North America and Asia-Pacific Silicone in Heavy Machinery Market Outlook - 2027

The North America and Asia-Pacific silicone in heavy machinery market size was valued at $0.8 billion in 2019, and is projected to reach $1.2 billion by 2027, growing at a CAGR of 5.6% from 2020 to 2027.

North America and Asia-Pacific silicone in heavy machinery market is expected to witness temporary downfall, due to significant demand drop in the power sector coupled with temporary delay for upcoming power plant projects.

Silicone is a high-performance material used in various heavy machinery in the form of resin, elastomers (adhesives, sealants), gels, and fluids. Silicone elastomer is classified into liquid silicone, high temperature silicone, and room temperature silicone rubber. Silicone rubber consists of alternating oxygen and silicon atoms, and based on the bonding between oxygen and silicon atoms, it can be found in various shapes. Most of the silicone elastomers possess thermoset properties whereas other elastomers possess thermoplastic properties. Silicone elastomer and fluid silicone used in high voltage applications can operate at temperature up to 350°–400° F. In addition, silicone fluids are widely used as transformer oil and circuit breaker oil in power stations.

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Significant demand for silicone elastomer in insulators and cable is expected to steer the North America and Asia-Pacific silicone in heavy machinery market growth. Most insulators used in heavy machineries such as transformer, switchgears suffer from mechanical loads, and ultraviolet radiation but liquid silicone rubber provide surfaces that are less prone to erosion from abrasive particles; thus, augmenting the market growth for liquid silicone rubber. In addition, it provides protection against airborne particles such as ocean fog or salt spray, owing to high water resistance property. Furthermore, growth in application of silicone oil in various transformers in power stations is expected to foster the North America and Asia-Pacific silicone in heavy machinery market growth. Silicone oil can be used at high temperature, which is above normal operating temperature for any transformer. Even at high temperature fluid silicone restricts creating excessive vapor pressure unlike other mineral oils. However, non-recyclable nature of silicone rubber may negatively impact the market growth. Due to high cost for recycling and high chance to break apart during the recycling process, industry players are more reluctant to utilize liquid silicone rubber for further applications. Nonetheless, growth in application of silicone in new wind energy projects for wind turbine applications, such as switchgear and transformers for cable-to-cable connections will provide new opportunities in the market.

The North America and Asia-Pacific silicone in heavy machinery market is segmented on the basis of product type, component, and region. On the basis of product type, it is divided into elastomer, fluids, and others. Based on component, it is categorized into switchgear and others. Based on region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA, with country level analysis of each region.

Major players have adopted product launch, collaboration, and acquisition to sustain the intense market competition. Some of the key players profiled in the report include Wacker Chemie AG, Elkem Silicones, Dow inc., Shin-Etsu Silicone, KCC Silicon, Zhejiang XinAn Chemical Industrial Group Co Ltd, Avantor, Stockwell Elastomerics, and Momentive Performance Materials Inc.

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North America and Asia-Pacific Silicone in Heavy Machinery Market, By Region

Asia-Pacific accounted for a significant North America and Asia-Pacific silicone in heavy machinery market share. This is attributed to growing application of silicone in various power plant projects in emerging nations, such as China, India, and South Korea. Asia-Pacific has total 10 under-construction power plant projects in 2020 with a combined capacity of 64.7GW.

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North America and Asia-Pacific Silicone in Heavy Machinery Market, By Product Type

Elastomer accounted for the highest revenue share, owing to rise in demand for silicone elastomer in insulators and cable. Liquid silicone rubber has strong bonding between silicone and oxygen atoms, which maintains the properties even at high voltage applications. Fluids is expected to witness highest market growth, owing to its high thermal stability, high flash point, and high fire point compared to other fluid or transformer oil. Silicone oil can be used at high temperature which is above normal operating temperature for any transformer.

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North America and Asia-Pacific Silicone in Heavy Machinery Market, By Component

Switchgear accounted for highest revenue share. This is attributed to replacement of aging infrastructure along with investment in new energy projects is expected to drive the market growth. Other components market is expected to witness highest market growth, which is attributed to rise in energy demand in emerging nations from the industrial, agriculture, residential, commercial, and transportation sectors.

COVID-19 Scenario Analysis:

• The silicone rubber market in heavy electrical machinery has been severely impacted by the outbreak of COVID-19 across the globe.
• This is attributed to decline in demand from the power sector. As large number of industries and commercial areas are under complete lockdown, the power sector faced a significant drop in market demand; thus, negatively impacting the market growth. 
• Due to significant demand drop in the power sector, industry players are focusing on maintaining existing operations instead of further expansion, which leads to temporary delay for upcoming projects.
• In addition, extended lockdown slowed down the production of silicon rubber products due to limited resources and longer lead time to replenish raw materials.
• However, implementation of IoT and automation may reduce the need of labors wherever possible and increase operational efficiency. The automated packaging with smart robots can reduce the workers on shop floors; thus, maintaining social distancing norms.

Key Benefits For Stakeholders

• The North America and Asia-Pacific silicone in heavy machinery market analysis covers in-depth information of major industry participants.
• Porter’s five forces analysis helps analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
• Major countries have been mapped according to their individual revenue contribution to the regional market.
• The report provides an in-depth analysis of the North America and Asia-Pacific silicone in heavy machinery market forecast for the period 2020–2027.
• The report outlines the current North America and Asia-Pacific silicone in heavy machinery market trends and future estimations of the market from 2019 to 2027 to understand the prevailing opportunities and potential investment pockets. 
• The key drivers, restraints, and market opportunity and their detailed impact analysis is elucidated in the study.

Key Market Segments

By Product Type

• Elastomer
  • Liquid Silicone Rubber
  • Other
• Fluids
• Others

By Component

• Switchgear
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Thailand
  • Indonesia
  • Rest of Asia-Pacific