The rising application of silicone elastomers in the electrical and electronics industry is driving the market growth. This can be attributed to the rising demand for electrical appliances from the household sector owing to the rising disposable incomes and growing awareness about the technological advancements in the electronics and electrical industry. Silicone rubber is a great insulator for high-voltage components and transformers and liquid silicone rubber can maintain its electrical properties even during temperature fluctuations and moisture.
In terms of region, the Asia Pacific region is likely to account for a significant share in the market and is anticipated to witness a considerable growth in the forecast period. The thriving automotive and construction industry in the emerging economies of the continent including India, China, and South Korea is likely to drive the market in the region. Furthermore, the easy availability of labour and raw materials in the region is likely to be a major driving factor in the forecast period.
In June 2019, Wacker (ETR: WCH) announced the inauguration of its new line of production of silicone elastomers at its Zhangjiagang site in China. With this inauguration, Wacker will aim towards boosting its expansion in China. In February 2020, Elkem ASA announced the acquisition of all the shares in Polysil, which is a privately owned company in Zhongshan, China.
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The major players in the global silicone elastomers industry are The Dow Chemical Company, Momentive Performance Materials Inc., MESGO S.p.A., Shin-Etsu Chemical Co., Ltd., and Reiss Manufacturing, Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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