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3. Dow Corning (US) and Wacker Chemie (Germany) are the Leading Players in the Silicone Elastomers Market

The silicone elastomers market is projected to grow from USD 6.38 billion in 2018 to USD 8.81 billion by 2023, at a CAGR of 6.7% between 2018 and 2023. Asia Pacific (APAC) is the largest consumer of silicone elastomers. High domestic demand along with the easy availability of raw materials and low-cost labor make APAC the most attractive destination for silicone elastomers manufacturers. The increasing use of silicone elastomers in various end-use industries such as automotive & transportation, electrical & electronics, healthcare, consumer goods, and industrial machinery also contributes to the growth of the market in this region.

Dow Corning (US), Wacker Chemie (Germany), Momentive Performance Materials (US), Shin-Etsu (Japan), China National Bluestar Silicones (China), and KCC Corporation (South Korea) are the leading players operating in the silicone elastomers market. These players adopted the strategies of new product launches, expansions, partnerships, agreements & joint ventures, and mergers & acquisitions between 2015 and August 2018 to strengthen their position in the silicone elastomers market and cater to the customer requirements. New product launches accounted for a share of 56% of the total growth strategies adopted by the key market players between 2015 and August 2018.

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Wacker Chemie AG provides specialty chemical products, worldwide, with over 3,000 silicone products. The company operates through six business segments, namely, Wacker Silicones, Wacker Polymers, Wacker Polysilicon, Siltronic, Wacker Biosolutions, and others. Silicone-based products account for 80% of the company’s sales. The Wacker Silicones segment offers silicone fluids and emulsions, resins, elastomers, sealants, silanes, and pyrogenic silica, which are primarily used as starting materials in the production of silicones. The company operates in more than 25 production sites in Europe, Asia, and the Americas, selling its products in more than 100 countries. The company has been actively involved in new product launches in the silicone elastomers market. For instance, in July 2018, the company launched ELASTOSIL R plus 4001 and ELASTOSIL R plus 4350/55, a heat-resistant high consistency silicone rubber. These are suitable for manufacturing membranes and seals for applications in various industries such as sensitive applications in the food industry.

Moreover, in November 2017, the company launched ELASTOSIL LR 5040 for baby-care, food-contact, and medical applications. Through this, the company expanded its LSR product portfolio to cater to various industries.

Dow Corning is a global silicone products manufacturer. The company was established as a joint venture between The Dow Chemical Company (US) and Corning Inc. (US). As of June 2016, the company operated as a wholly owned subsidiary of Dow Chemical. It is engaged in the manufacturing and distribution of silicones and silicon-based products and technology. The company offers more than 7,000 products and services. It offers liquid silicone rubber products for construction, energy, electronics, beauty & personal care, healthcare, transportation, manufacturing, textiles, paper, paints & coatings, and other processing industries. It is a global specialty chemical producer, which sells its products directly to the end users of silicone elastomer materials. In June 2018, the company launched SILASTIC smart silicone elastomer for the automotive industry. In addition, in April 2018, the company launched three LSR type of silicone elastomers, which include two grades of its QP1-33XX and new QP1-5040 self-adhesive LSR grade. This is expected to boost the demand for silicone elastomers in the healthcare industry.

Related Reports:

Silicone Elastomers Market by Type (HTV, LSR, RTV), Process (Extrusion, Liquid Injection, Injection, Compression), End-use Industry (Transportation, Electronics, Healthcare, Consumer Goods, Industrial Machinery), and Region - Global Forecast to 2023

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