September 30, 2021 19:00 ET | Source: Precedence Research Precedence Research
TOKYO and OTTAWA, Sept. 30, 2021 (GLOBE NEWSWIRE) -- The global silicone market size was surpassed at US$ 16.5 billion in 2020. Silicone is high performance polymer materials made up of siloxane. It possesses many beneficial properties such as low chemical reactivity, low toxicity, low thermal conductivity, and thermal stability, water repelling forming watertight seals, microbiological growth resistance, resistance to oxygen, adheres very well with glass, ozone, and ultraviolet light, electrical insulation properties, and high gas permeability. The silicone owing to such beneficial features finds its utility in diverse applications such as construction, automotive, personal care, aerospace, health care, coatings, electronics and many others.
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Crucial factors accountable for market growth are:
Report Scope of the Silicone Market
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The silicone polymers are versatile in nature and hence find their utility in wide range of industries. They possess unique properties such as low chemical reactivity, low toxicity, low thermal conductivity, thermal stability, water repelling forming watertight seals, microbiological growth resistance, resistance to oxygen, adheres very well with glass, ozone, transparency, radiation resistance, hydrophobicity and many others that facilitates their use in diverse applications. In the automobile sector, the HTV silicone elastomers are used in the manufacture of electric vehicles. Also, in the construction industry the silicone because of its adhesive and sealant property is abundantly used. All these factors are expected to drive the growth of the silicone market.
The major restraining factor that will hinder the growth of the silicone market is the presence of strict Government regulation in the use silicone in certain end use industries such as personal care, consumer products, medical and healthcare.
The use of silicone polymer in the health care industry will find huge opportunities during the forecast period owing to its non-toxic and biocompatible properties. Also, the rapid innovation of new products using the silicon polymers will have huge opportunities inmany end use applications.
The continuous fluctuation in the prices of raw material such as methyl chloride and silicon metal used in the manufacture of silicone polymers will be a major challenge faced by the silicone producers in the market.
The major market player includes Shin-Etsu Chemical Co. Ltd., Wacker Chemie AG, Evonik Industries AG, Elkay Chemicals Pvt. Ltd., Supreme Silicones, Dow Inc., KCC Corporation, Elkem ASA, Silchem Inc., Specialty Silicone Products Inc. and others
Segments Covered in the Report
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