Silicone Market by Type, End-Use Industry & Region - Global Forecasts to 2022

DUBLIN, November 16, 2017 /PRNewswire/ --

The "Silicone Market by Type (Elastomers, Fluids, Resins, Gels), End-Use Industry (Industrial Process, Building & Construction, Personal Care & Consumer Products, Transportation, Electronics, Medical/Healthcare, Energy) & Region- Global Forecasts to 2022" report has been added to Research and Markets' offering.

The Global Silicone Market is Estimated at USD 14.20 Billion in 2017 And is Projected to Reach USD 18.87 Billion By 2022, at a CAGR of 5.85% Between 2017 And 2022.

The market is witnessing growth due to the efficient and sustainable properties of silicone which makes it suitable for use in various end-use industries and growing demand for silicones in emerging clusters of Asia Pacific and the Middle East & Africa regions. Growing demand for silicones in new applications such as footwear, agriculture, and aerospace materials is also estimated to offer lucrative opportunities for the growth of the silicone market. Stringent regulatory policies for silicone in some end-use industries is a major factor restraining the growth of the market. Increasing raw material and energy prices are challenging the growth of the global silicone market.

Silicone elastomers is estimated to be the fastest-growing type segment during the forecast period (2017-2022). The rapid growth of this segment is attributed to the extensive use of silicone elastomers in electronics, healthcare, and transportation industries. Moreover, the demand for elastomers arising from the construction industry in the form of rubbers, sealants, and adhesives due to their excellent properties will further drive the silicone elastomers market globally.

The electronics industry is projected to be the fastest-growing application segment of the silicone market during the forecast period. In the electronics industry, the insulation properties of silicone help protect electrical circuitry in various electronic components such as computers, televisions, and aircraft video display from dust, dirt, and heat. Silicone is also an ideal material for high voltage applications. It effectively insulates underground and above ground power and cable lines. Thus, growing digitalization with mounting demand for highly functionalized and versatile electronic products is expected to drive the growth of the electronics end-use industry segment.