A three-pronged approach was followed for deducing the silicone market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:
Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for silicone market to gather the most reliable and current information possible.
Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of silicone market data depending on the type of information we’re trying to uncover in our research.
Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.
Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.
Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.
Qualitative Functional Deployment (QFD) Modelling for market share assessment.
Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.
Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.
Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.
This step also entails the finalization of the report scope and data representation pattern.
Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.
The silicone market was categorized into four segments, namely product (Fluids, Gels, Resins, Elastomers), end-use (Electronics, Transportation, Construction, Healthcare, Personal Care and Consumer goods, Energy, Industrial Processes), and regions (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa).
The silicone market was segmented into product, end-use, application, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:
Demand estimation of each product across countries/regions summed up to from the total market.
Variable analysis for demand forecast.
Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.
Primary interviews for data revalidation and insight collection.
Used extensively for new product forecasting or analyzing penetration levels.
Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.
Primary interviews and vendor-based primary research for variable impact analysis.
The silicone market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into fourteen countries, namely, the U.S.; Canada; Mexico; Germany; the UK; France; Russia; Spain; China; India; Japan; Australia; Brazil; and Saudi Arabia
All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.
The silicone market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:
Elkay Chemicals Pvt. Ltd. - lkay Chemicals Pvt. Ltd. was established in 1990 and is headquartered in Pune, India. It is engaged in the production and marketing of specialty silicone fluids, surfactants, defoamers, emulsions, and formulations. The company uses various technologies for manufacturing products such as polymerization, equilibration, filtration, distillation, emulsification, solvent extraction, batch processing, and hydrosilylation. It has a production capacity of 5,500 metric tons per year of specialty silicone fluids, emulsions, and formulations. The company offers its products and services to a wide range of industries including agriculture, pharmaceuticals, personal care, construction, textiles, and others. It has a presence in approximately 90 countries spread across North America, Europe, Asia Pacific, and the Middle East.
Supreme Silicones - Supreme Silicones was established in 2003 and is headquartered in Pune, Maharashtra. It is engaged in the production of silicone specialty chemicals. The company offers its products and services to various industries including pharmaceutical, rubber, pulp & paper, and others. It has its presence in various countries in Asia Pacific, the Middle East, and Africa. The company has 2 manufacturing facilities located in Pune and Aurangabad with an annual production capacity of 3,600 tons per year. It follows ISO 9001:2008 quality standards and is actively investing in research and development activities for employing the latest technologies in the manufacturing process.
Shin-Etsu Chemical Co., Ltd. - Shin-Etsu Chemical Co., Ltd. was established in 1926 and is headquartered in Tokyo, Japan. It is engaged in the production of specialty chemicals. The company operates through six business segments, namely PVC/chlor-alkali business, semiconductor silicon business, silicones business, electronics and functional materials business, specialty chemicals business, and processing, trading & specialized services business. It offers its products and services to various industries including electrical & electronics, building & construction, automotive & transportation, personal and healthcare products, agriculture, and food processing.
Silchem Inc. - Silchem Inc. is headquartered in Ontario, Canada. It is engaged in the manufacturing of specialty silicone emulsions, antifoams, release agents, and compounds. The company offers its products & services to a wide range of industries including agriculture, automotive, food & beverages, personal care, pulp & paper, oil & gas, industrial & household cleaning, and various others. Its product portfolio includes antifoam, emulsion, fluid, and specialty. The company follows ISO 2001:2008 quality standards for the design and development of products.
Silteq Ltd - Silteq Ltd was established in 1985 and is headquartered in Bolton, England. The company is primarily engaged in manufacturing silicone specific compounds, pigments, and extrusions & fabrications. It operates through three business segments, namely silicone compounds, pigment masterbatches, and extrusion & fabrication. The company offers its products & services to various industries including agriculture, automotive, construction, medical, pharmaceutical, and various others. It produces elastomer gel through pigment masterbatches business segment.
