World Silicones Market Dominated by Asia-Pacific
According to a new report published by Allied Market Research, titled, “World Silicones Market - Opportunities and Forecasts, 2014–2022,” the silicones market is expected to reach USD 20,784 million by 2022, growing at a CAGR of 4.9% from 2016 to 2022. Asia-Pacific is expected to continue to lead the market throughout 2022, followed by Europe.
The silicones market is segmented into different types such as elastomers, fluids, resins and gels. The elastomer segment accounted for more than one-third of the world silicone market, both in terms of volume and revenue in 2015, owing to its unique ability to retain its mechanical properties over a wide temperature range. Hence, silicone elastomers are mostly applicable in construction, where they are used as structural glazing sealant. Silicone fluids is the second largest segment and is mostly used in cosmetics, paints & coatings, and healthcare industries.
The demand for silicones from electronics end user segment is projected to increase at a CAGR of 6.5%, owing to an increase in the global electronics device & component production, especially in China and other emerging countries. The demand in medical end user segment is expected to show considerable growth due to its growing usage in implant, dental bridges, medical device, medical tubing, and scar gel.
Asia-Pacific and Europe collectively contributed about two-thirds to the world silicones market revenue in 2015. In the year 2015, Asia-Pacific dominated the silicones market due to its high consumption in building & construction and vehicle production. China contributed one-fifth of the world silicones market volume in 2015.
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