The global silicone market size was estimated at 2393.8 kilo tons in 2015. Rising awareness regarding favorable properties of silicone such as chemical stability, ozone and UV resistance, and consistent performance over a wide temperature range is one of the key trends stimulating market growth.
In the form of elastomers, the product finds application in wire insulation, lamps, lighting, and power distribution owing to its superior dielectric and good thermal stability. Fast cooling characteristics of high temperature vulcanized (HTV) silicone and liquid silicone rubber (LSR) in gaskets, sealants, and electronics applications are anticipated to augment the market over the upcoming years.
Rising consumption of energy and growing importance of transmission and distribution devices for electricity are expected to provide an impetus to the electronics industry. With respect to this, market players are likely to tap into considerable opportunities in the electronics industry in the near future.
Easy curing properties of liquid silicone rubber results in reducing lead time for molding process in automotive parts production. Therefore, burgeoning importance of liquid silicone rubber as liquid injection molding system (LIMS) materials in wire harness for inducing indispensable wiring system is projected to stoke the growth of the market.
High visibility of substitutes including fluoropolymers and polyolefin in the construction sector on a global level is poised to reduce silicone penetration over the foreseeable future. However, surging consumption of lightweight automobile parts as a result of lower emission and enhanced fuel efficiency is estimated to fuel the demand for silicone elastomers.
While U.S. and Japan are at the forefront of the market for lightweight automotive materials, numerous upcoming vehicle manufacturing facilities in developing economies including India, China, Mexico, and Vietnam are anticipated to make their market in the arena. This, in turn, is expected to provide an upthrust to the market.
On the basis of product, the market has been segmented into fluids, gels, resins, and elastomers. The elastomers constituted over 42.0% of the global share in terms of revenue in 2015. Rapid expansion of key end-use industries such as construction, automotive, and electrical & electronics, particularly in emerging markets of Latin America and Asia Pacific, is likely to contribute to the growth of the segment.
HTV elastomers offer several properties including good weather ability, excellent chemical resistance, water repellency, and easy coloring characteristics. Rising utilization of these elastomers as sheets, tubes, seals, and profiles in transportation, electronics, construction, and consumer goods applications is projected to boost the demand for the market.
Silicone gels are majorly used in concealing scars in newly healed wounds and to reduce prominent immature scars. In addition, various gel-based products are used in encapsulation and potting of electronic & electronic equipment, including solar devices and LEDs. Consumption of silicone in aforementioned applications is poised to witness a positive trend on account of its several characteristics including good water repellence, high dielectric strength, and excellent ability to dampen mechanical vibrations.
Apart from this, regulatory support aimed at promoting electricity output from solar energy in various countries including China, U.K., Italy, and Taiwan is estimated to increase use of photovoltaic cells. This, in turn, is expected to widen the application scope of silicone gels in encapsulation of photovoltaic cells over the forecast period.
The construction sector dominated the silicone market and held approximately one third of the global revenue share in 2015. Spiraling demand for the product in residential and commercial construction applications such as glass, concrete, marble, aluminum, steel, and polymers is anticipated to bolster the growth of the overall market.
Rising use of silicone rubber compounds for water proofing, flame resistance, and airtight gaskets in the construction industry is likely to have a positive impact. Silicone-based sealants, due to their oil and weather resistant nature, are used for window sashes & metals, for concrete joints in public work projects, and for plumbing penetration seals.
In the transportation sector, silicone is used in the form of grease, coating, rubber, and sheet in automobile applications. Silicone grease is used as a lubricant for brakes owing to its stability over a wide temperature range. Moreover, growing utilization of the product as a coating for spark plug wires, airbags, and adhesive owing to its resistance to high impact, excellent electrical insulation, and tear strength is projected to spur the growth of the market.
Asia Pacific is poised to be the leading regional market throughout the forecast period. Presence of booming electronic industry in Taiwan, China, Korea, India, and Japan is estimated to supplement the growth of the market during the forecast period. In addition, domicile of some of the leading automobile manufacturing companies including Kia, Hyundai, and Daewoo is escalating the growth of the regional market.
Government of South Korea has signed numerous agreements with European Union countries and the U.S. to increase their export volume in the automotive industry by decreasing tariffs. The trend in the automotive industry of South Korea is anticipated to increase the consumption of silicone-based products over the upcoming years.
Strong presence of electronic manufactures such as LG, Foxconn, Dell, Flextronics, Lenovo, Multilaser, and IntelBras is expected to open new avenues for silicone manufacturers in Latin America. A wide crude oil production base establishment in Chile, Brazil, and Venezuela is likely to promote the use of silicone polymers as well as fluids over the foreseeable future.
Applications of the product in electronics, automotive, and construction have been witnessing significant gains in specific regions. Some of the key silicone manufacturing companies are projected to keep their business units close to these regions. Asia Pacific countries including China and India are poised to remain a major hub for market players owing to low manufacturing cost and positive outlook towards electronics and automotive sectors.
Some of the key companies present in the market are Shin-Etsu; Silchem, Inc.; ICM Products Inc.; Silteq Ltd.; Wacker Chemie GmbH; Specialty Silicone Products, Inc., Evonik Industries AG; Hutchinson; Kemira Oyj; Allergan; Ashland Incorporated; CSL Silicones Incorporated; Cow Corning Corp.; CRI-SIL Silicone Technologies, LLC; RUSNANO; and Quantum Silicones.
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends from 2014 to 2025 in each of the sub-segments. For the purpose of this study, Grand View Research has segmented the global silicone market report on the basis of product, application, and region:
Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
Fluids
Gels
Resins
Elastomers
Others
Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
Electrical & electronics
Transportation
Construction
Personal care & pharmaceuticals
Textiles
Others
Regional Outlook (Volume, Kilo tons; Revenue, USD Million, 2013 - 2024)
North America
U.S.
Europe
Germany
France
Russia
Asia Pacific
China
Japan
India
Latin America
Brazil
Middle East & Africa
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