The global silicone market is
expected to reach USD 18.73 billion by 2024, according to a new report by Grand
View Research, Inc. Silicone is used extensively in construction, automotive
and electronics on account of its low toxicity, flammability, and smoke
density; inertness to chemicals & solvents; and oil & fuel resistance.
Products in elastomeric forms exhibit low UV degradation and excellent
insulation properties which will promote their usage as electroactive polymers.
Electronics & electrical
applications accounted for 18.7% of total market revenue in 2015. Rising
importance of protection against electrostatic discharge (ESD) and
electromagnetic interference (EMI) in electronics sector is expected to play a
crucial role in promoting the use of conductive polymers and thus likely to
expand the industry size of silicone rubber.
In depth research report on Silicone Market
Further key findings from the report suggest:
•
Silicone fluids reported sales
of USD 5.24 billion in 2015, making it one of the most extensively used
product. These products are utilized in the formulation of hydraulic oils,
transformer oils, damping fluids, heat-resistant lubricants and release agents.
Rising importance of lubricants as a primary source of preventive maintenance
in the manufacturing sector is expected to promote the usage fluids in lube
formulations.
•
Elastomers are expected to
witness growth at a CAGR of 4.5% from 2016 to 2024, in terms of volume. Within
the silicone elastomers market, RTV is projected to witness volume growth at a
CAGR of 5.2% from 2016 to 2024. RTV is used for manufacturing cockpit
equipment, engine electronics potting, and engine gaskets on account of on
account of exhibiting properties including low shrinkage and good flowability.
•
Transportation is expected to
foresee volume growth at a CAGR of 4.4% from 2016 to 2024. Rising demand for
lightweight materials in automobiles is expected to promote the use of
conductive silicone products in the form of wires and cable insulation.
Increasing vehicle production in the U.S., Germany, UK, China, and Japan is
expected to result in high demand for silicone products in these markets over
the projected period.
•
Asia Pacific is expected to foresee
a volume growth at a CAGR of 5.3% from 2016 to 2024. Rapid industrialization in
emerging economies including China and India is likely to result in high demand
for silicone products for the development of numerous end-products.
Furthermore, rising construction spending in China, India, Thailand, Indonesia,
Malaysia, and Vietnam is expected to upscale the requirements of the product in
the form of sealants, gaskets, and rings over the forecast period.
•
Major silicone manufacturers
include Dow Corning, Wacker, Momentive, and Shin-Etsu. The majority of
companies are expected to target their products aimed at electronics industry
on account of increasing importance of electroactive materials.
Grand View Research has
segmented the global silicone market by product, application, and region:
Product Outlook (Volume, Kilo Tons; Revenue, USD Million,
2013 - 2024)
•
Fluids
o
Straight
o
Modified
•
Gels
•
Resins
•
Elastomers
o
HTV
o
RTV
o
LSR
•
Others
Application Outlook (Volume, Kilo Tons; Revenue, USD
Million, 2012 - 2022)
•
Electrical & Electronics
•
Transportation
•
Construction
•
Personal Care &
Pharmaceuticals
•
Textile
•
Others
Regional Outlook (Volume, Kilo Tons; Revenue, USD Million,
2013 - 2024)
•
North America
o
U.S.
•
Europe
o
Germany
o
UK
o
France
o
Russia
•
Asia Pacific
o
China
o
Japan
o
India
•
Latin America
o
Brazil
•
Middle East & Africa (MEA)
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About Grand View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
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