Market Scenario
The global specialty silicone market is presumed to expand at a significant CAGR during the forecast period (2018-2023) owing to the increasing consumption in the construction sector, asserts Market Research Future (MRFR). Silicones, also termed as polisiloxanes are polymers that comprise synthetic compounds made of siloxane. They are resistant to heat and are extensively used in lubricants, adhesives, medicine, cooking utensils, thermal and electrical insulation, and medicine. Specialty silicones are used across industries such as personal care, electronics, building and construction, healthcare, personal care, and others.
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Industry News
October 2, 2018: A group of South Korean companies have reached an agreement to acquire MPM Holdings Inc., which is the parent company of Momentive Performance Materials Inc., the parent company of global silicones supplier for $3.1 billion. The group comprises of SJL Partners L.L.C., Wonik QnC Corp., and KCC Corp. and will assume all of Momentive’s net debt, pension and OPEB liabilities. Momentive reported total liabilities of $2.18 billion through six months of 2018, up a bit from $2.17 billion at the end of 2017.
Competitive Insights
- Wacker Chemie AG
- Dow Corning Corporation
- AB Specialty Silicones
- Momentive
- Shin-Etsu Chemical Company
- KCC Basildon
- Evonik Industries AG
- Siltech Corporation
- Elkem AS
Drivers and Constraints Impacting the Market
Specialty silicones are suitable for several end-use industries. With the growing demand from the end-use industries, the global specialty silicone market is anticipated to propel. Also, high demand from skin lightning and other skincare products is presumed to augment the market growth. One of the major end-use industries is the construction sector which drives the global specialty silicone market. Owing to its attributes such as temperature and weather resistant properties, waterproof abilities, and UV stability, specialty silicones are extensively used in the construction sector.
On the flip side, specialty silicones are also used in the skincare products which are harmful for the skin. This is likely to retard the market growth in the coming years.
Segmental Analysis
The Global Specialty Silicone Market has been segmented on the basis of type, end-use industry, and region.
By Mode Of Type, the global specialty silicone market has been segmented into silicone polish, silicone greases, silicone elastomers, silicone textile softeners, silicone surfactants, and others. Among these, the silicone elastomer segment is presumed to be the leading segment and is anticipated to maintain its dominance over the assessment period. The growth is attributed to its extensive use in applications like medical implants, dental, automotive applications, and aerospace. Superior qualities such as tear resistance, low surface friction, self-adhesive nature, and thermal resistance makes it ideal to be used in the construction, consumer goods, automotive, electronics, healthcare, cosmetic and personal care industry.
By Mode Of End-Use Industry, the global specialty silicone market has been segmented into heathcare, textile, electronics, construction, agriculture, personal care, chemical and others. Among these, the construction industry dominates the global market and is presumed to maintain its dominance over the review period. Specialty silicone possesses durability and elastomeric properties to withstand harsh climate. This further makes it an effective use as an adhesive in the construction and building industry.
Regional Insights
Geographically, the specialty silicone market span across regions namely, North America, Asia Pacific, Latin America, Europe, and the Middle East and Africa.
Among all the regions, Asia Pacific is presumed to hold the maximum market share and is anticipated to be the fastest growing market. The growth is attributed to the rising population coupled with increasing disposable income. Also, the booming construction industry in countries like Indonesia, China, India, South Korea, and Vietnam is triggering the demand for silicone adhesive across the globe.
North America is a lucrative market and is anticipated to register an expanding CAGR owing to the presence of major automobile companies such as Ford, General Motors, and Fiat Chrysler.
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