Global Market Insights, Inc. adds a new Global Specialty Silicone Market Research Report for forecast period that shows the growth of the market is rising at a steady CAGR from 2018 to 2025.
Global Specialty Silicone Market size will portray an upward trend in its growth trajectory in the upcoming years due to the advancements in construction industry. The product is used in various industries mainly due to its unique characteristics such as less toxicity, UV radiation resilience, defensive glazing application, waterproofing, heat resistance and others which upgrades the performance of the products and make them more economically viable, flexible and efficient.
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The specialty silicone market has been segregated based on type, end-user and region. Antifoam/ defoaming agents, greases, polish/shinning agent, water repellants, elastomers, surfactants, textile softeners, and thin membranes are the various types of products available in the market. Among all these types, specialty silicone elastomer is likely to be a key segment capturing a significant market share. This product type is used in medical implants, automotive, dental, aerospace, etc. Silicone elastomers are adaptable, has low flammability, durable and has high dielectric strength which make this product type more popular among others.
Based on end-users, specialty silicone market is categorized into construction, healthcare, electronics, textiles, cosmetics & personal care, aerospace & defense, automotive, energy and others. Construction is a major end-user segment in the market which uses many of these products. Substantial growth in the construction industry as mentioned above is the major reason behind driving the growth of the specialty silicone market.
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Asia Pacific held a substantial market share in 2017 and is likely to be the fastest growing region. Urbanization, improving living standards of people, developing infrastructure and rising population in emerging nations of this region are the major reason driving the growth of specialty silicone market in Asia-Pacific.
Also, the construction industries in these countries are booming which would add on to the rising product demand in this region. North America and Europe are key markets owing to a nearly mature automotive, defense, and construction sectors and is likely to hold substantial shares of the overall industry during the forecast period.
Some of the key market participants in the global specialty silicone market includes Siltech, Momentive Performance Materials, KCC Basildon, Evonik Industries, AB Specialty Silicones, Wynca Group, Trelleborg Sealing, Specialty Silicone Products Inc., NUSIL, Quantum Silicones LLC and Dow Corning Corp.
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Capacity expansions are a key strategy that market players use to strengthen their positions. For example, in September 2017, Evonik Industries AG completed its construction of the Shangai plant which would produce specialty silicones. AB Specialty Silicone also expanded the capacity of its plant and would make more developments in upcoming years in the Waukegan III plant.
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