Posted: October 18, 2021 at 2:55 p.m. EDT|Update: 1 hour ago
CLEVELAND, October 18, 2021 / PRNewswire / – Global demand for silicones is expected to grow 7.1% per year to reach $ 22.0 billion equivalent to 2.9 million tonnes in 2025, according to a new analysis by the Freedonia group. While each major silicone market is expected to grow in value and volume, according to the study, some markets are expected to experience above-average growth:
- A strong rebound of motor vehicle and the production of other transport equipment, and the use of more advanced and technologically sophisticated components, will promote the use of silicones in dashboards and other sensors in developed and developing countries.
- Increased production of tablets and smartphones, especially in the Asia Pacific region, will support the demand for silicone in the electronic products market.
- Aging populations will support increased sales of medical devices, prostheses and medical adhesives using silicones.
The silicone market is ready for a strong post-pandemic rebound
Increases in the global silicone market through 2025 will emerge from a depressed base in 2020, as the silicone industry has been significantly affected by the COVID-19 pandemic. Sales growth will be supported by the acceleration in building construction activity and manufacturing production – where silicones are used in a variety of applications – and increased personal income, which will drive demand for products incorporating silicones. In addition, greater adoption of silicones in the transportation, electronics and healthcare markets will support the gains.
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Global Silicones examines the global silicones market by product, market, function, and world region. Historical data for 2010, 2015 and 2020 and forecast for 2025 and 2030 are provided for demand for silicone in current dollars for each of the products, markets and functions. Volume data (in metric tons) is also provided for each country and region, as well as for each market and product globally.
- elastomers (room temperature, high temperature / high consistency, liquid silicone rubber)
- fluids (including siloxane base fluids and more specialized products such as emulsions, organically functionalized fluids and fluorosilicone based fluids)
- construction (residential buildings, commercial buildings and undeveloped construction)
- transportation equipment (e.g., motor vehicles, aircraft and space vehicles, boats and ships, railway equipment, snowmobiles, golf carts, military equipment)
- electrical equipment (including solar panel cells, semiconductor components, electromechanical equipment, high voltage insulators, ceramic, porcelain and glass transformers and insulators)
- electronic products (e.g. computer equipment, instruments, electronic components, tablets and smartphones, wireless communication equipment, telephones, radio and television broadcasting equipment, LEDs)
- personal care (eg, antiperspirants, deodorants, cosmetics, hair care products, shaving products, shower and bath products, skin care products, sun protection products)
- chemical (including manufacture of polyurethane foam, slip agents, additives, foam control agents)
- medical and sanitary
- other markets, particularly industrial (e.g. machinery, textiles, paper) and consumer (vehicle and furniture polishes, toys, household items, etc.)
- adhesives, sealants and caulks
- elastomeric components (e.g., gaskets and gaskets, hoses and tubes)
- paints and coatings
- lubricants and greases (e.g. heat transfer fluids, dielectric fluids, transmission / hydraulic fluids)
- other functions including emollients and conditioners, surfactants, polishes and defoamers)
About the Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is the leading international industrial research company, providing our clients with product analyzes, market forecasts, industry trends and market share information. From individual consulting firms to global conglomerates, our analysts provide businesses with unbiased and reliable market research and analysis to help them make important business decisions. With over 100 studies published each year, we support over 90% of Fortune 500 industrial companies. Find off-the-shelf studies at https://www.freedoniagroup.com/ or contact us for a personalized search: +1 440.842.2400.
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SOURCE The Freedonia Group
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