The Global Market for Silicones is Projected to Reach US$20 Billion by 2022
Established Applications
in Electronics & Growing Demand in Construction & Automotive Sectors to
Drive the Global Silicones Market, According to a New Report by Global Industry Analysts,
Inc.
GIA launches comprehensive analysis of industry
segments, trends, growth drivers, market share, size and demand forecasts on
the global Silicones market. The global market for Silicones
is projected to reach US$20 billion by 2022, driven by established
applications in the electronics industry, and emerging new applications in construction,
automotive and healthcare sectors.
Due to their ideal properties such as lightweight,
thermal stability, ozone and UV light resistance, high permeability for gas,
low chemical reactivity, non-stickiness, and water repellence, silicones are increasingly
used in a wide range of applications. Construction, electrical &
electronics, chemicals and healthcare, together account for over 50% share of
silicones consumption worldwide. Electronics/electrical industry represents the
largest and the fastest growing end-use market, backed by rising demand in
high-growth applications such as LED components. UV resistance, longevity,
water repellence, and energy efficiency of silicones are driving its use in the
construction industry, especially in “green building” construction. In the
automotive sector, increasing need for lower carbon emissions and
lightweighting creates robust demand for silicones. Automotive Original
Equipment Manufacturers (OEMs) are increasingly using silicones in
under-the-hood applications.
Body implants, catheters & tubing, and release
liner coatings in pressure-sensitive adhesives represent attractive application
areas of silicones in the medical market. Use of silicones in the medical field
is expected to be driven by its properties, such as compatibility with
long-term implantable devices, resistance to bacteria, biocompatibility, and
emergence as drug eluting product. The growth in demand for personal care
products as well as pharmaceuticals is expected to spur opportunities for silicone
fluid in the coming years. Silicone elastomers with desirable features
such as low-temperature flexibility and oil- and flame-resistance are suitable
for high-purity applications in medical and food industries.
As
stated by the new market research report on Silicone, Asia-Pacific represents
the largest market worldwide. The region also ranks as the fastest growing
market with a CAGR of 7.8% over the analysis period led by the dominance of China
in the field of electronics and construction, semiconductor manufacturing
prowess of South Korea and Taiwan, and emerging new opportunities in the
expanding healthcare sector.
Major players in the market include Arkema S.A.,
Avantor® Performance Materials LLC, NuSil Technology LLC, China National
Chemical Corporation, Elkem Silicones, Dow Corning Corp., Evonik Industries AG,
Milliken & Company, Momentive Performance Materials Inc., Shin-Etsu
Chemical Co. Ltd. and Wacker Chemie AG, among others.
The research report titled "Silicones: A Global
Strategic Business Report" announced by Global Industry Analysts Inc., provides a
comprehensive review of market trends, growth drivers, mergers and acquisitions,
and other strategic industry activities of major companies worldwide. The
report provides market estimates and projections for geographic markets, such
as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia,
and Rest of Europe), Asia-Pacific (China, South Korea, and Rest of
Asia-Pacific), Latin America, and Rest of World. End-use applications analyzed
in the report include Chemical, Automotive, Construction, Electronics/Electrical,
Healthcare, Plastics, and Others (includes paper & textiles sectors among
others). Product segments analyzed for the US and Chinese markets include
silicone fluids, silicone elastomers, and Others (includes Gels, and Resins
among Others).
For enquiries e-mail us at rsd@strategyr.com or info411@strategyr.com
Comments
Post a Comment