iCrowdNewswire Oct 30, 202010:45 AM ET
Silicone Additives Market size is forecast to reach $2.5 billion by 2025, after growing at a CAGR of 6.5% during 2020-2025. The growth of the market can be attributed due to the growing demand for silicone additives in the plastic and composite applications. Moreover, a further significant factor contributing to the growth of the silicone additives market is demand for high-quality coating products in emerging economies.
By Function – Segment Analysis
On the basis of function, the market is segmented into wetting & dispersing agents, lubricating agent, defoamers, surfactants, rheology modifiers, and others. The product comes in many type including fluids, powders, oils, and emulsions. Low surface tension and high silicone heat & chemical resistance let them be used as effective defoaming agents.
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By Application – Segment Analysis
The global market for silicone additives can be segmented on the basis of applications as paints & coatings, pulp & paper, plastics & composites, food & beverage, personal & home care, chemicals and oil & gas, agriculture, and others. All of the product’s main applications are plastics & composites. Increasing use of plastics & composites to reduce the weight of components used in the automotive, aerospace and energy industries is expected to increase demand for the product over the forecast period. The substance is used in the paint & coating industry to improve the adhesion, waterproofing and resistance of coatings to extreme conditions. It is also being increasingly implemented in other applications, including airbags, textiles, leather goods and decorative labels, which are in the process of boosting market growth over the coming years.
Geography – Segment Analysi
Owing to substantial development in the end-use sectors, Asia Pacific is likely to experience notable growth over the forecast period. Growing use of plastic components in various industries as a metal substitute is expected to be a key growth stimulant for the regional market. Asia-Pacific is experiencing huge demand in volume terms, China and India are leading silicone additive producers. Growing demand for silicone additives in the paints & coatings, automotive, plastics, and construction industries is expected to drive market growth as a result of rapid industrialization and massive government spending on economic development.
Drivers – Silicone Additives Market
The increasing shelf-life of coatings have become of the major factor that drives the growth of the market
The main driving factor for the silicone additives market is their role in boosting coatings’ shelf-life. Paints & coatings was the dominant application segment of the global silicone additive market in 2019 and it is anticipated that this trend will continue over the forecast period. Owing to the introduction of volatile organic compound (VOC) regulations in large parts of the world, the growth of the decorative coatings industry has led to increased demand for eco-friendly additives.
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Challenges – Silicone Additives Market
The use of costly platinum catalysts in the manufacture of silicone which raises the overall cost of the silicone additive
The use of costly platinum catalysts in the manufacture of silicone additives for the paint & coating industry is a significant constraint, which raises the overall cost of the silicone additive. Platinum catalyst is often used in silicone-release coatings as an external curing method. Low platinum volume can affect curing velocity efficiency and release the coatings property. A compromise in platinum volume can lead to incomplete cure. In addition, the high expectations, demanding specifications and daunting challenges facing the plastics industry these days create opportunities for innovation in silicone additive products.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Silicone Additives market. In 2019, the market of Silicone Additives has been consolidated by the top five players accounting for xx% of the share. Silicone Additives Market top 10 companies are Dow Corning, Siltech, Momentive Performance Materials, Shin-Etsu, lkem, KCC Corporation, BYK Additives, Wacker Chemie, BRB International and Evonik, among others.
In July 2019, Wacker Chemie AG released a new thermoplastic polyurethane silicone additive to be marketed under the name Genioplast Pellet 345, which helps to minimize thermoplastic polyurethane (TPU) stiffness and improve elasticity.
Growing demand of paints and coatings in the automotive industry is expected to drive the market growth.
The outbreak of COVID-19 has laid out many problems for the automotive industry. Globally, policymakers are planning for a more widespread spread of the virus. Consequently, about 80 percent of automotive and related companies estimate that Coronavirus will directly affect their sales for 2020. 78 per cent of companies do not have adequate staff to operate a complete production line.
COVID-19 has been the biggest global influence on the automotive crisis, thus reducing the growth of the market. And COVID-19 outbreak is also predicted to occur in the whole year of 2020, and a few months in 2021.
Related Reports :
A. Silicone Market
B. Silicone Surfactants Market
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