According to a new report published by Allied Market Research, titled, “Silicone in Heavy Machinery Market by Product Type and Component: Opportunity Analysis and Industry Forecast, 2020–2027”, the global silicone in heavy machinery market size was valued at $1.2 billion in 2019, and is projected to reach $1.9 billion by 2027, growing at a CAGR of 5.5% from 2020 to 2027.
Silicone is one of the versatile products which is found in various forms including elastomer, fluids, and grease. Silicone elastomer or rubber is highly resistant for high temperature applications, which makes it suitable for seals and gaskets for switchgear and other heavy machinery. Owing to its excellent electrical resistance, it is also used as effective insulator for bus bar and switchgear joints.
Proliferating demand for silicone rubber and oil in various power station for insulation is expected to drive the global silicone in heavy machinery market growth. Silicone rubber is less prone to erosion from any type of abrasive particles. In addition, it remains same even at high temperature of around 350°–400° F, which makes it ideal for high voltage switchgear and transformer applications.
Based on product type, elastomer emerged as the market leader, owing to growing prominence of silicone elastomer in insulators and cable. The strong bonding between silicone and oxygen atom even at high temperature prevents further breakdown of the silicone rubber.
Based on component, the switchgear segment garnered highest revenue share in 2019. This is attributed to replacement of aging infrastructure along with investment in new energy projects is expected to drive the global silicone in heavy machinery market growth.
Asia-Pacific accounted for the highest revenue share and is expected to witness highest growth, owing 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.
Major players have adopted business expansion and acquisition to sustain the intense market competition. The key players profiled in the report include Wacker Chemie AG, Elkem Silicones, Dow inc., Shin-Etsu Silicone, KCC Corporation, and Momentive Performance Materials Inc.
Key Findings Of The Study
- The other components segment is projected to grow at the highest CAGR of approximately 6.7%, in terms of revenue, during the forecast period.
- By component, the switchgear segment garnered more than 64% market share with a CAGR of 4.7%, in terms of revenue, during the forecast period.
- The Asia-pacific dominated the market with around 33% revenue shares in 2019.