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Silicone is a high performance polymer that comprises of siloxanes. It is prepared by hydrolysis of dimethyldichlorosilane. Silicone exhibits various properties like low chemical reactivity, low toxicity, low thermal conductivity, and thermal stability. It can be formulated to be electrically conductive or insulative thus making it suitable for electrical applications. It is water repellent in nature and resistant to oxygen, ozone, and UV rays leading it to wide usage in construction and automotive industries. It is highly antimicrobial and biocompatible.
In the rapidly growing automotive business, silicone is applied as lubricant for brake components and in insulation of spark plug wires to prevent sparks and misfires. Silicone sheets are used to make gaskets of automotive engines and silicone rubber as air bag sealant. Automotive silicones help reduce the overall vehicular weight thereby reducing harmful emissions and enhancing the fuel efficiency. Increasing automobiles production along with stringent environmental regulations for harmful emissions may drive the overall automotive silicones market demand.
However, high production cost due to high processing and raw material costs may hinder the overall industry growth.
Key Market Driver -
Growing automotive market demand
Key Market Restraint -
High production cost.
By product, the market is segmented into elastomers, fluids, resins, and gels. Based on end use, the silicone market is segmented into automotive, aerospace, medical, personal care, construction, cookware, electronics and others.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
The major companies in the silicone market report includesBASF.SA, The Dow Chemical Company, Wacker Chemie AG, Evonik Industries, Gelest, Inc., Innospec, Elkem, Siltech Corporation and others.
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The global silicone market has been categorized into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. Asia-Pacific was the largest silicone market in 2018, attributed to the growing electronic market demand in China, India, Japan, and South Korea. Additionally, rapidly growing automotive and personal care sector in Asia Pacific are anticipated to fuel the demand of silicone in this region. Europe is a hub of automotive manufacturing companies in Germany UK, Italy and France shall boost the market demand. Latin America and Middle East & Africa are projected to register a comparatively higher CAGR by the end of the forecast period.
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