LATAM Silicones Market Growth Driven by Home and Auto Sectors
The new report by Expert Market Research titled, ‘LATAM (Latin America) Silicones Market Size, Share, Price, Trends, Growth, Report and Forecast 2021-2026’, gives an in-depth analysis of the LATAM (Latin America) silicones market, assessing the market based on its segments like type, application, segment, and regional markets among others. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2026)
- Forecast CAGR (2021-2026): 5%
Latin America’s growth is predicted to be driven by the rapid expansion of key end-use sectors such as automotive, electrical, electronics, and construction. Furthermore, the presence of electronic manufacturers in Latin America should provide new prospects for silicone manufacturers. Moreover, during the forecast period, a broad crude oil production establishment in Brazil, Venezuela, and Chile may encourage the usage of silicone polymers and fluids. The demand for fluids, elastomers, and resins in the silicones market has been driven by growth in the home and personal care industry, as well as the automotive sector in Latin American countries.
Industry Definition and Major Segments
Silicones are polymers made up of repeated siloxane units or chains of silicon and oxygen atoms. It has features like water resistance, tensile strength, high binding capacity, and transparency, among others, due to its molecular structure. It is suited for high temperature and high voltage power production applications due to the strong bonding between oxygen and silicon atoms. Furthermore, silicone grease is commonly utilised in gas-insulated switchgear flange connections. Silicone grease is a semifluid consisting of a thickening agent dispersed in a liquid lubricant. It protects against corrosion and, as a result, SF6 gas leakage.
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On the basis of Type, the LATAM (Latin America) Silicones market is segmented into:
- Elastomers
• Fluids
• Gels
• Resins
Based on Application, the LATAM (Latin America) Silicones market is categorised as:
- Industrial Process
• Construction Materials
• Home and Personal Care
• Transportation
• Energy
• Healthcare
• Electronics
On the basis of Segment, the LATAM (Latin America) Silicones market is divided into:
- D5
• Emulsion
The major regional markets of the LATAM (Latin America) Silicones market are:
- Brazil
• Argentina
• Mexico
• Others
Market Trends
The demand for fluids, elastomers, and resins in the silicones market has been driven by the rise of the home and personal care industry, as well as the automotive industry in Latin America. In Latin America, rising demand for liquid silicone rubber is expected to boost the market. The high-temperature elastomer market is expected to develop due to the expansion of the car sector in Latin American regions, as well as Asia Pacific and Africa. Tyres, specialty rubber, and seat covers are all made with high-temperature elastomers. A substantial boost in industrial activity in Mexico might help silicones. The growth of end-user industries such as construction and vehicles, where adhesives and sealants are used in panel laminating, flooring, insulation, facades, coating and lamination, and other applications, are expected to boost the market for sealants and adhesives in Latin America. The demand for sealants and adhesives has grown in Chile, Colombia, Brazil, Peru, and Argentina due to significant expansion in their industrial sectors. While environmental concerns and raw material price volatility may slow market expansion, bio-based sealants and adhesives may see increased demand in the future. Silicone-based sealants are expected to grow the fastest among all types of sealants over the projected period, owing to increased product development innovation.
Key Market Players
The major players in the market are Elkem Silicones, Dow Chemical Company, Wacker Chemie AG, Shin-Etsu Chemical Co. Ltd, Silicon Argentina ® srl, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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