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ALBANY, New York, September 13, 2019-With the rising popularity of green materials, silicone is extensively used in the construction industry as an energy-efficient material. Manufacturers in the global silicones market are likely to bank on the opportunity created by a high demand for liquid silicone rubber. They are also tapping into the opportune potential of the automotive industry as it highly demands light-weight materials. Silicone’s thermal stability and high resistance to UV radiation make it an ideal material for various industrial applications. On account of these factors the global silicones market is anticipated to show an upward trajectory during the forecast period of 2018-2026, states Transparency Market Research.
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Silicones Market to Rise at a Moderate 5% CAGR
According to TMR’s study, the silicones market is anticipated to progress at a moderate but steady 5% CAGR. The market is expected to rise from its historical valuation of US$ 13,700 Mn in 2017 to reach the value of US$ 22,000 Mn by the end of 2026.
Rising demand from the transportation industry is expected to present a lucrative opportunity for the silicones market’s growth states TMR. It accounted for approximately 10% of the market’s share in 2017. Silicones are widely used in manufacturing ignition coils, gaskets, airbags, seals, and other components. It has gained immense popularity across all the transportation sectors including aviation, automotive, and marine.
The challenges associated with meeting the environmental regulations may act as stumbling blocks in the market. Market players often put a halt to the production during government investigation and resume it once it’s done. This may create a shortage of materials that eventually results in raised prices. Nonetheless, the production of green silicone materials may help manufacturers overcome these challenges.
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Asia Pacific to be the Highest Revenue Contributor to the Silicones Market
Asia Pacific is expected to be the most lucrative region for silicones market’s growth. The market’s growth in this region is driven by the rise in the production of electronic goods. Numerous countries in this region are the leading exporters of electronic goods. China has made the highest contribution to the market’s growth in this region as it is a leading exporter of Information and Communication Technology goods.
The booming automobile industry in Asia Pacific has also been instrumental in the market’s growth. It is mainly because of the largescale production of automobiles in China and India. The migration of components to electronic solutions has further supported the silicones market’s growth in this region.
The market in Europe is driven by the expanding automotive industry in France, UK, and Germany. It is the second-largest region for the silicones market’s growth after Asia Pacific.
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Use of Silicone as an Apt Substitute for Plastics to Drive Growth
Silicone is not only durable but is more ocean-friendly as compared to plastics. Moreover, it does pose any threat to the organisms in soil or water. As a result, it is highly preferred over plastics and act as an apt substitute for it. The use of silicone in as sculptor materials to reproduce original sculptors has also provided a thrust to the global silicones market’s expansion.
Furthermore, rising demand for green chemicals and the need to reduce carbon emissions has strengthened the market’s position across the globe. Additionally, an increase in production of silicone-based devices for the healthcare industry and the use of silicone in packaging and food and beverages industries has fostered silicones market’s growth.
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The study presented here is based on a report by Transparency Market Research (TMR), titled, “Silicones Market (Form – Fluids, Elastomers, Resins; Application – Rubber, Coatings, Emulsions, Sealants; End use Industry – Consumer Goods, Construction and Architecture, Transportation, Energy, Electrical and Electronics, Paper, Textiles) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026.”
The global silicones market is segmented based on:
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