Global Silicone Market to Exhibit 5.5% CAGR between 2015 and 2021
Deerfield Beach, FL -- (SBWIRE) -- 09/18/2017 -- 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." 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.
Silicones are the polymers consisting synthetic or inert compounds with repeating units of siloxane. Siloxane is a chain with alternating silicon and oxygen atoms along with carbon and hydrogen bonds. Silicone rubber, silicone caulk, silicone oil, silicone resin and silicone grease are some forms of silicone. Silicone is similar to rubber and is heat resistance, therefore used in thermal and electrical insulation, lubricants, sealants, cooking utensils, adhesives and medicine among others.
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Silicones can be manufactured by numerous methods owing to the availability of plentifulresources. Silicone has a wide range of properties resulting into various end-user applications which are expected to boost the demand for silicone market. Heat, water, and radiation are the major driving properties for the silicone market.Increasing demand for buildings, chemical and automotive segments surge growth of the silicone market. 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. Surging demand from emerging economies and ongoing research and development for product development are likely to open growth opportunities for the market in the near future.
Resins, elastomers, gels, fluids and other are major types of silicone. Elastomers are the largest segment for silicone owing to its use as sealants in building and construction. Silicone elastomers provide protective glaze, high adhesive, and strength. A host of applications across in a wide range of industries includes chemical industry, plastics, paper, building and construction, automotive and transportation, textile, medical and personal care, electrical and electronics and other. Building and construction were the leading segments in 2015 which was mainly due to the huge utilization of silicone as adhesive, sealants and in coatings. The chemical industry is the fastest growing segment and expected to remain competitive with the presence of a large number of vendors.
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AsiaPacific dominated the market with 50% of silicone consumption globally in 2013. China is the largest market among Asian countries, due to a large number of consumers. Europe and U.S.are likely to witness decent growth within the forecast period owing to huge stake in silicone development. Latin America and the Middle East would show sluggish growth in the silicone market within the forecast period.
Renowned industry participants in the silicone market are WackerChemie 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, and Zhejiang Xinan Chemical Industry Group Co. Ltd.Further, Specialty Silicone Products Inc, Nusil Technology, Jiangxi Xing Huo Organic Silicone Factory, ICM Products, Bluestar Silicones, 3M Company, Ashland Inc., Chase Corporation, Evonik Industries AG, Saint-Gobain, The Sherwin-Williams Company, KCC Corporation andGelest Inc. among others are the key players in silicone market.
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