Silicone hose plans to raise prices for its entire silicones product range. The price increases vary between 10-20%.
The silicone market has been geographically segmented into North America, Western Europe, Asia-Pacific, Eastern Europe, South America and Middle East & Africa. In 2019, Asia Pacific was the largest region in the silicone market.
Rising demand of silicone in different industries is expected to propel the silicone market. Silicone materials are being extensively used in industries such as construction, transportation, electrical & electronics, textiles and personal care and pharmaceuticals. Silicone materials such as silicone sealants, adhesives and a coatings have major applications in construction. Also, in electronics sector, silicon is used to provide high thermal stability and resistance to weathering, ozone, moisture, and UV radiation in electronic products.
Rising prices of raw materials adding to the manufacturing costs is expected to restraint the growth of silicone market. The low availability of raw silicone resulting from the shutting down of the manufacturing facilities is considered to be an important factor affecting the prices of the silicone materials. The shutdown of silicone production facilities in Germany, USA and China due to different environmental factors and government sustainable policies disrupted the supply of silicone in recent years.
This has increased pressure on the manufacturers to raise the prices of silicone materials.Therefore, fluctuations in the prices of raw materials is expected to hamper the silicone market growth.
The increasing demand for green chemicals is driving the growth of the silicone market. The increasing stress on the use of environmentally friendly materials is positively effecting the silicone market. Silicone products are regarded as environmental friendly and durable than that of the plastic products.