According to the new market research report ''Silicone Market by Type (Elastomers, Fluids, Resins, Gels), End-Use Industry (Industrial Process, Building & Construction, Personal Care & Consumer Products, Transportation, Electronics, Medical & Healthcare, Energy), and Region - Global Forecasts to 2022", published by MarketsandMarkets™, the global silicone market is estimated to be USD 14.20 Billion in 2017 and projected to reach USD 18.87 Billion by 2022, at a CAGR of 5.85% between 2017 and 2022.
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The market is witnessing growth due to the efficient and sustainable properties of silicone which makes them suitable for use in various end-use industries. The growing demand for silicones in emerging clusters of Asia Pacific and the Middle East & Africa regions is also an important factor driving the silicone market.
Silicone Elastomers: The largest segment of the silicone market by type
Silicone elastomers was the largest segment of the global silicone market, by type in 2016, followed by fluids. This segment holds the maximum market share due to the increasing use of silicone elastomers in construction and automotive & transportation industries. Their wide scale applicability as Liquid Silicone Rubber (LSR), a part of silicone elastomers in manufacturing medical devices, is also expected to drive their demand globally.
Browse and in-depth TOC on ''Silicone Market''
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Industrial process: The largest end-use industry of the silicone market
Industrial process was the largest segment of the global silicone market, by end-use industry, in 2016. This large share is attributed to the fact that silicones provide high durability and resistance in industrial coatings and improve the performance of lubricants. Their resistance to high pressure, high temperature, and chemical reactions is also ideal for industrial processes. In industrial processes, Room Temperature Vulcanization (RTV) sealants made from silicone provide reliable performance to avoid downtime and safety issues. Due to the aforementioned factors, industrial process is the largest end-use industry for silicone.
Asia Pacific: The largest silicone market, by region
The Asia Pacific region was the largest market for silicone, in terms of value and volume, in 2016. The large market size of the Asia Pacific region is due to the manufacturing facilities being shifted by large players from mature markets such as Europe and North America to Asia Pacific. Large players prefer investing in this region due to the provision of a wide range of market penetration opportunities in major end-use industries such as building & construction, transportation, personal care & consumer products, industrial process, electronics, medical & healthcare, energy, and so on. Abundant availability of raw materials and consumers as well as affordable labor is also attracting market players to establish their production facilities in the region.
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Silicone manufacturers, such as Dow Corning (US), Wacker (Germany), Momentive (US), Shin-Etsu (Japan), Elkem (Norway), Evonik (Germany), KCC Corporation (South Korea), Gelest (US), NuSil Technology (US), and Specialty Silicone Products (US)) are covered in the report.
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