Silicone Market Size – USD 17.20 Billion in 2020, Growth – CAGR of 4.8%, Trends –Rise in demand for Silicone in Electrical & Electronics Industry
NEW YORK CITY, NY, UNITED STATES, March 13, 2022 /EINPresswire.com/ — The Silicone Market is expected to reach USD 24.86 Billion by 2028, according to a new report by Reports and Data. This can be mainly associated with increasing demand for automotive vehicles in various industries globally. Based on statistics, increase in demand from healthcare industry is expected to become the most common growth interest globally in the coming years. Abundant availability of raw materials including metals and polymers coupled with technological expertise has lead to the development of emerging economies which are resulting in high growth rates for the market.
Silicones belong to the family of specialty, high-performance materials. They are mainly polymers with large molecules consisting of various repeated sub-units. These polymers comprise siloxane, which is a chain of silicon atoms and alternating oxygen coupled with carbon and hydrogen. Production of silicones needs multiple steps. The initial phase consists of the reaction between methyl chloride and silicon. The reacted product is then treated with water to separate chlorine atoms. Silanes are exhibited first during the production process. These act as agents in the production of siloxanes and eventually silicones. Silicones contain a wide range of chemical and physical properties. They are resistant to moisture, cold, ultraviolet radiation, heat, and several chemicals.
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APAC accounts for the largest market share of 35.31% in 2020. The growing market in emerging economies like India and China is one of the significant reasons for the growth of the silicone market in APAC over the years. Growing awareness along with use of liquid silicone rubber due to injection molding and modern manufacturing technology in the region are anticipated to offer several opportunities for market growth.
Top Key Players: Dow Corning Corp., Shin-Etsu, Hutchinson, Evonik Industries AG, Kemira Oyj, CSL Silicones Incorporated, RUSNANO, Silchem, Inc., Wacker Chemie GmbH, Silteq Ltd., Quantum Silicones
Asia Pacific as expected to continue as one of the largest and fastest growing Silicone Market globally. The increasing manufacturing and export demand over the past decade has led several global leading companies to not only make huge investments in the region’s materials and chemical sector but also set up their own manufacturing base in the region to increase their presence in this emerging market.
This market report offer detailed view of import export scenario, recent developments, trade regulations, value chain optimization, production analysis, market share, analyses opportunities in terms of emerging revenue pockets, impact of domestic and localized market players, changes in market, trends, size, segment growth, application niches and dominance, product launches, product approvals, geographical expansions, technological innovations in the market.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/silicone-market
Further key findings from the report suggest
A key feature of Silicone is their relative chemical inertness towards the chemistry of the human body. Silicone can operate as medical devices without the risk of unfavorable effects on the patient. Common uses for silicones in this field are gels or tubing for bandage coating. These substances are also broadly used as lenses for eye and medical implants.
The global Silicone Market is growing at a rapid speed owing to the increase in demand from automotive industry.
The elastomer sector of the product segment accounts for the largest market share of 44.81% in 2020. This is due to the rise in demand from the automotive and medical industries globally.
The wide variety of utilization in various sectors makes the market for Silicone most productive. The growth in the automotive industry is one of the most significant factors for the market.
Among the raw materials, silicon is expected to grow at a CAGR of 4.8% during the forecast period. Silicon is a dominant player in contemporary electronics because it’s an absolute semiconductor of electricity. When fused into a molten state, silicon can be molded into semi-conductive wafers that can be used as the base for integrated circuits (microchips).
The fluid sector of the product segment of the market is projected to grow at a CAGR of 4.8 % during the forecast period.
Industrial process accounts for the largest share of 39.30% in 2020 of the global silicone market. This large share is associated with the fact that silicones provide resistance and high durability in industrial coatings and enhance the performance of lubricants.
Other regions such as. North America is estimated to reach USD 5.11 billion by 2028. Due to the significant demand from Canada and the US.
High consumer acceptance towards new and advanced electronic products including miniaturization and lightweight is expected to spur the growing need for silicone over the forecast period. Silicone are mainly used in the automotive & transportation industry for the production of connector seals, turbocharger hoses, silicone wiper blades, gaskets, spark plug boots, and ignition cables.
Wacker Chemie AG, one of the major players awarded the U.K.-based Intertronics, a distribution contract for silicone products for the U.K. and Ireland in June 2020. In the same month, Shin-Etsu Silicones of America introduced its high-level eight-carbon silane coupling agents.
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For the purpose of this study, Reports and Data have segmented the global Silicone Market on the basis of region, Product, Raw material, application:
Product Outlook (Volume, Kilo Tons; and Revenue, USD Million; 2020-2028)
Raw material Outlook (Volume, Kilo Tons; and Revenue, USD Million; 2020-2028)
Application Outlook (Volume, Kilo Tons; and Revenue, USD Million; 2020-2028)
Building & Construction
Electrical & Electronics
Medical & Healthcare
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Regional analysis covers:
North America (U.S.A., Canada, Mexico)
Europe (Italy, U.K., Germany, France, Rest of Europe)
Asia Pacific (India, China, Japan, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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