Silicone in Heavy Machinery in North America and Asia-Pacific Market Growth, Size, Future Scope & Industry Forecast 2027
North America and Asia-Pacific Silicone in Heavy Machinery Markets
The North America and Asia-Pacific silicone in heavy machinery market size is projected to reach $1.2 billion, growing at a CAGR of 5.6% from 2020 to 2027.
WILMINGTON, DELAWARE , UNITED STATES, April 15, 2024 /EINPresswire.com/ -- The North America and Asia-Pacific silicone in heavy machinery market garnered $0.8 billion in 2019, and is expected to generate $1.2 billion by 2027, registering a CAGR of 5.6% from 2020 to 2027. The report provides a detailed analysis of changing market dynamics, top winning strategies, major segments, top player positioning, and competitive scenario.
According to the report published by Allied Market Research, the North America and Asia-Pacific Silicone in Heavy Machinery Market by Product Type (Elastomer, Fluids, and Others) and Component (Switchgear and Others): Opportunity Analysis and Industry Forecast, 2020-2027.
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Leading players of the North America and Asia-Pacific silicone in heavy machinery market include Wacker Chemie AG, Dow inc., Elkem Silicones, Stockwell Elastomerics, KCC Silicon, Shin-Etsu Silicone, Avantor, Zhejiang XinAn Chemical Industrial Group Co. Ltd., and Momentive Performance Materials Inc.
Enhanced properties of liquid silicone rubber (LSR) and ease in processing of LSR drive the growth of the North America and Asia-Pacific silicone in heavy machinery market. However, the non-recyclable nature of LSR hinders the market growth. On the other hand, demand for silicone rubber from the wind energy sector creates new opportunities in the coming years.
The report provides a detailed segmentation of the North America and Asia-Pacific silicone in heavy machinery market based on product type, component, and region.
Based on product type, the elastomer segment accounted for the largest market share in 2019, holding more than two-fifths of the total share, and is estimated to maintain its lead throughout the forecast period. However, the fluids segment is expected to witness the highest CAGR of 6.2% from 2020 to 2027.
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Based on component, the switchgear segment held the largest market share in 2019, accounting for nearly two-thirds of the North America and Asia-Pacific silicone in heavy machinery industry, and is projected to witness its dominance throughout the forecast period. Moreover, this segment is expected to witness a CAGR of 5.0% during the forecast period.
Based on region, Asia-Pacific held the largest market share, accounting for more than half of the global share in 2019, and will maintain its leadership status throughout the forecast period. Moreover, this segment is estimated to witness the highest CAGR of 5.8% from 2020 to 2027. North America is expected to grow at a CAGR of 5.5% during the forecast period.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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