The latest report by IMARC Group, titled “Silicones Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2017-2020”, finds that the global silicones market reached a volume of 2.2 Million Tons in 2016. Silicones belong to a modern class of synthetic materials which are made by reacting silicon with methyl chloride and a further reaction with water. Silicones are odour-less and come in different forms such as elastomers, fluids, resins and gels. Some of their characteristics include stability, durability, low thermal conductivity, stain-resistance, high strength, heat resistance, and low toxicity and chemical reactivity.
Highlights of the global silicones market:
- A surge in the infrastructural activities, particularly in developing regions, acts as a primary growth inducing driver.
- Industrial processes represent the largest application sector for silicones.
- Asia-Pacific exhibits a clear dominance in the market accounting for the majority of the share.
Over the past few years, there has been a shift in the preferences of consumers towards the use of environment-friendly products which save energy and generate fewer greenhouse gas emissions. This has highly contributed to the growth of the global silicones market. Another major factor which is strengthening the global demand for silicones is strong growth in the construction industry due to a surge in the infrastructural activities, particularly in developing countries. Additionally, the ability of silicones to withstand stress and extreme temperatures has augmented its demand across various end-use industries. However, rising prices of raw materials acts as a hindrance for the growth of the market. Further, the global silicones market is expected to reach a volume of around 3 Million Tons, exhibiting a CAGR of nearly 5% during 2017-2020.
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On the basis of type, elastomers currently exhibit a clear dominance in the market followed by fluids, gels and resins. Based on application, industrial processes represent the most common application of silicones. They are followed by construction, home & personal care, transportation and energy. Region-wise, Asia-Pacific currently accounts for the majority of the total global share on account of various untapped opportunities in the region. Other major markets include Europe, North America, Latin America and Middle East. The competitive landscape of the market has also been analysed with some of the key players operating in the market being DOW, WACKER, ShinEtsu, Momentive and Elkem.
The report by IMARC Group has examined the global silicones market on the basis of:
- Industrial Processes
- Home & Personal Care
- North America
- Latin America
- Middle East
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