As per the new report published by Transparency Market Research (TMR), the global silicone market is highly competitive and is characterized by domestic and multinational vendors. Many companies are actively focusing on strategic mergers and acquisitions in order to improve their market position. The rising level of competition in the market is compelling vendors to distinguish their product by adhering to unique and clear value propositions.
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Key market participants profiled in TMR’s report include AGFA Healthcare, General Electric Company (GE), Xinapse Systems Ltd., Carestream Health, Inc., INFINITT Healthcare Co, Ltd., Merge Healthcare Incorporated, Mirada Medical Limited, Toshiba Medical Systems Corporation, Aquilab, Esaote S.P.A, Image Analysis, Koninklijke Philips N.V., Mim Software, Inc., Sciencesoft USA Corporation, and Siemens Healthineers.
Demand for silicone continues to grow in end user industries such as cosmetics, medical, automotive, energy and electronics and construction. Because the product has a tremendous bond energy, it can be used in products that require high stability and shock resistance. Moreover, the supple characteristics of the product allows it to be used as a raw material for sealant, gel, lubricant and electrical & thermal insulation. This, in turn, is supporting the growth of the global market for silicone. The construction sector present significant opportunities for the market. TMR forecasts that the global market for silicone will surpass a valuation of US$ 22,500 Mn, reflecting a steady grow rate in the next nine years. Preference for the product is also rising as it environmentally sustainable. Being eco-friendly, silicone is witnessing a rapid integration in industrial manufacturing purposes. Also the growth of the end user industries in countries such as China, India and Brazil has been instrumental in propelling the silicone market forwards.
Key Takeaways from the Report Include:
The silicone market in APEJ is likely to remain highly attractive throughout the assessment period. The region accounts for a significant market share in terms of revenue and the trend will continue beyond 2017. The region’s silicone market is set to soar at 5.8% CAGR from 2017 to 2026.
Rapid growth of various end-use industries coupled with the escalation in infrastructural activities in the region. The markets in Europe and North America are also anticipated to exhibit impress rates in the forthcoming years.
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On the basis of form type, the fluids & emulsions segment is will retain its dominant position over 2026. The segment currently for close to 42% revenue share and is expected to surpass a valuation of US$ 8,900 Mn, expanding a 4.7% CAGR. This segment is set to increase by US$ 607.5 Mn annually over the course of the forecast period. Silicone fluids are odorless, tasteless, and transparent with no toxic effects, a major advantage of the product.
Based on end user, the performance additives/functional ingredients segment is expected to remain highly attractive throughout the assessment period. Currently, the segment accounts for 32.5% revenue share and is expected surge at an above-average compound annual growth rate of 4.2% between 2017 and 2026. More than, US$ 4,500 Mn worth silicone is likely to be used for performance additives/functional ingredients manufacturing.
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