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.
View summary of this report @ http://www.grandviewresearch.com/industry-analysis/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.
Browse
more reports of this category by Grand View Research: http://www.grandviewresearch.com/industry/plastics-polymers-and-resins
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)
For press release of this report - http://www.grandviewresearch.com/press-release/global-silicone-market
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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