The high temperature silicone market is expected to grow at a CAGR of 6.1% during the forecast period 2016–2022 owing to high demand growth from emerging economies. The market has been analyzed based on product segments – silicone elastomers, silicone coatings, silicone sealants & adhesives and silicone industrial plastics. The study has also been classified based on end-user applications – automotive, construction, industrial, electrical & electronics and others.
Increasing construction projects both commercial and non-commercial are increasing the market demand of high temperature silicone. Along with this, implementation of stringent government regulations for low VOC’s and increasing disposable income are the market drivers for high temperature silicone. Silicone elastomers are the most widely used high temperature silicone due to its wide application areas. Silicone elastomers dominate the high temperature silicone market, contributing almost 305 of the market share. Presence of cheaper alternatives such as polyurethane, epoxy, along with many others, limit the growth of the high temperature silicone market in the lower economic countries. Even though it is a premium product, silicone elastomers are creating their own niche market owing to its high thermal resistance and better longevity.
Silicone industrial plastics find its use in the manufacturing and production plants where instruments and appliances are prone to high temperature. These are mainly used in chimney, distillation column, boiler, hot fluid flow pipes, and others which have vicinity to high temperature. Silicone coatings are used in engines and silencers of the vehicles. The market of silicone coatings is expected to show a significant increase due to rising number of vehicles in the developing countries.
Automotive sector along with construction sector have the major contribution in the high temperature silicone market. The high contribution is due to the rapid industrialization and improving standard of living among people. The booming construction industry is also a major factor in the market growth. Shifting trend of the multinational companies to the developing countries to attain benefit of low production cost and increased demand of products have also played a major role in the continuous growth of the high temperature silicone market.
Asia Pacific dominates the high temperature silicone market with increasing standard of living and growing acceptance level among end-users. This region is among the fastest growing markets due to increasing penetration and expansion of manufacturing base in developing countries such as China and India. The underdeveloped regions have far less penetration and smaller economic affordability, thus affordability among end-users is limited. This has been restricting the increase in the global market. Increase in per capita income and the introduction of government policies especially in the developing and underdeveloped countries in the coming years are expected to change the present scenario. In North America region, the US still dominates the regional market and is expected to continue to do so during the forecast period as well. China is expected to grow with the highest growth rate during the forecast period, owing to increasing FDI in the country.
The study produced by Infoholic Research provides drivers, restraints, opportunities with current and emerging market trends. Further, it covers an in-depth analysis of each product and end-user application along with forecasting and trends analysis in the global high temperature silicone market. Major companies covered in the study include big multinational players such as Dow Corning Corporation, BASF SE, Wacker Chemie AG and Momentive Performance Materials Inc., which are offering different high temperature silicone products.