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The global silicone market is expected to register a CAGR of 4.6% from 2018-2023.
The global silicone market is expected to register a CAGR of 4.6% from 2018-2023.

The global silicone market is expected to grow, registering a CAGR of 4.6% from 2018-2023, according to a recent study by the Freedonia Group.

The study said there is significant variation in the market mix between regions. Although the Asia/Pacific region is the largest regional market, value demand in North America and Western Europe is comparable in personal care, and North America has by far the largest medical market.

In North America and Eastern Europe, the transportation market accounts for a larger share of demand than it does at the global level.

There are several key factors contribute to the variation in market mix across different countries. Higher personal incomes boost demand for more advanced, longer lasting vehicle components and quieter interiors, stimulating silicone use.

In addition, average vehicle size in North America is much larger than in the Asia/Pacific region, increasing per vehicle silicone consumption.

Higher incomes also stimulate silicone consumption in healthcare applications, as more patients can afford silicone-based medical consumables and prosthetics.

In other markets for silicones – construction, electrical equipment, electronic products, and chemicals – the Asia/Pacific region is dominant due to the sheer size of industry activity.

The Asia/Pacific region’s construction and electronics industries are about five times larger than North America’s, raising silicone demand levels significantly.

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