With COVID-19 resulting in the economic fallout, numerous economies are working on game-changing improvements to protect their employees and clients. While focusing on the ongoing challenges, the leaders are embracing new plans in order to manage and stay afloat in this competitive environment.
The global silicone market size is expected to grow from USD 20.4 billion in 2019 to USD 28.6 billion by 2024, at a CAGR of 7.0% during the forecast period. The silicone market is driven by various factors, such as high demand from industrial process, building & construction, transportation, and electronics industries. The growth of these industries is likely to further propel the market during the forecast period. However, fluctuation in the raw material prices is likely to hinder the growth of the market.
The silicone market has been segmented based on type into elastomers, fluids, resins, and gels & other products. Among these types, the elastomers segment accounted for the largest share of the market in 2018 and is likely to witness significant growth during the forecast period. The market growth in this segment is attributed to its increasing use in various products, including voltage line insulators, cooking, baking, and; undergarments, sportswear and footwear; electronics; medical devices, and implants; and in household gaskets and O-rings. Some silicone elastomers are also used in the manufacturing of sealants. Their physiological inertness makes them suitable for use in the healthcare industry, especially for blood transfusions and in artificial heart valves & various prosthetic devices. These factors are expected to drive demand during the forecast period.
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The Final Report will cover the impact analysis of COVID-19 on this industry: Silicone Market Insights by Emerging Trends, Future Growth, Revenue Analysis, Demand Forecast, Top Companies 2024
The industrial process segment is expected to hold the largest market share during the forecast period. It is growing rapidly due to the increasing demand for silicone materials in applications, such as lubricants, anti-foaming agents in offshore drilling, paper production, industrial coatings, and paint additives. Silicone-based sealants are used in demanding industrial processes requiring resistance to high pressure, temperature and corrosion, and adaptation to all types of surfaces. Not only are they used as polymers, but they can also be added to polymers from other materials to improve their performance. Silicones also provide higher durability and resistance in industrial coatings as well as improved performance of lubricants. These factors are expected to drive the demand for silicone in the industrial process end-use industry during the forecast period.
APAC is expected to register the highest growth during the forecast period due to the increasing usage of silicone in various end-use industries such as industrial process, building & construction, personal care & consumer products, transportation, and electronics. China, India, Japan, South Korea, and Australia are providing enormous opportunities for the silicone market due to the presence of a large manufacturing sector in these countries.
The Final Report will cover the impact analysis of COVID-19 on this industry: Silicone Market Insights by Emerging Trends, Future Growth, Revenue Analysis, Demand Forecast, Top Companies 2024
In-depth interviews were conducted with chief executive officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the silicone market.
• By Company Type – Tier 1: 55%, Tier 2: 30%, and Tier 3: 15%
• By Designation – C Level Executives: 21%, Directors: 23%, Others : 56%
• By Region – North America: 45%, Europe: 27%, APAC: 15%,South America:7%, Middle East & Africa: 6%
Research Coverage:
The report covers the silicone market based on type, end-use industry, and region. This study aims at estimating the size and future growth potential of the market across various segmentation types. It also includes an in-depth competitive analysis of the key market players, along with their profiles and key growth strategies.
Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall silicone market and the sub-segments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report will also help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.
TABLE OF CONTENTS
1 INTRODUCTION 17
1.1 OBJECTIVES OF THE STUDY 17
1.2 MARKET DEFINITION 17
1.3 MARKET SCOPE 18
1.3.1 YEARS CONSIDERED FOR THE STUDY 19
1.4 CURRENCY 19
1.5 UNIT CONSIDERED 19
1.6 LIMITATIONS 19
1.7 STAKEHOLDERS 20
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