Silicones Market is expanding at $20,784 Million by 2022 | Asia-Pacific is showing high growth rates during forecast period
Silicones, or polysiloxanes are high-performance oligomers or polymers with an alternating silicon oxygen backbone, formed with aliphatic or aromatic side groups. They are considered as a modern class of synthetic materials in which siloxane functional group forms the backbone and can take a variety of physical forms, such as solids, semi-viscous pastes, oils, and more. They are produced by reacting silicon with methyl chloride and a further reaction with water.
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Silicones are resistant to high & low temperatures and find applications in several products used across a wide range of end-user industries. Silicones are beneficial owing to their heat resistance and rubber-like quality. This is perhaps why they are used widely in the manufacture of sealants, adhesives, lubricants, medicine, thermal & electrical insulation, and cooking. The ability of silicones to withstand great stress and extreme temperatures makes it useful for aviation & aerospace industries. In the construction industry, silicones are used in the building of high-performance structures. It is used as an energy-efficient and green material in the process of construction. The manufacturers of silicone are carefully complying with the regulations and norms drawn by the public authorities from the U.S., Europe, and Asia to safeguard human health and the environment.
The focus on the usage of environment-friendly products that have less emission of greenhouse gases has popularized the use of silicones. The growing infrastructure activities in emerging countries will drive the silicones market size in the coming days. Silicones are widely preferred in place of plastic, as they are more ocean-friendly and highly durable. They are also considered eco-friendly as they do not pose toxic problems for aquatic and soil organisms. Silicone is also odor-free and stain-resistant, making it hygienic and hypoallergenic. Apart from the driving factors, the market is also anticipated to experience external barriers. Silicones are mainly used as adhesives, sealants, and coatings in these sectors. In addition, silicone rubbers are widely used as sculptor materials to make accurate reproductions of original sculpture. Silicone-based products also contribute toward energy savings and greenhouse-gas emission reduction, which increases its popularity in the end-user market. The rising cost of key raw materials, methyl chloride & silicon metal hinders the market growth. Emerging economies in Asia-Pacific region, such as India, Indonesia, and Thailand, offer various opportunities for the growth of the silicones industry owing to the rapidly growing end-user industries in these countries. The silicones market forecast for the next few years appears promising in different regions globally.
The global silicones industry is segmented on the basis of type, end user, and geography. Based on different types, the market is classified into categories including elastomers, fluids, resins, and gels. Silicones find applications in various industries, such as building & construction, transportation, electronics, medical, textile & leather, and others. Geographically, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA.
Key Findings of Silicones Market:
• 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 global 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 silicones market volume in 2015.
Asia-Pacific and Europe collectively contributed about two-thirds to the 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. (U.S.), Wacker Chemie AG (Germany), Dow Corning Corporation (U.S.), Evonik Industries AG (Germany), Sivance LLC (U.S.), CSL Silicones Inc. (Canada), Emerald Performance Materials, LLC (U.S.), and ICM Products Inc. (U.S.).
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