage hatches, bilge pumpseals, and hull/deck seals in marine vessel manufacturing; and instrument sealsand electronic component potting, sealants for in-flight entertainment systems,lighting, overhead bins, fuel tanks, and hydraulic gear boxes in aircraftmanufacturing.
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Global Silicones Market SegmentedBased on Form, Application, End-user Industry, and Region
In terms ofform, the global silicones market can be divided into fluids, elastomers, andresins. The elastomer segment is likely to expand at a rapid pace during theforecast period, as these are employed in a wide range of industries such asconsumer goods, transportation, electrical & electronics, and construction.Based on application, the market can be segmented into rubber, coatings,emulsions, sealants, and others. The rubber segment is expected to expand at afaster pace during the forecast period, primarily due to the ease of useassociated with the application. In terms of end-user industry, the siliconesmarket can be segregated into consumer goods, construction & architecture,transportation, energy, electrical & electronics, paper, textiles, andothers. The construction & architecture industry is anticipated to expandat a fast rate during the forecast period, followed closely by transportation.In terms of region, the market can be classified North America (U.S. andCanada), Latin America (Brazil, Mexico, and Rest of Latin America), Europe(Germany, the U.K., France, Italy, Spain, Russia & CIS, and Rest ofEurope), Asia Pacific (China, India, Japan, ASEAN, and Rest of Asia Pacific)and Middle East & Africa (GCC, South Africa, and Rest of Middle East &Africa).
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Top Few Players Account for Nearly50% Share of Global Silicones Market
Key playersoperating in the global silicones market include Wacker Chemie AG, DowDuPont,Momentive Performance Materials Inc., Evonik Industries, and Shin-Etsu ChemicalCo. Ltd. These companies constitute around 50% share of the market. Local andregional players in various countries capture the rest of market share.Companies are focusing on expanding their geographical footprint throughorganic sales, distribution channels, and e-commerce.
In coming years,as the debate on the potential impact of the chemical manufacturing acrossindustries on the ecology gets fiercer, new monitoring technologies willemerge. Latest compliance regulations will expand the scope of greenchemistries for businesses in the downstream value chain. Further,manufacturers in the market will increasingly leverage digital channels to reachhigh-value customers. Many will use them to avoid disruption such as by pandemics.
Anassortment of analytics technologies will help in augmenting the commercialproductivity. However, until now, the pace of adoption of digital technologiesin the overall chemicals industry has been relatively slow. It thus remains tobe seen how far the players in the market will be able to unlock long-termproductivity benefits of AI-driven management of various business functions,particularly research and development and production.
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