Global Silicone Market - Segmented by Type, Application, End-User Industry, and Geography - Growth, Trends and Forecasts (2018 - 2023)
The global silicone market is estimated to register a CAGR of 5.65% during the forecast period, 2018-2023. Asia-Pacific is expected to dominate the market among other regions, supported by the growing construction industry in the region. The consumption of silicone in the construction industry is to lead among other end-user industries.
Increasing Usage of Silicone in Construction Industry
Growth in infrastructure in the emerging nations is driving the overall global demand for construction chemicals, which, in turn, is expected to drive the demand for silicone in the coming years. In the construction industry, silicones are used in structural glazing and weatherproofing, while contributing to energy efficiency of the buildings. They also help to improve in-shop productivity, reduce material waste, extend building life, and reduce lifecycle costs. There is huge expenditure incurred on infrastructure in the developing nations, like China and India, which is driving the global silicone market, especially in the Asia-Pacific region.
Construction Industry to Dominate the Silicone Market
By end-user industry, construction dominated for silicones, with a larger share in 2016. In the construction industry, silicones are used in structural glazing & weatherproofing, while contributing to energy efficiency of the buildings. They also help to improve in-shop productivity and reduce material waste, while extending building life and reducing lifecycle costs.
Asia-Pacific to Lead the Market with Highest Share
In 2016, Asia-Pacific was the leading consumer of silicone, accounting for largest share of the global silicone market. The growing market in China is one of the prominent reasons for the growth of the Asia-Pacific silicone market through the years. Rising awareness and use of liquid silicon rubber due to modern manufacturing and injection molding technology in the region are expected to offer numerous opportunities for the silicone market growth.
Major Players: BASF SE, Wacker Group, Shin-Etsu Chemical Company, Ltd., Evonik Industries AG, and Ashland Inc., amongst others.
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