Specialty Silicone Market Segmentation, Analysis By Production, Consumption, Revenue And Growth Rate
Overview:
The global specialty silicone market is on a path to record substantial growth during the forecast period of 2023 to 2030 as it has started influencing several sectors with its unique features. Market Research Future (MRFR) predicts several factors that can impact the market outcome in the coming years. For instance, the growing building and construction industry, the booming automotive sector in Asia Pacific, surging electrical and electronics industry, and others can play a strong hand in securing the market growth.
However, COVID-19 analysis of the specialty silicone market declares some changes in the predicted track. Lack of funding in some sectors may prevent the market from achieving its normal trajectory.
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Segmentation:
The global specialty silicone market has been studied on the basis of type and end-use industry. MRFR analysts have dealt with several aspects in detail to understand the factors contributing to changes that are affecting the market. They have backed their views with charts and figures to make the study more comprehensive.
By type, the market for the global specialty silicone has been segmented into silicone elastomers, antifoam / defoaming agents, silicone surfactants, silicone greases, thin silicone membranes, silicone textile softeners, silicone water repellants, silicone polish, and others. The global market is getting driven by silicone elastomers for their widespread use in various end user industries like textile, electronics, automotive, and others.
By end use industry, the global market for specialty silicone has been segmented into textiles, electronics, construction, healthcare, automotive, cosmetic and personal, and others. The construction sector will lead the market both in terms of revenue and growth in the coming years. In building and construction, specialty silicone is fast becoming popular as it can withstand harsh climatic conditions.
Regional Analysis:
Asia Pacific has the maximum market share and the region is slated to benefit from various growth pockets in countries like China, South Korea, India, and others. The booming automotive industry and government encouragement for the building and construction industry is expected to boost the regional market growth.
Competitive Landscape:
The global market for specialty silicones can be assessed on the basis of the contributions made by various influential companies like Wacker Chemie AG (Germany), Dow Corning Corporation (U.S.), Shin-Etsu Chemical Company (Japan), Momentive (U.S.), Evonik Industries AG (Germany), Elkem AS (Norway), AB Specialty Silicones (Illinois), Siltech Corporation (Canada), and KCC Basildon (U.K). These companies are impacting the market by expanding their portfolio and cementing their positions through strategic moves like mergers, joint ventures, and acquisitions. In fact, they have increased their research expenditure to bring in more innovations and launch them to gain the strategic lead. MRFR tracked these latest developments to ease the process of developing new moves and increase the profit margin.
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Industry News:
In May 2020, Elkem Silicones announced that they would be launching a new brand PURESIL to strengthen its position in the personal care market as a specialty silicone supplier. This step is a result of its acquisition of Basel Chemie. PURESIL has been developed to help in innovation and technologies so that the end users can plan for better research and development projects. PURESIL is primarily an elastomer gel that will help in delivering specific sensory cues, formulation texture, SFP boosting, optical wrinkle masking, and others.
The COVID-19 analysis on specialty silicone market reveals several deterrents like the lack of intake from end user, disruption in the supply chain, and others. Lack of logistical support due to lockdowns and closing of the manufacturing sector are affecting the market expansion plans of the specialty silicone market.
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and also about what action to take based on these aspects.
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