The Silanes Market projected to surpass $3.85 billion by 2027, Says Global Market Insights Inc.
SELBYVILLE, Del., June 2, 2021 (Newswire.com) - Based on the Global Market Insights Inc. report, the global Silanes Market was estimated at $2.37 billion in 2020 and is slated to exceed $3.85 billion by 2027, registering a CAGR of 7.8% from 2021 to 2027. The report provides a thorough analysis of the main investment avenues, major winning strategies, drivers and opportunities, wavering industry trends, market estimations as well as size, competitive scenarios.
Silanes have promising applications in rubber processing and automotive industries due to their superior properties of compound modulus, rolling & abrasion resistance, and compression. The major applications of silanes in the automotive industry include mechanical rubber goods such as hoses, automotive tires, shoe soles, belts, etc. The proliferating rubber processing and automotive industry are anticipated to supplement the silanes market share during the forecast period.
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The COVID-19 pandemic has led to a severe economic crisis leading to disruption in business operations in the silanes market. Inefficient supply of raw materials, demand-supply gap, and supply chain disruptions have led to declining production and high cost.
Organofunctional silanes held a substantial revenue share of over 67% in 2020. These compounds are broadly applicable in several end-user industries including healthcare, construction, automotive, marine, packaging, and electronics, in the form of mineral wool, silicones, fillers & pigments, adhesives & sealants, etc.
The fillers & pigments application segment will influence the silanes industry and is anticipated to grow at a CAGR of 8.2% by 2027. Silanes act as coupling agents and form permanent chemical bonds to create new functionalities. The increasing popularity of silanes in mica, quartz kaolin, clay, talc, etc., which are widely used as fillers in the thermoplastic or rubber composite industry will escalate the silanes market revenue.
The other applications of silanes include the manufacturing of pharmaceutically active ingredients, as a coupling agent, stationary phase, and surface modifier in chromatography, etc. The silanes are widely used in research & development that is growing at a very high rate across the globe and is anticipated to boost the silanes market in the coming future.
Foundry & foundry resin application will reach USD 273 million by 2027. The use of organofunctional silanes has led to the remarkable development of foundry binders that provide extreme levels of mechanical strength. Foundry binders facilitate a faster cold curing process in state-of-the-art foundry technology. According to World Foundry Organization, the downstream industries, such as automotive, engineering machinery, and rail transportation, are majorly contributing to the casting output, which has been increasing significantly in recent years, thereby supplementing silanes market demand.
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Latin America is anticipated to grow at a CAGR of 6.7% through 2027. This is mainly attributed to economic recovery in Mexico, which will result in strong private investments in the construction industry. With the economic boost in the region, South America Semiconductor Strategy Summit aims to open the doors to the microelectronics industry in the region with local investors, companies, government officials, industry experts, etc., representing higher growth potential for the semiconductor market in the coming years.
The Asia Pacific will account for the largest market share of 38.7% by 2027. The proliferating regional construction and electronics industry due to the rapid urbanization rate will escalate the product demand. According to Asian Development Bank, Asia has planned to spend approximately USD 26 trillion on airport and other major infrastructure projects by 2030. Moreover, rising socio-economic factors along with consistently rising R&D initiatives in the electronics industry in the region have triggered the silanes market growth, as it is extensively used in the production of semiconductors and other electronic components
The highly competitive nature of the silanes industry has led to increased expenditure in research & development. Market players are engaged in joint ventures, new product development, and capacity expansion strategies. In June 2018, Momentive Performance Materials Holdings opened a new NXT silane production plant in Leverkusen Chempark. This move was intended to double the company's production of silanes in Europe, which will strengthen its market position in the future.
Other prominent players operating in the silanes industry are Air Liquide, ONICHEM, Nanjing Union Silicon Chemical, Evonik Industries, Dow Corning, Nanjing Shuguang Chemical Group, Momentive Performance Materials Holdings, Shandong Wanda Organosilicon New Material, Silar, GELEST, and Gantrade Corporation.
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Source: Global Market Insights Inc.
