Silicone Market

New Product Launches & Developments and Expansions are the Key Development Strategies Adopted by Leading Market Players in the Global Silicone Market

Silicones are high-performance specialty materials used to synthesize many polymers which find applications in several industries. They are flexible and resist moisture, chemicals, heat, cold, and ultraviolet radiation. These properties make them more stable, more aesthetically pleasing, and easier to apply. Silicones are classified on the basis of type into silicone elastomers, fluids, resin, and gels & other products. These silicones are used in a wide range of end-use industries such as building & construction, transportation, personal care & consumer products, industrial process, electronics, medical & healthcare, energy, and others, which includes agriculture, packaging, textile, and aquaculture. Efficient and sustainable properties of silicone drive its demand in various end-use industries. The growth is further catapulted by the growing demand for silicones in emerging countries of Asia Pacific and the Middle East & Africa region. The global silicone market is estimated at USD 14.20 Billion in 2017 and is projected to reach USD 18.87 Billion by 2022, at a CAGR of 5.85% between 2017 and 2022.

Key companies manufacturing silicones were majorly involved in new product launches & developments to strengthen their positions in the market. It is the most preferred strategy adopted by the market players from 2013 to 2017. The silicones market is growing at a moderate pace and the increase in the number of new product launches & developments indicates that manufacturers are aiming to broaden their product portfolio by coming up with innovative products and technologies to have a wide scale industrial coverage.

Expansion was the second-most preferred growth strategy by manufacturers. Silicone is a technology and production intensive market. The increasing demand from major end-use industries such as electronics, transportation, building & construction, healthcare and so on; competitive manufacturing costs; and high economic growth rate are boosting the growth of the silicone market. These factors are attracting companies to adopt expansion and R&D strategies. Market players are constantly focusing on expansion of their production facilities to gain market share and increase their profitability. 

Major manufacturers, such as Dow Corning (US), Wacker (Germany), Momentive (US), Shin-Etsu (Japan), Elkem (Norway), Evonik (Germany), KCC Corporation (South Korea), Gelest (US), NuSil Technology (US), Specialty Silicone Products (US), among others, are profiled in this report. These companies have adopted various organic and inorganic growth strategies to become the leading players in the global silicone market.

Dow Corning (US), Wacker (Germany), Momentive (US), Shin-Etsu (Japan), and Elkem (Norway) are the leading players in the global silicone market. These companies accounted for the highest number of strategic activities, with new product launches & developments, expansions, and mergers & acquisitions being the most preferred strategies.

Dow Corning (US) is the largest manufacturer of silicone in the world. New product launches & developments was the most preferred strategy adopted by the company. For instance, in July 2017, The Dow Chemical Company (US), the parent company of Dow Corning, introduced a new-generation silicone slip additive Dow Corning 210S that will provide optimal compatibility with modern and traditional waterborne wood-coating binders.

Wacker (Germany) is another major silicone manufacturing company having a comprehensive product portfolio of silicone and its derivatives. In October 2017, the company launched a diverse range of new polymer- and silicone-based products for coating, adhesives, and print industries at ABRAFATI 2017. This helped the company establish a strong foothold in the industrial coatings market.

Related Reports:

Silicone Market by Type (Elastomers, Fluids, Resins, Gels), End-Use Industry (Industrial Process, Building & Construction, Personal Care & Consumer Products, Transportation, Electronics, Medical & Healthcare, Energy), and Region - Global Forecasts to 2022

Mr. Rohan
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Report Code
CH 1170
Published ON
Oct, 2017
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