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silicone market in china projecting a CAGR of around 40% over the projected upto 2023

Author : Ronak Bora | Published Date : 2019-03-13 

China silicone market size dominated demand, with over 40% of the total consumption in 2014 and is likely to witness significant gains of over 8% up to 2023. Europe accounted close to 30% of the total demand in 2014 and is likely to witness steady gains over the forecast period.

Global silicone market size was estimated at over 1.65 million tons in 2014 and is likely to exceed 2.5 million tons by 2023 with gains of over 5.5% from 2016 to 2023. This market is likely to exceed USD 22 billion by 2023 growing with an estimated CAGR of close to 6% from 2016 to 2023.

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Silicone elastomers market was the most significant segment and is likely to witness gains at over 6.5%, owing to growing demand from automotive, infrastructure & construction. Silicone fluids are likely to witness moderate growth rates of over 3.8% up to 2023 with demand expected from end-use industries such as toiletries, cosmetics and pharmaceuticals. Silicone resins are likely to witness below average growth rates of close to 3% up to 2023 with anticipated demand from construction industry.

Increase in infrastructure investment and positive outlook on construction and housing space is likely to drive silicone market. Construction is one of the major application avenues, with water repellent coatings, glass coatings, solar panel sealants, LED fixtures, epoxy coatings, sealants and masonry coatings. Sealants are widely used for bonding applications in bathrooms, kitchens and windows which helps in minimizing energy consumption and provides superior heat management. Silicone marine sealant market also presents unique growth space for industry participants. World silicone sealant market demand was more than 550 kilo tons in 2014 and is likely to grow with an estimated CAGR of 4.5% up to 2023.

Increasing application in the electronics & electrical (E&E) owing to enhance insulation properties is likely to drive silicone market. Its application in E&E represents wire coatings, technical wiring, component building, semiconductor, computers and pacemaker leads.

Growth in transportation industry such as automobiles and aerospace is likely to drive demand. Transportation equipments are continuously exposed to chemical & physical attacks which require durable structures for minimizing maintenance & repairing costs. They are used in automobiles, spacecrafts and ocean vessels to enhance exterior resilience against extreme weather conditions. Silicone rubber market includes uses for providing traction and superior wear life to the tires while its coatings & adhesives enhance are used in airbags, joints and vent ducts.

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Continuous innovation witnessed in the textile manufacturing process is likely to positively influence demand. High speed manufacturing process in the textile industry could pose the danger of overheating which can result in fiber melting & breakage. This factor is likely to favor demand of efficient materials which could reduce friction to enhance the manufacturing efficiency. Silicone fluids are likely to witness an increase in demand for textile application owing to heat stability and minimizing the adhesion of spinneret to thermoplastic fiber which helps in increasing the productivity.

Growing demand for heat transfer oil to provide a thermal interface in oil & gas industry is likely to drive silicone market growth. It is also used in energy efficient durable applications such as LED lamps, construction materials and electric vehicles. Recent developments of LSR and FSR are likely to offer developments on cost effective elastomers & resins.

China was the largest consumer owing to the presence of large scale industries such as electronics, automobile, petrochemicals and textiles. Construction industry in China is also the largest in the world market with an estimated spending of USD 1.78 trillion in 2014.

Asia Pacific (excluding China) is likely witness significant gains over the forecast period. Major automobile manufacturers prefer to set u their plants in Thailand, Indonesia and India owing to cheap labor wages and government incentives.  Europe is likely to witness an increase in demand owing to growth in automobile industry.

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North America silicone market is likely to witness moderate growth over the forecast period. Latin America and MEA are likely to witness significant gains over the forecast period despite low consumption levels owing to increasing spending capacity coupled with growth in end-use industries such as petrochemicals and automotive.

The global silicone market share is fragmented and is expected to witness few mergers & acquisitions over the forecast period. Key companies operating in this industry include Wacjer Chemie, Dow Corning, Ashland, BASG and 3M Company. Other prominent manufacturers include Arkema, ICM Products, Evonik Industries, Jiangsu Hongda New Material Co. Ltd.

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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