Silicones Market To Boost Its Value To $20,784 Million, By 2022 End : AMR Study
Silicones Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $20,784 million by 2022, registering a CAGR of 4.9% during the period 2016-2022. Silicone elastomers segment dominated with more than one-third share of the market revenue and volume in 2015.
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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.
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 global 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.
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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