PORTLAND - According to a new report published by Allied Market Research, the silicones market is expected to reach $20.784 billion by 2022, growing at a CAGR of 4.9% from 2016 to 2022. The silicone elastomers segment dominated with more than one-third share of the market revenue and volume in 2015.
The silicone market is driven by factors such as rapid infrastructure development, growing adoption of medical implants, and superior properties, namely less CO2 and other greenhouse gas emissions from silicone products. Silicones bond with most materials, from concrete, glass, granite, and marble to aluminum, steel, and plastics. They are often the best choice for various infrastructure activities owing to advantages such as high durability and resistance to decay caused by weather, moisture or sunlight.
Silicones are widely accepted as safe materials and are approved by the FDA for use as a fixture or implant in different parts of the body. They are also used in other medical treatments to facilitate healing at a faster rate, enhance the appearance of existing scars and decrease discomfort. Factors that restrain the market growth include availability and volatile cost of raw materials.
The silicones market is segmented into different types such as elastomers, fluids, resins and gels. The elastomers segment accounted for more than one-third of the global silicone market, both in terms of volume and revenue in 2015, owing to their unique ability to retain their mechanical properties over a wide temperature range. Hence, silicone elastomers are mostly used in construction as structural glazing sealants.
Silicone fluids are the second largest segment and are mostly used in the cosmetics, paints and coatings, and healthcare industries.
The study reports that Asia-Pacific is expected to continue to lead the market throughout 2022, followed by Europe. It also finds that the building and construction end-user segment accounted for nearly half of the global silicones demand in 2015. Silicone elastomers market volume is projected to grow with a higher CAGR of 5.6% during the forecast period. China contributed one-fifth of the silicones market volume in 2015.
Asia-Pacific and Europe collectively contributed about two-thirds to the silicones market revenue in 2015. In the year 2015, Asia-Pacific dominated the silicones market due to its high consumption in building and construction and vehicle production.
The prominent players profiled in the report include Bluestar Silicones International Co. Ltd. (France), Shin-Etsu Chemical Co. Ltd. (Japan), Momentive Performance Materials Inc. (United States), Wacker Chemie AG (Germany), Dow Corning Corp. (United States), Evonik Industries AG (Germany), Sivance LLC (United States), CSL Silicones Inc. (Canada), Emerald Performance Materials LLC (United States) and ICM Products Inc. (United States).
For more information about the report, titled Silicones Market - Global Opportunity Analysis and Industry Forecast, 2014 - 2022, visit https://www.alliedmarketresearch.com/silicones-market.