Building and construction segment held the highest market share in 2022, driven by silicone’s versatility in sealing and bonding applications.
WILMINGTON, DELAWARE, UNITED STATES, March 15, 2024 /EINPresswire.com/ — The silicone market is witnessing substantial growth driven by factors such as increased adoption of waterborne coatings and growing demand in construction and infrastructure sectors. Although high product prices pose a challenge, the market is buoyed by opportunities in food and beverage packaging. Silicone-based products, including sealants, adhesives, and coatings, are pivotal in enhancing durability and energy efficiency across various industries.
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Market Dynamics:
Drivers:
– Rise in construction and infrastructure projects.
– Growing adoption of waterborne coatings.
Opportunity:
– Increasing demand for food and beverage packaging.
Restraint:
– High prices of silicone products.
Segment Analysis:
Type:
Elastomers segment led the market in 2022 and is expected to maintain dominance due to properties like thermal stability and durability.
End-user Industry:
Building and construction segment held the highest market share in 2022, driven by silicone’s versatility in sealing and bonding applications.
Electrical and electronics segment is projected to exhibit the highest CAGR, attributed to silicone’s thermal stability and electrical insulation properties.
Regional Analysis:
Asia-Pacific accounted for the highest revenue share in 2022 and is anticipated to continue leading, fueled by expanding manufacturing sectors in countries like China and India.
Key Players:
Leading companies in the silicone market include DOW INC., WACKER CHEMIE AG, EVONIK INDUSTRIES AG, KANEKA CORPORATION, ARKEMA, BASF SE, SHIN-ETSU CHEMICAL CO., LTD., ELKEM ASA, KCC SILICONE CORPORATION, and MOMENTIVE.
Conclusion:
The global silicone market is poised for significant expansion driven by diverse end-user applications and regional growth dynamics. Key players are leveraging strategies like product launches and collaborations to maintain their market presence.
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