Allied Market Research (AMR), a full-service market research and business-consulting wing of Allied Analytics LLP, recently published a report titled “World Silicones Market”. According to this report, the silicones market is expected to reach US$20.784 billion by 2022, growing at a CAGR of 4.9% from 2016 to 2022. Silicone elastomers segment dominated with more than one-third share of the market revenue and volume in 2015.
A number of factors driving the silicones market include rapid infrastructure development, growing adoption of medical implants, and superior properties namely less CO2 and other greenhouse gas emissions from silicone products. Silicones bond with most materials, from concrete, glass, granite, and marble to aluminum, steel, and plastics. These are the best choice for various infrastructure activities owing to their advantages such as high durability and resistance to decay caused to other materials through rough weather conditions, moisture, or sunlight. Silicones are widely accepted as safe materials for human body and are also approved by FDA after extensive research to be used as a fixture or implant in different parts of the body. They are also utilised in many other medical treatments to facilitate healing at a faster rate, enhance the appearance of existing scars, and decrease discomfort. The factors that restrain the market growth include availability and volatile cost of raw materials.
Silicones market is segmented into different types such as elastomers, fluids, resins and gels. The elastomer segment accounted for more than one-third of the world silicone market, both in terms of volume and revenue in 2015, owing to its unique ability to retain its mechanical properties over a wide temperature range. Hence, silicone elastomers are mostly applicable in construction, where they are used as structural glazing sealant. Silicone fluids is the second largest segment and is mostly used in cosmetics, paints & coatings, and healthcare industries.
The demand for silicones from electronics end user segment is projected to increase at a CAGR of 6.5%, owing to increase in the global electronics device & component production, especially in China and other emerging countries. The demand in medical end-user segment is expected to show considerable growth due to its growing usage in implant, dental bridges, medical device, medical tubing, and scar gel.
Key findings of the study
- Asia-Pacific is expected to continue to lead the market throughout 2022, followed by Europe.
- The building & construction end-user segment accounted nearly half of the world silicones demand in 2015.
- Silicone elastomers market volume is projected to grow with a higher CAGR of 5.6% during the forecast period.
- China contributed one-fifth of the world silicones market volume in 2015.
Asia-Pacific and Europe collectively contributed about two-thirds to the world silicones market revenue in 2015. In the year 2015, Asia-Pacific dominated the silicones market due to its high consumption in building & construction and vehicle production. The prominent players profiled in this report include Bluestar Silicones International Co., Ltd. (France), Shin-Etsu Chemical Co. Ltd. (Japan), Momentive Performance Materials Inc. (US), Wacker Chemie AG (Germany), Dow Corning Corporation (US), Evonik Industries AG (Germany), Sivance LLC (US), CSL Silicones Inc. (Canada), Emerald Performance Materials, LLC (US), and ICM Products Inc. (US).