Global Silicone Market is Set for Rapid Growth to Reach Above USD 21 Billion in 2021
Deerfield Beach, FL -- (SBWIRE) -- 05/01/2017 -- According to the report, global demand for silicone market was valued at over USD 15.3 billion in 2015, is expected to reach around USD21 billion in 2021 and is anticipated to grow at a CAGR of slightly above 5.5% between 2016 and 2021.
Zion Market Research has published a new report titled "Silicone (Resins, Elastomers, Gels, Fluids and Other) Market for Chemical Industry, Plastics, Paper, Building and Construction, Automotive and Transportation, Aviation and Aerospace, Textile, Medical and Personal Care, Electrical and Electronics and Other Applications: Global Industry Perspective, Comprehensive Analysis and Forecast, 2015 – 2021."
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Silicone is second ordinary element found in Earth's crust and exists in oxidized form due to compounds such as silicates and silicone dioxide. Silicone is considered as significant inorganic component. Though silicone is originated from Earth's crust it is rare, hence produced artificially. Silicone has large number of properties like high binding capacity, heat, radiation and water resistance, low intermolecular force, electrical and thermal conductivity, resistance to solvents and oil, gas permeability, tear and tensile strength, transparency and coloring properties.
Growing demand for silicone from building and construction sector drives the silicone market. Different manufacturing practices are done for production of silicone due to huge availability of resources. Expanding end user applications owing to widespread properties is expected to accelerate the growth of market. Heat, water and radiation are the major driving properties for the silicone market. However, silicone market growth is restricted owing to escalating price of methyl chloride and silicone which are raw material for production of silicone. Research and development for new product development and increasing demand from promising economies is estimated to propel market growth over the years to come.
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Some of the major types of silicone are resins, elastomers, gels, fluids and other. Elastomers is dominating segment due to high use of elastomers in building and construction. Silicone elastomers serve protective glaze, high adhesive and strength for skyscrapers. Silicone has infinite number of applications in several industries including chemical industry, plastics, paper, building and construction, automotive and transportation, textile, medical and personal care, electrical and electronics and other. Building and construction is the foremost segment owing to adoption of silicone as adhesive, sealants and in coatings. Chemical industries are likely grow at the fastest pace over the next few years.
Out of total silicone consumption, Asia-Pacific dominated the silicone market in 2013. Asia-Pacific dominated the market with 50% of silicone consumption globally in 2013. China is the leading among Asian countries, owing to enormous of consumers. Europe and U.S. is expected to witness decent growth within the forecast period due to huge stake in silicone development. Latin America and Middle East show slow growth in silicone market in coming up years.
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ICM Products, Bluestar Silicones, 3M Company, Ashland Inc., Chase Corporation, Evonik Industries AG, Saint-Gobain, The Sherwin-Williams Company, KCC Corporation and Gelest Inc. among others are the leading players in silicone market. Some of the prominent vendors in this market space are Wacker Chemie AG, The DOW Corning Corporation, Shin-Etsu Chemical Company, Rogers Corporation, Momentive Performance Materials Inc., Kaneka Corporation, Jiangsu Hongda New Material Co. Ltd, Emerald Performance Materials Llc, Arkema SA, BASF SE, Zhejiang Xinan Chemical Industry Group Co. Ltd, Specialty Silicone Products Inc, Nusil Technology, and Jiangxi Xing Huo Organic Silicone Factory.