The Global Silicone Market is anticipated to grow reach USD 7757.4 million by 2024, according to the report published by Report Bazzar. Silicone products including gels, fluids, elastomers and resins are used wide variety of applications such as automotive, electronics, construction, pharmaceutical, personal care, food and textiles. Growth of these end-use industries is expected to aid the demand for the overall market over the next eight years.
Due to chemical stability coupled with consistent performance of silicones over a wide temperature range are expected to be vital properties of the product, thereby, driving its demand. Silicone elastomer is used in the construction sector for water proofing mortor, metal surfaces and concrete.
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These rubbers exhibit ultra violet and ozone resistant properties. Increasing use of these rubber compounds for water proofing, flame resistant, and airtight gaskets in the construction industry are expected to have a positive impact towards growth over the forecast period.
Increasing expenditure on Infrastructure development by governments in countries such as China, India, Brazil, and Argentina are key factors leading to increase the market size for silicone over the forecast period.
Wacker, Shin-Etsu and Dow Corning are the integrated manufacturers, who are engaged in the business of manufacturing silicon as fell finished silicone product forms including elastomers, gels, fluids to the distribution of the abovementioned to buyers. Strong foothold in chemical industry is expected to remain a favorable factor among these companies in silicone industry.
In April 2015, the U.S. FDA passed the law that states silicone basic polymer should be manufactured as described in ASTM method D1418-81, “Standard Practice for Rubber and Rubber Latices—Nomenclature. • Government of India Foreign Direct Investment up to 100% is allowed under the automatic route from foreign/NRI investor without prior approval in electrical & electronics sectors including the services sector.
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However, high production cost compared to other elastomer type is a restraining factor for the overall market. Such high cost may be attributed towards raw material availability and processing. Though silicone elastomers require a higher cost of production, their inherent benefits and subsequent positive impacts do outweigh the higher than normal production cost. Long term benefits and low maintenance surpass the higher production of silicone elastomers.
Asia Pacific was the largest market, alone accounting for over 45% of the volume share in 2015. Expansion of the manufacturing hubs in Asia Pacific is expected to result in high demand for silicone for manufacturing products including gaskets, sealants and adhesives is expected to drive market growth over the forecast period. Latin America and MEA are anticipated to witness substantial gains on account of increasing construction activities for the development of manufacturing centers in the regions over the forecast period.
The market is fragmented in nature owing to the presence of numerous manufacturers. Key players of this market include Shin-Etsu, Ashland, Momentive, Kemira, Dow Corning, Evonik and Wacker Chemie. Companies are focusing on R&D for the development of silicone products that can be used in place of other polymers and metals owing to their superior properties including flexibility, durability and moldability.
Product Outlook (Volume , Kilo Tons, Revenue, USD Million; 2014 – 2024)
- Straight silicone
- Modified silicone
- High temperature vulcanize
- Room temperature vulcanize
- Liquid silicone rubber
Application Outlook (Volume , Kilo Tons, Revenue, USD Million; 2014 – 2024)
- Electrical & electronics
- Personal care & pharmaceuticals
Regional Outlook (Volume, Kilo Tons, USD Million; 2014 – 2024)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
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