The global silicone market is estimated at USD 14.20 billion in 2017 and is projected to reach USD 18.87 billion by 2022, at a CAGR of 5.85% between 2017 and 2022. The market is witnessing growth due to the efficient and sustainable properties of silicone which makes it suitable for use in various end-use industries and growing demand for silicone in emerging clusters of Asia Pacific and the Middle East & Africa regions.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=709
Silicone is one of the most versatile polymers existing today. Silicone exists in various forms, ranging from fluids, resins, and gels to tough, stiff, and strong elastomers. They are stable and inert compounds and are widely used in almost all the modern industries, including building & construction, transportation, personal care & consumer products, electronics, medical & healthcare, industrial process, energy, and others. The unique and useful properties of silicones such as low thermal conductivity, low chemical reactivity, low toxicity, and thermal stability make their products stronger, stable, user friendly, and durable.
Growth Drivers:
- Efficient and sustainable properties of silicone to drive higher demand in various end-use industries
- Growing demand for silicone in emerging regions of Asia-Pacific and Middle East & Africa
Dow Corning (US), Wacker (Germany), Momentive (US), Shin-Etsu (Japan), Elkem (Norway), Evonik (Germany), KCC Corporation (South Korea), Gelest (US), NuSil Technology (US), and Specialty Silicone Products (US)) lead the global silicone market.
Critical questions the report answers:
- Where will all these developments take the industry in the mid to long term?
- What are the upcoming industry applications for silicone?
The global silicone market is witnessing moderate growth. Although a good number of silicone products are used without restrictions, the use of a few silicone products, especially in the personal care & consumer products and medical & healthcare industries, is regulated by certain regulatory authorities in some countries. For example, the U.K. Competent Authorities and the European Chemicals Agency (ECHA) are expected to limit the use of two silicone products, namely cyclosiloxanes D4 and D5, which are used in the personal care industry. These substances are likely to be restricted to a concentration of 0.1% by weight in personal care products. In the medical & healthcare industry, silicones are considered of medical grade only when they are USP Class V and VI approved. All medical grade silicones must be approved by the regulatory bodies before they are commercialized. These regulations and their approval process are time consuming which, therefore, restrains the growth of the silicone market in these industries.
Major Market Developments
- In October 2017, Wacker launched a diverse range of new polymer- and silicone-based products for the coating, adhesive and print industries at ABRAFATI 2017. These new range of products was launched to help the company establish its foothold for industrial coatings in the South American market.
- In August 2017, Wacker expanded its technical center in Dubai and included two new labs for polymers and silicones applications. This expansion strengthened the company’s presence in the Middle East & Africa and its position as one of the leading manufacturers of silicones and polymers in the region.
- In August 2017, Shin-Etsu planned to expand its silicone production capacity at the Akron plant in Ohio for its group company, Shin-Etsu Silicones of America (SESA), which is primarily involved in the manufacturing and sales of silicones in the U.S. the investment was approximately USD 20 million in this facility.
Get 10% FREE Customization on this study @ https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=709
