Posted on 02 Apr 2019
According to a new report by EMR titled, ‘Asia Pacific Silicones Market and Forecast 2019-2024’, the Asia Pacific silicones market is projected to attain a volume of nearly 2 million metric tons by 2024, growing at a CAGR of about 5% in the forecast period of 2019-2024.
The Asia Pacific is a leading market for silicones where the market is being driven by growing sectors like construction, transportation, personal care, electronics, and healthcare industries, among others. The region was the leading silicones market in 2016 due to the greater availability of cheap labour, and raw materials, which led to the shifting of production facilities by the key players to Asia from North America and Europe. The shift by the major players in the global silicones market was also a result of the increasing penetration opportunities in sectors for end-use applications.
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China and India are the key silicones market in the region with thriving infrastructure and automobiles industries. With growing pollution levels in both countries, their governments are implementing more environmentally conscious policies. Currently, China is a leading market for electric vehicles with a rising supply of and demand for electric vehicles. India is also emerging as a potentially attractive market for these vehicles with its goal to reach electric mobility by 2030. Thus, many of the major players in the Chinese e-vehicles market are eying expansion in India through a collaboration with local players. This development will aid the growth of the silicones market in the region in the coming years as silicones are used to manufacture components for adhesion, electrical insulation, and fire resistance, among others.
Japan, Korea, and Taiwan are also significant players in the Asia Pacific silicones market. With multiple plant shutdowns in China due to the Chinese government’s stringent environmental regulations combined with the detrimental effects of the trade war with the US, the key players in silicones market like Japan’s Shin-Etsu Chemical are expanding to meet the supply gap. Shin-Etsu is planning on increasing its production by 50%, with expansions of USD 991 million planned in Japan and Thailand along with the US. The company plans to take advantage of the supply scarcity from the Chinese players, with expansions in monomer plants in Japan and Thailand, and final product factories in South Korea, China, the U.S., Netherlands, and elsewhere.
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Market Analysis According to Types, Applications, and Regions:
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The report by EMR identifies Elkem Silicones, Dow Chemical Company, Wacker Chemie AG, Shin-Etsu Chemical Co., Ltd, Momentive Performance Materials Inc., Evonik Industries AG, KCC (South Korea), Herrman (China), Dallan (China), Hubei Bluesky New (China), Supreme Silicones (India), and Elkay Silicones (India), among others, as the major players in the global and Asia Pacific silicones market. It provides up-to-date information regarding plant turnarounds, capacity expansions, and mergers and acquisitions of these key players within the context of the silicones market in Asia Pacific.
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