High Performance Silicones Market Driven by Increased Demand for Elastomers in Automotive Industry

Geographically, APAC dominates the demand in the global silicones market, with China are key country-wide market owing to rapidly expanding end-user product manufacturer’s presence in developing nations and vast consumer base to achieve high benefits. According to a newly compiled market research report by IndustryARC, the global silicones market was worth $4.3 billion in 2018. The information is extracted from a business intelligence report titled Silicone Market: By Type (Fluids, Elastomers, Resins, Gels, Others) By End-user (Industrial, Electronics, Machinery, Aerospace, Medical, others) Application (Vehicles & Binders, Elastomeric Components, Surfactants, Conditioning agents, others) – Forecast (2018 - 2023).”

Medical applications of silicones are fairly ubiquitous, gaining strong adoption in the past decade owing to its attributes of unique physical and chemical properties such as low toxicity, hydrophobicity, eco-friendliness, and durability. Implantable, external jacketing of wires and cables of hospital equipment, surgical tools, imaging, and diagnostic instruments, and patient monitoring systems are some of the examples of extensive usage of silicon in the medical industry. 

Additionally, the buoyant demand for personal care and homecare products on the back of the aging population and increased disposable income of the urban population is further stroking the silicone demand. FDA regulates the metal and has approved it for cosmetic surgeries, which has added whole revenue avenue to the silicone market. Increasing need for high-efficiency utilization of electric and electronic energy products is another key factor driver of the market.

 

The rising concerns of vehicular emissions and air pollution is shifting the focus to electric vehicles. The government of developed economies in Europe and North America as well as Chinese government are gradually replacing the IC engine based commercial vehicles to reduce the pollution level in highly populated cities. This is set to propel the demand of silicones market in the near future.

The growing penetration of the IoT across various verticals. It is also unfolding new potential for advanced electronic components for high end communication and data transmission. The M2X and V2X communication systems in industrial sector are taking a new turn for the upcoming wave of Industry 4.0 and connected cars, paving the way for high end and complex electronic components. This is set to avail prominent opportunity to the silicones market growth in the forecast period.

Gelest Inc. is one of the major player, recognized as a world-wide innovator in materials science and technology that develop and manufacture silicon and metal-organic based chemicals and polymers for applications in microelectronics, optoelectronics, medical devices and pharmaceuticals.

The adoption of silicones in medical applications is increasing rapidly. Additionally, enhanced technologies and extensive usage of silicones for personal care and homecare are stroking widespread adoption of silicone market. 

Silicone Elastomers Market: Type (High Consistency Rubber, Fluorosilicone Rubber, Liquid Silicone Rubber, Room Temperature Vulcanize, Others) End User(Construction, Automotive, Electronics, Medical Devices, Consumer Goods, Others) & Geography - Forecast(2018 - 2023)

Silicone Adhesives Market: By Type (Single Component Silicone Adhesives, Two Component Silicone Adhesives, Others); By End-User Industry (Building and Construction Industry, Automotive, Electronics, Healthcare, Others); By Geography - Forecast(2018-2023)