Posted on 28 Jan 2019
According to new report by EMR titled ‘Global Silicones Market Report and Forecast 2019-2024’, the global silicones market reached a volume of over 2.33 million metric tons in 2017 and is further expected to grow at CAGR of almost 5% in the period 2019-2024, attaining a volume of more than 3.3 million metric tons by 2024.
Asia-Pacific has the largest market share in the global silicones market. The region is a major manufacturing as well as exporting hub for electrical and electronics products in which silicones find extensive use. Asia-Pacific along with the Latin America contributed to the 5% growth of the global silicones market between 2016 and 2017 due to an increased demand for silicone fluids, elastomers and resins in the home and personal care sector, and the automotive industries in the regions.
Due to their molecular structure with a backbone of silicon-oxygen, silicones have the ability to take a variety of physical forms ranging from liquids, solids, semi-viscous pastes, and oils. The versatility of their forms drives their growing demand in the home and personal sector, especially in its D5, emulsion and anti-foam types. The home and personal care sector currently contributes to one-fifth of the global silicones demand. The automotive sector is also one of the emerging sectors where silicones are finding their increasing application, being used to manufacture car components such as airbags, windscreens, ignition coils, gaskets, radiator and engine seals, and turbocharge hosing, among others.
There was an increase in the prices of silicone raw materials in early 2017 which consequently led to a hike in silicone prices, reaching their highest in Q1- 2017. This hike in prices led to key players in the global silicones industry like Wacker Chemie AG, Elkem Silicones, Shin-Etsu Chemical Co., and Momentive Performance Materials Inc. to increase their product costs by 10-30% between late 2017 and early 2018. However, these changes did not prove detrimental to the companies as they continued their expansions with Shin-Etsu Silicones introducing advanced eight-carbon silane coupling agents in the June of 2018 and Wacker Chemie AG awarding a U.K. company, Intertronics a distribution contract covering U.K. and Ireland for silicone products. The silicone prices eventually decreased in the latter half of 2018 due to the softening of raw material prices and the relaxation of China’s environmental policies.
Market Analysis by Type, Application and Regions:
To view the report summary and Table of Contents, click on: https://www.expertmarketresearch.com/reports/silicone-market-report
Key Findings of the Report:
Key offerings of the report:
According to the EMR report, Elkem Silicones, Dow Chemical Company, Wacker Chemie AG, Shin-Etsu Chemical Co. Ltd., Ferroglobe PLC, Momentive Performance Materials Inc. and Evonik Industries AG are the key players in the global silicones market. The report provides an in-depth look into the latest developments among these major players including plant turnovers, expansions in capacity, and mergers and acquisitions.
EMR is a leading business intelligence firm, providing custom and syndicated market reports along with consultancy services for our clients. We serve a wide client base ranging from Fortune 1000 companies to small and medium enterprises. Our reports cover over 100 industries across established and emerging markets researched by our skilled analysts who track the latest economic, demographic, trade and market data globally.
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