Some of the key companies of global silicone market are BASF SE, Bluestar Silicones, Momentive Performance Materials Inc., Emerald Performance Materials LLC, Shin-Etsu Chemical Company, Zhejiang Xinan Chemical Industry Group Co. Ltd, Nusil Technology, Specialty Silicone Products Inc, The DOW Corning Corporation, Wacker Chemie AG, Kaneka Corporation, Rogers Corporation, and Jiangsu Hongda Neaw Material Co. Ltd. These players are set to cross new heights in the global silicone market.
According to the analysts at Zion Market Research, global silicone Market was capitalized at USD 15.0 Billion in 2015 and is likely to cross USD 20.0 Billion in 2021, developing at a CAGR of 5.1% from 2016 to 2021.
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Rising Demand In Building & Construction All Over The World To Boost The Development Of Silicone Market In The Years To Come
“The silicone market is likely to see noteworthy development in the years to come,” claim the analysts at Zion Market Research. The market is majorly boosted by rising demand in building & construction all over the world. The emerging and growing automotive & chemical sectors, particularly in Asia Pacific area, is expected to boom the requirement for silicone market in the coming years. On the other hand, instable costs of raw materials (such as silicone metal and methyl chloride) required for the production of silicone is likely to hinder the silicone market growth.
The altering dynamics of R&D and various activities for product enhancement undertaken by the major players is expected to unlock growth avenues for the silicone market in the years to come. For example, in March 2018, Wacker Chemie AG started a new facility for functional silicone fluids near Kolkata in Amtala in India. The facility has a yearly capacity of more than 6,000 Metric Tons. The branch out by Wacker is answer to increasing regional requirement demand for specialty silicones for utilization in the personal care, textile, agrochemical, and flexible & rigid polyurethane foam industries. The investment for the facility stands around €6 Million, boosting the global silicone market.
Asia Pacific To Maintain Its Supremacy In The Global Silicone Market In The Years To Come
Asia Pacific area ruled the silicone market with the biggest share of silicone usage all over the world in 2015. China was the biggest market amongst Asian nations, owing to a huge number of users. Asia Pacific was chased by North America and Europe in the same time frame. In addition to this, the U.S. and Europe are expected to see moderate development for silicone market in the years to come due to the huge share in development of silicone. The Middle East & Africa and Latin America will display decent development in the coming years in the silicone market.
The global silicone market is segmented as follows:
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