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Demand from Asia Anticipated to Drive Global Growth
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This research service analyzes the global silicone market. The main segments covered by product form are elastomers, fluids, resins, and gels & other products. In terms of end-user applications the market has been fragmented into transportation, construction, electronics, medical, personal care & consumer goods, special systems, energy, and industrial process. In terms of applications, the market has been segmented into rubber, coatings, emulsions, and sealants. The global market has been segmented into North America, Europe, Asia-Pacific (APAC), and RoW (Rest of World). Major market drivers and restraints, regional demand outlooks, application growth trends, and product trends are also discussed. Unit shipment and revenue forecasts have been provided for each segment from 2014 to 2024. Competitive structure and market share data have also been provided at the individual as well as the overall level. The competitive environment has been covered for each segment. The base year is 2017 and the forecast period is from 2018 to 2024.Megatrends: Urbanization is, by far, the most important factor for the growth of the silicone market. Rapid urbanization and rising purchasing power in Asia, particularly China, India and Southeast Asia, has resulted in a booming demand for automobile, consumer goods, personal care products, and infrastructure development. The primary reason for the high growth in Asia is urbanization and the development of the region as a global manufacturing hub. Sustainability is the key word that has a strong impact on the global silicone market, particularly in the personal care industry. Although volatile organic compound (VOC) emissions from silicone are within acceptable limits, for most end-use applications, Cyclotetrasiloxane (D4) and Cyclopentasiloxane (D5) are the two components which are known to cause harm to human body and the environment. Functionality and performance are the key determinants of the silicone used in end-user industries. The hydrophobic nature of the material encourages application in the construction sector. Its stability in high-temperature applications is a key factor for its usage in electronics, energy, and automotive industries. Owing to its superior performance characteristics, silicone is also gradually replacing other polymers.Influencing Factors: The increasing focus on light-weighting by automotive OEMs has triggered new opportunities for silicone. The average plastic content of a vehicle has increased considerably over the years, and silicone is an important additive used to improve plastic’s performance. Moreover, miniaturization of automotive components has led to higher demand for silicone products in under-the-hood applications. Growing consumption of silicone per vehicle, coupled with the high growth in vehicle production itself, is an encouraging prospect for the silicone market. Growing demand for renewable energy, particularly solar and wind, is another major influencing factor for the silicones market in spite of their comparatively low demand share.Regional Trends: APAC is by far the largest consumer of silicone and presents the most lucrative opportunity for future growth. The North American market is witnessing an economic revival along with a significant improvement in production. Since most end-user applications such as automotive, construction, and industrial processes are related to the economic wellbeing and growth of an economy, the market is expected to grow at a moderate pace. The Western European market will likely post a slower growth rate than the North American market over the short term due to sluggish economic growth seen in the region. However, the absolute demand growth in the European market is likely to surpass the North American market.
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