Silicone market
Silicones are polymers consisting of synthetic compounds with repeating units of siloxane. Siloxane is a chain of alternating silicon and oxygen atoms with carbon and hydrogen bonds. Silicone offers properties such as; high binding capacity, radiation and water resistance, tear and tensile strength, transparency and good colouring. Silicone rubber, silicone caulk, silicone oil, silicone resin and silicone grease are some key forms of silicone.
The global silicone market was valued at USD 15.0 billion in 2015 and is expected to reach USD 20.0 billion in 2021, growing at a CAGR of 5.1%.
The silicone market is expected to see significant growth in the coming years, driven by increasing demand for construction and building across the globe. The growing and emerging chemical and automotive industries, especially in Asia Pacific region, is also likely to drive the demand for silicone. In addition, the changing dynamics of research and development for product improvement by the major players are likely to open growth opportunities for the market in the near future. However, the unstable prices of raw materials such as methyl chloride and silicone metal is expected to impede growth.
Based on the type of silicone, the global silicone market is segmented into; resins, elastomers, gels, fluids and other products. Elastomers was the largest segment of global silicone market in 2015, accounting for 37.13% of the total market. Fluids is one of the fastest growing segments due to use in the automotive and transportation industry. In addition, the increase in consumption of silicone in medical and personal care is expected to boost overall demand.
Applications across a wide range of industries includes; the chemical industry, building and construction, plastics, paper, automotive and transportation, textile, medical and personal care, electrical and electronics and others.
Building and construction was the leading segment of the market in 2015, accounting for more 25% of the market. This is attributed to growth in the construction industry across the globe. Emerging industrialisation and urbanisation are likely to propel demand for silicone in the construction industry even further over the years to come. The chemical industry is the fastest growing segment.
The Asia-Pacific region dominated the market with the largest share of silicone consumption globally in 2015. China was the largest market among Asian countries. The Asia Pacific was followed by Europe and North America. Europe and the U.S. are likely to witness moderate growth within the forecast period. Latin America, the Middle East, and Africa will also show decent growth in the coming years.
Some of the major players in global silicone market are Bluestar Silicones, BASF SE, Emerald Performance Materials LLC, Momentive Performance Materials Inc., Zhejiang Xinan Chemical Industry Group Co. Ltd, Shin-Etsu Chemical Company, Specialty Silicone Products Inc, Nusil Technology, Wacker Chemie AG, The DOW Corning Corporation, Rogers Corporation, Kaneka Corporation and Jiangsu Hongda New Material Co. Ltd.
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