One major upcoming trend in silicones market is the use of silicones in medical applications. This is one of the findings from the new Global Silicones Market 2015-2019 published by TechNavio.
Silicone is used in catheters and tubing, implants, transdermal drug delivery, skin adhesives, and other equipment. Silicones used in making medical products show superior performance properties and are more reliable. TechNavio forecasts the global silicones market to grow at a CAGR of 7.6% over the period 2014-2019.
According to the report, the rapid growth of the end-user markets is one of the factors contributing to the growth of the global silicones market. The construction and automotive sectors are growing rapidly in emerging economies such as China and India, where silicones are used for various applications such as sealants and adhesives.
The global silicones market has been segmented based on the following criteria: Product type (elastomers, fluids, resins and others); application (energy, electrical and electronics, building and construction, automotive and transportation; pharmaceutical and healthcare, chemicals, aviation and aerospace, and others); geography (the APAC, the Americas, Europe and the MEA).
Silicones are synthetic polymers that exist in various forms such as elastomers, fluids, resins and gels. They possess the properties of low thermal conductivity, low toxicity, stability, low chemical reactivity and high strength. Silicones are used in many sectors such as energy, electrical and electronics, building and construction, automotive and transportation, pharmaceutical and healthcare, chemicals, aviation and aerospace, and others.