The silicones market is expected to grow by USD 5.46 billion during 2020-2024 according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global silicones market 2020-2024. (Graphic: Business Wire)
Elastomers, also known as rubber products have a wide range of applications in various end-user industries such as consumer goods, automotive, healthcare, construction, and electrical and electronics. Silicone elastomers are preferred over other materials because they have superior properties such as thermal resistance, flame retardancy, easy fabrication, ozone and UV resistance, durability, and tear resistance. Their permeability and durability properties make them ideal for use in implants, wearable devices, and drug delivery systems in the medical industry. Thus, the growing demand for silicone elastomers will boost the growth of the silicones market during the forecast period.
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As per Technavio, the growing demand for medical-grade silicones will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Global Silicones Market: Growing Demand for Medical-Grade Silicones
Tests such as tissue culture tests, US Pharmacopeia (USP) class VI biological tests, and histopathology are performed on silicones to classify them as medical-grade silicone. Medical-grade silicones are also tested for hemolysis, skin sensitization, and pyrogenicity. These silicones are available in a variety of grades and characterized by superior quality. Properties such as chemical and temperature resistance, stability, processing flexibility, and superior biocompatibility make them ideal for use in medical applications. Thus, with the growing demand for medical-grade silicones, the market for silicones is expected to showcase a positive outlook during the forecast period.
"Increasing adoption of silicones in the electrical and electronics industry and rising preference for bio-based products are some other major factors that will boost market growth during the forecast period," says a senior analyst at Technavio.
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Global Silicones Market: Segmentation Analysis
This market research report segments the global silicones market by product (elastomers, fluids, resins and, gels and others), and geographic segmentation (APAC, Europe, MEA, North America and South America).
The APAC region led the silicones in 2019, followed by North America, Europe, MEA and South America. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the growing number of manufacturing companies in APAC, especially in India and China and increasing demand for silicone-based industrial coatings, sealants, and lubricants from the construction, industrial process, and automobile industries.
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Some of the key topics covered in the report include:
- Gels and others
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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