DUBLIN, November 16, 2017 /PRNewswire/ --
The "Silicone Market by Type (Elastomers, Fluids, Resins, Gels), End-Use Industry (Industrial Process, Building & Construction, Personal Care & Consumer Products, Transportation, Electronics, Medical/Healthcare, Energy) & Region- Global Forecasts to 2022" report has been added to Research and Markets' offering.
The Global Silicone Market is Estimated at USD 14.20 Billion in 2017 And is Projected to Reach USD 18.87 Billion By 2022, at a CAGR of 5.85% Between 2017 And 2022.
The market is witnessing growth due to the efficient and sustainable properties of silicone which makes it suitable for use in various end-use industries and growing demand for silicones in emerging clusters of Asia Pacific and the Middle East & Africa regions. Growing demand for silicones in new applications such as footwear, agriculture, and aerospace materials is also estimated to offer lucrative opportunities for the growth of the silicone market. Stringent regulatory policies for silicone in some end-use industries is a major factor restraining the growth of the market. Increasing raw material and energy prices are challenging the growth of the global silicone market.
Silicone elastomers is estimated to be the fastest-growing type segment during the forecast period (2017-2022). The rapid growth of this segment is attributed to the extensive use of silicone elastomers in electronics, healthcare, and transportation industries. Moreover, the demand for elastomers arising from the construction industry in the form of rubbers, sealants, and adhesives due to their excellent properties will further drive the silicone elastomers market globally.
The electronics industry is projected to be the fastest-growing application segment of the silicone market during the forecast period. In the electronics industry, the insulation properties of silicone help protect electrical circuitry in various electronic components such as computers, televisions, and aircraft video display from dust, dirt, and heat. Silicone is also an ideal material for high voltage applications. It effectively insulates underground and above ground power and cable lines. Thus, growing digitalization with mounting demand for highly functionalized and versatile electronic products is expected to drive the growth of the electronics end-use industry segment.
The Asia Pacific region is estimated to be the fastest-growing market for silicone during the forecast period. The growth of the silicone market in Asia Pacific is due to the presence of key end-use industries, especially industrial processes, building & construction, personal care & consumer products, transportation, and electronics, which have a high potential for consumption of silicones. The market in Asia Pacific, owing to high demand and low labor cost, is much more dynamic and competitive than its western counterparts. These factors are expected to drive the demand for silicone in Asia Pacific.
The global silicone market is witnessing moderate growth. Factors restraining and challenging the growth of the silicone market are the stringent regulatory policies for silicone in some end-use industries and increasing raw material and energy prices.
Dow Corning (US), Wacker (Germany), Momentive (US), Shin-Etsu (Japan), and Elkem (Norway) lead the global silicone market. These players are gaining a strong foothold in the market through their strategies of new product launches and developments and expansion of manufacturing facilities.
Market Dynamics
Drivers
- Efficient And Sustainable Properties of Silicone to Drive Its Demand in Various End-Use Industries
- Growing Demand for Silicones in Emerging Clusters of Asia-Pacific And the Middle East & Africa Region
Restraints
- Stringent Regulatory Policies for Silicone in Few End-Use Industries
Opportunities
- Growing Demand in New Applications
Challenges
- Increasing Raw Material And Energy Prices
Companies Mentioned
- Arkema
- Ashland Global Holdings
- Basf
- CSL Silicones
- Dow Corning
- Elkem
- Emerald Performance Materials
- Evonik
- Gelest
- ICM Silicone Group
- Kaneka
- KCC Corporation
- Momentive
- Nusil Technologies (Avantor Performance Materials)
- Primasil Silicones
- Reiss Manufacturing
- Roger Corporation
- Saint-Gobain.
- Shin-Etsu
- Siltech Corporation
- Silteq
- Sivance
- Specialty Silicone Products
- Wacker
- Zhejiang Xinan Chemical Industrial Group
For more information about this report visit https://www.researchandmarkets.com/research/4czxr2/silicone_market
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