Global Silicones Market Projected to Reach US$ 22,000 Mn by 2026

The global silicones market was valued at around US$ 13,700 Mn in 2017 and is anticipated to expand at a CAGR of more than 5.0% from 2018 to 2026, according to a new report by Transparency Market Research (TMR) titled ‘Silicones Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026.’ Silicones can be defined as a family of high-performance specialty materials. These polymers with large molecules consist of many repeated sub-units. Silicones are used in a wide range of industries due to their favorable physical and chemical properties. For instance, they are resistant to ultraviolet radiation, cold, heat, moisture, and several chemicals. They also provide insulation and long-term elasticity.

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Market Driven by Rise in Manufacture of Electric and Electronic Products in Asia Pacific

Several countries in Asia Pacific are leading manufacturers and exporters of electric and electronic products. China’s share of the global export of Information and Communication Technology (ICT) goods stands at approximately 31%. Electronic products account for more than 50% share of exports in the Philippines. Electric machinery and equipment rank among the top exports of Thailand. Malaysia’s manufacturing efforts are focused on the semiconductor ecosystem. Production of electronics and hardware is still at the nascent stage in India. On the other hand, Indonesia is a major consumer of electric and electronic products in ASEAN. Silicones are primarily employed in products such as television sets, refrigerators, and mobile phones. Silicones is used in these products in the form of fluids, elastomers, and resins.

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Uncertainties Associated with Raw Material Supply Adversely Affect Long-term Growth of Silicones Market

Supply and prices of raw materials of silicones depend upon several factors such as currency exchange rates, environment protection measures, and energy costs. China is an important manufacturer and provider of raw materials in the silicones market. However, often, market players based in the country are unable to meet the environment protection regulations. Hence, they need to frequently stop production during government investigation and restart it once it is over. This creates temporary shortage of raw materials in the market, resulting in increased prices. Companies manufacturing silicones bear some portion of increased raw material prices, while the rest is passed on to customers. However, these shortages of raw materials and associated rise in prices of silicones are difficult to predict. As a result, silicone manufacturers are unable to take pre-emptive actions or secure themselves against the shortage of supply. This adversely affects the ability of silicone manufacturers to plan for long-term.