Market Overview The global silicone market is estimated to register a CAGR of over 5. 75% during the forecast period 2019-2024. Asia-Pacific is expected to dominate the market among other regions, supported by the growing construction industry in the region.
New York, Feb. 27, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Silicone Market - Growth, Trends, and Forecast (2019 - 2024)" - https://www.reportlinker.com/p05865727/?utm_source=GNW
- The consumption of silicone in the construction industry is expected to lead demand among the end-user industries.
- The Adverse Health Impact of Silicones acts as a restraint to the market’s growth.
- Rising Awareness and Use of Liquid Silicon Rubber in Manufacturing is likely to act as an opportunity for the silicone market in the forecast period.
Key Market Trends
Increasing Usage of Silicone in the Construction Industry
- Growth in infrastructure in the emerging nations is driving the overall global demand for construction chemicals, which, in turn, is expected to drive the demand for silicone in the coming years.
- In the construction industry, silicones are used in structural glazing and weatherproofing, while contributing to the energy efficiency of the buildings. They also help to improve in-shop productivity, reduce material waste, extend building life, and reduce lifecycle costs.
- There is huge expenditure incurred on infrastructure in the developing nations, like China and India, which is driving the global silicone market, especially in the Asia-Pacific region.
- These countries have been witnessing rapid urbanization, which, in turn, spurring the usage of silicones as adhesives and coatings. In addition, people are currently inclined to buy luxury products which further provides huge scope for the silicone market in the forecast period.
Asia-Pacific Region to Dominate the Market
- In 2018, Asia-Pacific was the leading consumer of silicone, accounting for the largest share of the global silicone market.
- The growing market in China is one of the prominent reasons for the growth of the Asia-Pacific silicone market over the years.
- Rising awareness and use of liquid silicon rubber due to modern manufacturing and injection molding technology in the region are expected to offer numerous opportunities for the silicone market growth.
- Asia-Pacific has the highest global share in the automobile industry. The region’s higher share is mainly as a result of large-scale domestic production in India and China.
- The automotive industry plays a critical role in integrating new electronic technologies. Increasing component migration to electronic solutions, demand exists for silicones as they play an increasingly important role in helping deliver material solutions that contribute to design flexibility and long-term component reliability under harsh operating conditions.
- The aforementioned factors are contributing to the increasing demand for silicone market in the region during the forecast period.
The global silicone market is fragmented in nature. Some of the major players of the market studied include Wacker Chemie AG, DowDuPont, Momentive, 3M, BASF SE, Shin-Etsu Chemical Co., Ltd., etc.
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