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Silicone Market Share 2023 - What Are The Main Factors That Contributing Towards Industry Growth?

Author : Ronak Bora | Published Date : 2019-05-29 

Global Silicone Market Forecast to 2023 released By Global Market Insights, Inc. provides market information about industry top key players, countries, type and application. This report also states company profile, sales, market revenue and price, market share, market growth and gross margin by regions, strategic recommendations for the new entrants, market forecasts for a minimum of five years of all the mentioned segments, sub segments and the regional markets.

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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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.

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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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.

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.

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.
 

 

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

 

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Global Market Insights, Inc.

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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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