– Growing use of silicone for manufacturing transportation, energy, packaging products, and auto interior PP parts is driving the growth prospects in the silicone masterbatches market
– Surge in the need for stable power supply is creating promising opportunities in the silicone masterbatches market, which is expected to be valued at US$ 427.5 Mn by 2031
ALBANY, N.Y., March 15, 2022 /PRNewswire/ — The silicone masterbatches market is prognosticated to register growth at a CAGR of 6.3% during the forecast period from 2021 to 2031, states a research report by Transparency Market Research (TMR).
Sales of automotive vehicles have been on the surge in several European nations. Moreover, government authorities in Europe are increasing initiatives to decrease the carbon emission levels, thereby containing the severe impacts of greenhouse gas emissions. As a result, they are imposing stringent regulations pertaining to trucks and light duty vehicles to meet specific emission standards, notes the TMR study on the silicone masterbatches market. Hence, companies operating in the automobile industry are utilizing lightweight materials in the development of key vehicle parts. The demand for silicone masterbatches is increasing in the industry, owing to its key properties such as high strength, low coefficient of friction, and fire resistance.
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Silicone Masterbatches Market: Key Findings
Silicone is being utilized in a wide range of industries in the manufacturing of transportation products such as auto interior PP parts and different energy products, including wire & cables, according to the TMR study on the silicone masterbatches market. In addition, these materials are also being increasingly utilized for producing packaging products, including BOPP films. This wide range of application of silicone is creating lucrative prospects in the silicone masterbatches market.
Silicone masterbatches find application in the production of paints, inks, and coatings, owing to many properties they demonstrate, including mar resistance and high slip. Hence, rise in demand for these products in expected to drive the silicone masterbatches market in the years to come.
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Flame retardant cables and wires are used in different end-use industries, including consumer electronics, automotive, and telecommunication industries. Surge in the demand for these cables and wires is boosting the sales of silicon masterbatches, which, in turn, is fueling the growth avenues in the silicone masterbatches market.
Silicone masterbatches are widely utilized in the production of different home appliances, owing to their mechanical properties. Hence, the increasing sales of home appliances in many emerging economies is propelling the silicone masterbatches market. Moreover, the market is being driven by rising use of silicone masterbatches as wetting and lubricating agents and surfactants.
Silicone Masterbatches Market: Growth Boosters
Expansion of consumer electronics, automotive, packaging, and construction industries is projected to bolster the silicone masterbatches market during the forecast period
Rise in the demand for stable power supply and the economic growth of Europe are expected to boost the sales of wire and cables, which, in turn, is estimated to help in the market expansion in the near future
Increased use of silicone masterbatches in personal care and pulp & paper industries is creating lucrative prospects in the silicone masterbatches market
Surge in demand for sustainable and lightweight automotive vehicles in order to decrease the carbon emission levels is expected to lead to revenue-generation opportunities in the silicone masterbatches market during the forecast period
Silicone Masterbatches Market: Key Players
Some of the key players profiled in the report are:
Momentive Performance Materials
Wacker Chemie AG
AB Specialty Silicones
Chengdu Silike Technology Co., Ltd.
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Silicone Masterbatches Market Segmentation
Wires & Cables
Auto Interior PP Parts
PC / ABS Parts
Key Countries Covered
Rest of Europe
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SOURCE Transparency Market Research