Silicone in Heavy Machinery Global Market Report 2023
Major players in the silicone in heavy machinery market are Dow Inc., Elkem Silicones, KCC Corporation, Momentive Inc., Shin-Etsu Silicone, Wacker Chemie AG, Iota Silicone Oil (Anhui) Co., Ltd., Stockwell Elastomerics Inc.
New York, Feb. 28, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Silicone in Heavy Machinery Global Market Report 2023" - https://www.reportlinker.com/p06424006/?utm_source=GNW
, Zhejiang XinAn Chemical Industrial Group Co., Ltd., Evonik Industries AG, Gelest Inc., Innospec Inc., Avantor, Alstone Industries, and ARCO Silicone.
The global silicone in heavy machinery market grew from $1.32 billion in 2022 to $1.42 billion in 2023 at a compound annual growth rate (CAGR) of 8.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The silicone in heavy machinery market is expected to grow to $1.93 billion in 2027 at a CAGR of 7.8%.
The silicone in the heavy machinery market consists of sales of high temperature silicone, liquid silicone and room temperature silicone.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Silicone in heavy machinery refers to synthetic high-performance material that is employed in electrical heavy machinery in the form of reactive silanes, silicone fluids, and silicone polymers. Silicone in the heavy machinery is used as adhesives and sealants in consumer and industrial applications.
Asia-Pacific was the largest region in the silicone in heavy machinery market in 2022.North America was the second-largest region in the silicone in heavy machinery market.
The regions covered in this silicone in heavy machinery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The main types of silicone in heavy machinery are elastomers, liquid silicone rubber, and other types.An elastomer refers to long-chain polymers of carbon, hydrogen, oxygen, and silicon that exhibit viscosity as well as elasticity properties and whose molecules are held together by weak intermolecular forces.
The applications involved transformers and switchgear. The various sales channels involved direct channel or institutional sales and indirect sales.
Growing demand for silicone rubber in the wind energy sector across the globe is expected to propel the growth of the silicone market going forward.Silicone rubber refers to an elastomer made of silicone, which contains silicon as well as carbon, hydrogen, and oxygen.
In wind turbine blades and tower sections, silicone rubber is frequently utilized for its long-lasting, adhesive, and sealing qualities for lubrication, thermal interference, and sealing.For instance, in November 2021, according to the Global Wind Report published by the Global Wind Energy Council, a Belgium-based international trade association for the wind power industry, 93 GW of new capacity wind power was installed worldwide, with a 53% year-on-year increase, making 743 GW of wind power capacity globally.
Therefore, the growing demand for silicone rubber in the wind energy sector is driving the silicone market.
Product innovation is a key trend gaining significant popularity in silicone in the heavy machinery market.Major market players are concentrating their efforts on innovating new products in various industries that aid in thermal stability, durability, flexibility, and electrical conductivity.
It provides properties such as flame retardant, steam resistant, UV and radiation resistance, and metal adhesion. For instance, in December 2020, WACKER, a Germany-based company that develops and manufactures silicone rubber and polymer products operating in the silicone heavy machinery market, launched its newest product, ELASTOSIL eco, which is a silicone sealant based on renewable raw materials using unique bio-based methanol obtained from certified sustainable sources.
In February 2020, Elkem ASA, a Norway-based advanced material solutions company engaged in manufacturing silicones, silicon products, and carbon solutions, acquired Polysil for an undisclosed amount.The acquisition strengthens a strategic partnership between Elkem ASA and Polysil that aids in providing a platform for further specialization and growth globally.
Polysil is a China-based manufacturer of silicone elastomer and resin materials for the electronics and medical industries operating in the silicone heavy machinery market.
The countries covered in the silicone in heavy machinery market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The silicon in heavy machinery market research report is one of a series of new reports that provides silicon in heavy machinery market statistics, including silicon in heavy machinery industry global market size, regional shares, competitors with silicon in heavy machinery market share, detailed silicon in heavy machinery market segments, market trends and opportunities, and any further data you may need to thrive in the silicon in heavy machinery industry. This silicon in heavy machinery market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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