Sarasota, FL -- (SBWIRE) -- 11/01/2017 -- According to the report, global silicone Market was valued at USD 15.0 billion in 2015 and is expected to reach USD 20.0 billion in 2021, growing at a CAGR of 5.1% between 2016 and 2021.
Silicone is a polymer consisting of synthetic compounds. Silicone is manufactured using reduction process on the commercial basis. Moreover, silicone resins, gels, fluids, elastomer and others are some forms of silicone. Silicone is heat resistant, therefore used in thermal and electrical insulation, lubricants, sealants, cooking utensils, adhesives and medicine among others.
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The global silicone market is primarily driven by growing demand for building & construction industry across the globe. Moreover, surging chemical and automotive industries are likely to trigger the demand for silicone in the years to come. Moreover, mounting demand for silicone from medical and personal care industry is likely to drive the market of silicone further in the near future. However, the high cost of raw materials such as methyl chloride and silicone metal for the production of silicone is expected to impede the growth of silicone market. Nonetheless, rapidly growing demand for silicone from emerging economies coupled with ongoing research & development for product development is likely to open growth opportunities for the market in the near future.
Based on the type, the global silicone market is bifurcated into resins, elastomer, gels, fluids and others. The elastomer was the largest segment of silicone market in 2015. It accounted for significant share of the total market in 2015. This growth was attributed to the large use of silicone as sealants in building and construction industry across the globe. Silicone elastomer provides protective glaze, high adhesive, and strength. Furthermore, fluid is the fastest growing segment of silicone market over the years to come. It is expected to register a growing CAGR of 5.7% within the forecast period. Usage of silicone gel and resins is also significant.
A host of silicone applications across a wide range of industries includes textile, building & construction, paper, chemical industry, plastics, automotive & transportation, electrical & electronics, medical & personal care and others. Building and construction emerged as a leading application of the globe silicone market in 2015. It is considered as the fastest growing segment over the years to come. Moreover, the chemical was the second largest segment and is expected to remain competitive with the presence of a large number of vendors. Automotive & transportation is a major application that is estimated to grow at a strong CAGR of 6.1% within the forecast period due to the increasing automotive trends in industry.
Asia Pacific dominated the market of silicone accounting for the largest share of the silicone consumption globally in 2015. China was the largest market among the Asian countries, due to a large number of consumers. Asia Pacific is expected to continue its dominance in the coming years. Asia Pacific was followed by Europe and North America in the same year in terms of volume demand. Moreover, Europe and North America are likely to witness moderate growth within the forecast period owing to the huge stake in silicone development. Latin America and the Middle East are projected to experience sluggish growth in the silicone market within the forecast period.
Some of the major players of global silicone market are Bluestar Silicones, BASF SE, Emerald Performance Materials LLC, Momentive Performance Materials Inc., Zhejiang Xinan Chemical Industry Group Co. Ltd, Shin-Etsu Chemical Company, Specialty Silicone Products Inc, Nusil Technology, Wacker Chemie AG, The DOW Corning Corporation, Rogers Corporation, Kaneka Corporation and Jiangsu Hongda New Material Co. Ltd.
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