In this report, Technavio highlights the growing renewable energy industry as one of the key emerging trends in the global silicones market. The growing use of silicones in the renewable energy industry is expected to foster the market growth for silicones. In 2016, the global levelized cost of electricity of the solar photovoltaic generation decreased at a rate of more than 200%, when compared with 2009, owing to the growing technology and innovation in this industry. The increasing use of silicones in solar panels due to its improved functionality and durability is expected to drive the market growth.
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In this report, Technavio analysts highlight the increase in demand from developing countries as a key factor contributing to the growth of the global silicones market:
Increase in demand from developing countries
In developing countries such as China, India, Brazil, Mexico, the Philippines, and Indonesia, the demand for silicones is expected to increase in the next five years. Several OEMs for silicones are shifting their manufacturing units to these regions owing to factors such as low transportation costs, easy availability of land, cheap labor, easy accessibility of raw materials, and less stringent regulations and government policies. In regions such as APAC, the emergence of China and India as the manufacturing hubs is expected to augment the market growth. During the forecast period, the growing investments in manufacturing activities in developing countries are expected to boost the demand for silicones.
According to a senior analyst at Technavio for plastics, polymers, and elastomers, “Factors such as the growing population, high disposable income, and increasing purchasing power in the developing countries of APAC and Central and South America are encouraging higher investment in the construction, automotive, and glass manufacturing industries. In countries such as India, the increase in foreign direct investment is expected to drive the growth in the regional manufacturing and construction markets.”
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Global silicones market segmentation
This market research report segments the global silicones market into the following products (elastomers, fluids, resins, and gels), end-users (industrial processes, construction, personal care and consumer products, and transportation), and key regions (the Americas, APAC, and EMEA).
Of the four major end-users, the industrial processes segment held the largest market share in 2017, accounting for nearly 26% of the market. The market share for this end-user is expected to decrease by 2022. The fastest growing end-user is construction, which will account for nearly 20% of the total market share by 2022.
APAC was the leading region for the global silicones market in 2017, accounting for a market share of nearly 40%. By 2022, APAC is expected to continue dominating the market and register the highest growth rate.
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