Global silicone market size was estimated at over 1.65 million tons in 2014 and is likely to exceed 2.5 million tons by 2023 with gains of over 5.5% from 2016 to 2023. This market is likely to exceed USD 22 billion by 2023 growing with an estimated CAGR of close to 6% from 2016 to 2023.
China silicone market size dominated demand, with over 40% of the total consumption in 2014 and is likely to witness significant gains of over 8% up to 2023. Europe accounted close to 30% of the total demand in 2014 and is likely to witness steady gains over the forecast period.
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Silicone elastomers market was the most significant segment and is likely to witness gains at over 6.5%, owing to growing demand from automotive, infrastructure & construction. Silicone fluids are likely to witness moderate growth rates of over 3.8% up to 2023 with demand expected from end-use industries such as toiletries, cosmetics and pharmaceuticals. Silicone resins are likely to witness below average growth rates of close to 3% up to 2023 with anticipated demand from construction industry.
Increase in infrastructure investment and positive outlook on construction and housing space is likely to drive silicone market. Construction is one of the major application avenues, with water repellent coatings, glass coatings, solar panel sealants, LED fixtures, epoxy coatings, sealants and masonry coatings. Sealants are widely used for bonding applications in bathrooms, kitchens and windows which helps in minimizing energy consumption and provides superior heat management. Silicone marine sealant market also presents unique growth space for industry participants. World silicone sealant market demand was more than 550 kilo tons in 2014 and is likely to grow with an estimated CAGR of 4.5% up to 2023.
Growing demand for heat transfer oil to provide a thermal interface in oil & gas industry is likely to drive silicone market growth. It is also used in energy efficient durable applications such as LED lamps, construction materials and electric vehicles. Recent developments of LSR and FSR are likely to offer developments on cost effective elastomers & resins.
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The global silicone market share is fragmented and is expected to witness few mergers & acquisitions over the forecast period. Key companies operating in this industry include Wacjer Chemie, Dow Corning, Ashland, BASG and 3M Company. Other prominent manufacturers include Arkema, ICM Products, Evonik Industries, Jiangsu Hongda New Material Co. Ltd.
This latest Silicone Market research report offers in-depth analysis, key industry insights, market sizing & forecast on a granular level for key products, applications across number of regional markets. The report also analyzes the Silicone industry from business strategy perspective, describing in detail growth drivers, pitfalls &challenges for participants, accompanied by a detailed competitive benchmarking including company market share analysis and detailed business profiles.
Browse key industry insights spread across market data tables, figures & charts from the report, “Silicone Market Size, Industry Outlook, Regional Analysis, Application Development, Competitive Landscape & Forecast, 2016 – 2023.” in detail along with the table of contents:
Key Insights in this Report
- Global Silicone Market size & forecast by product & application
- Growth drivers, pitfalls & industry challenges
- Key Silicone Market growth opportunities & emerging business models
- Competitive benchmarking with market share analysis and company profiles
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