Amul Polymers - Amul Polymers was founded in 2006 and is headquartered in Bangalore, India. The company is engaged in the manufacturing of silicone rubber products. It offers its products and services to various industries including pharmaceutical, food & beverages, oil & gas, chemical, electrical & electronics, medical, power plants, and various others. Product portfolio of the company includes tubes, o rings, braided hoses, tri-clover gaskets, endless gaskets, FBD inflatable gaskets, silicone sheets, extruded door gaskets, sponge cords, cords, strips, sponge gaskets, sponge strips, bellows and diaphragms, PTFE envelope gaskets, platinum cured silicone tubing & braided hose, rubber expansion bellows and joints, silicone sleeve for corona treater & electrical application, and various others. The company follows ISO 9001:2008 quality standards for the production of food & pharmaceutical silicone rubber products.
Wacker Chemie AG - Wacker Chemie AG was established in 1914 and is headquartered in Munich, Germany. The company is primarily engaged in the manufacturing of polymers and specialty chemicals. It operates through four business segments, namely silicones, polymers, bio-solutions, and polysilicon. The company offers its products & services to various industries including aerospace, agrochemical solutions, automotive & transportation, electrical & electronics, personal care, textile & leather, renewable energy, food & beverages, healthcare, and various others. Its product portfolio has more than 3,200 products. The company produces elastomer gels in silicones business segment under the brand name of BELSIL. It has 24 manufacturing facilities and has its presence in more than 100 countries spread across North America, South America, Europe, Asia Pacific, and the Middle East. As of December 2019, the company has 14,658 employees.
CHT Group - CHT Group was established in 1953 and is headquartered in Tübingen, Germany. The company is primarily engaged in the manufacturing of specialty chemicals, auxiliary materials, and additives for industrial processes. It operates through three business segments, namely textile solution, industry solution, and science and service solution. The company offers its products & services to various industries including building & construction, paints & coatings, personal care, consumer goods, pulp & paper, mining, and various others. Through industrial solutions business segment, it produces consumer care solutions including personal care, car care, and home care; agriculture solutions; leather solutions; paints & coatings solutions; mining solutions; paper solutions; and recycling solutions. The company has presence in more than 120 countries across North America, South America, Europe, Asia Pacific, and the Middle East & Africa. As of December 2019, it had 2,200 employees.
Specialty Silicone Products, Inc. - Specialty Silicone Products, Inc. was established in 1989 and is headquartered in New York, U.S. The company is primarily engaged in manufacturing silicon-based products. It offers its products & services to various industries including electrical & electronics, personal care, military, pharmaceuticals, and various others. Product portfolio of the company includes EMI RFI conductive elastomers, aero silicones, USP class vi silicones, silicone membrane, and silicone lubricants. It is an ISO 9001:2008 certified company.
Illinois Tool Works Inc. - Illinois Tool Works Inc. was established in 1912 and is headquartered in Illinois, U.S. The company is engaged in the manufacturing of specialized industrial equipment, consumables, and related services. It operates through seven business segments, namely automotive OEM, food equipment, construction products, polymers & fluids, specialty products, test & measurement and electronics, polymer & fluids, and welding. The company caters its products and services to a wide range of industries such as automotive, food & beverages, building & construction, and aerospace. It produces adhesives, sealants, coatings, lubricants, additives, and cleaners through polymers & fluids business segment. The company has 440 manufacturing units and offices in 53 countries spread across North & South America, Europe, and Asia Pacific. As of December 2019, it had 43,000 employees.
Supply Side Estimates
Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.
Segment revenue determination via variable analysis and penetration modeling.
Competitive benchmarking to identify market leaders and their collective revenue shares.
Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.
Demand side estimates
Identifying parent markets and ancillary markets
Segment penetration analysis to obtain pertinent
Heuristic forecasting with the help of subject matter experts
Forecasting via variable analysis
Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.
Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.
Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 to 2022, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.
The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.
The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.
We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.
All market estimates and forecasts have been validated through primary interviews with the key industry participants.
Inflation has not been accounted for to estimate and forecast the market.
Numbers may not add up due to rounding off.
Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).
Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).
Latin America includes Central American countries and the South American continent
Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.
GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.
We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:
Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.
Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.
The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.
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