The global market for Silicones is projected to reach $21.4 billion by 2024, driven by established applications in the electronics industry, and emerging new applications in construction, automotive and healthcare sectors.
Due to their ideal properties such as lightweight, thermal stability, ozone and UV light resistance, high permeability for gas, low chemical reactivity, non-stickiness, and water repellence, silicones are increasingly used in a wide range of applications. Construction, electrical & electronics, chemicals and healthcare, together account for over 50% share of silicones consumption worldwide. Electronics/electrical industry represents the largest and the fastest growing end-use market, backed by rising demand in high-growth applications such as LED components. UV resistance, longevity, water repellence, and energy efficiency of silicones are driving its use in the construction industry, especially in “green building” construction. In the automotive sector, increasing need for lower carbon emissions and lightweighting creates robust demand for silicones. Automotive Original Equipment Manufacturers (OEMs) are increasingly using silicones in under-the-hood applications. Body implants, catheters & tubing, and release liner coatings in pressure-sensitive adhesives represent attractive application areas of silicones in the medical market. Use of silicones in the medical field is expected to be driven by its properties, such as compatibility with long-term implantable devices, resistance to bacteria, biocompatibility, and emergence as drug eluting product. The growth in demand for personal care products as well as pharmaceuticals is expected to spur opportunities for silicone fluid in the coming years. Silicone elastomers with desirable features such as low-temperature flexibility and oil- and flame-resistance are suitable for high-purity applications in medical and food industries.
The research report titled ” Global Silicones Market Analysis: 2018-2024″ announced by GMR Analytics, provides a comprehensive review of trends, issues, and strategic industry activities of major companies worldwide. The report provides market estimates and projections for geographic markets such as the United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain and Rest of Europe), Asia-Pacific (China, India and Rest of Asia-Pacific), Middle East & Africa and Latin America (Brazil, Mexico and Rest of Latin America).