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.
Browse full research report on Silicone Market: 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
- Straight
- Modified
- Gels
- Resins
- Elastomers
- HTV
- RTV
- 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
- U.S.
- Europe
- Germany
- UK
- France
- Russia
- Asia
Pacific
- China
- Japan
- India
- Latin
America
- Brazil
- Middle
East & Africa (MEA)
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, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
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