- The worldwide silicone market is all set to record a size of around USD 20.2 billion by 2020. It would expand at about 6 percent CAGR in the forecast period. Silicones are highly flexible and can be produced in various forms. They are dependable and long-lasting, and utilized to enhance certain performance features. Silicones are broadly utilized as transitional building blocks in different products. These products may vary from residential products or fabrics to plastics and airbags.
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Silicones are utilized across various industry verticals. The global silicone market is facing huge demand from Asia Pacific and Europe. Construction is the most swiftly expanding consumer segment. Europe and Asia Pacific are the biggest markets for this segment. They occupied shares worth 29.5 percent and 40.2 percent respectively in the market. Accentuating demand for silicones from the sectors of individual care and medical, conveyance and automotives, and electronics and electricals will also drive demand for the market in the coming years.
The distinctive and helpful features of silicones work in favor of the market and further its incomes. Some of these features include low chemical reactivity, low heat conductivity, heat constancy, and low toxicity. Such features make products more robust, steady, attractive, client-friendly, and long-lasting. Asia Pacific dominates the silicone market and is estimated to continue similarly in the forecast period. China is a key nation in the region and occupies a share in excess of half of the total demand.
India follows China and has a moderately escalating market volume. Augmented demand for silicones in compound applications has been noticed in Asia Pacific. Also, manufacturing amenities of silicones are primarily focused in Asia Pacific, significantly boosting the overall silicone market. Constant product innovations by market players are raising the number of application segments, thus, increasing consumption in this region.
As structural silicone sealants have long-lasting compatibility, adhesion, and strength needed for glossy finishing applications, they are utilized in making sheet glass skyscrapers. Silicones are naturally water-resistant. They also offer higher stability to ultraviolet rays, and greater resistance to weather and temperature than organic substances. Silicones, thus decrease life span costs and ensure steady maintenance.
Information Source: Grand View Research
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