According to the report published by Allied Market Research, the global Silicone in heavy machinery industry garnered $1.2 billion in 2019 and is anticipated to reach $1.9 billion by 2027, growing at a CAGR of 5.5% during the forecast period. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
Enhanced properties of liquid silicone rubber and easy processing of LSR augment the growth of the global Silicone in heavy machinery market. Nevertheless, non-recyclable nature of liquid silicone rubber impede the growth to certain extent. On the other hand, growth in demand for silicone rubber in wind energy sector is expected to usher a number of opportunities in the near future.
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Covid-19 Scenarios-
- Global Silicone in heavy machinery market has witnessed a temporary downfall.
- The declined demand in the power sector all across the globe and temporary delay in upcoming power plant projects have further disrupted the market.
The global silicone in heavy machinery market is segmented on the basis of product type, component, and region. Based on product type, the elastomers segment contributed to more than two-fifths of the global silicone in heavy machinery market share in 2019 and is expected to dominate during the study period. On the other hand, the fluids segment would grow at the fastest CAGR of 6.0% by 2027.
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Based on component, the switchgear segment accounted for nearly two-thirds of the global silicone in heavy machinery market revenue in 2019 and is expected to rule the roost during the forecast period. In addition, the same segment would cite the fastest CAGR of 4.7% throughout 2027.
Based on geography, the Asia-Pacific and Europe region garnered the major share in 2019, holding nearly one-third of the global silicone in heavy machinery market. In addition, the Asia-Pacific region is also anticipated to register the fastest CAGR of 5.8% during 2020 to 2027. The report also studies the market across LAMEA and North America region.
The key players profiled in the report include Dow inc., Shin-Etsu Silicone, KCC Silicon, Zhejiang XinAn Chemical Industrial Group Co Ltd, Avantor, Stockwell Elastomerics, Wacker Chemie AG, Elkem Silicones, and Momentive Performance Materials Inc.
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