Posted on 02 Apr 2019
According to a new report by EMR titled ‘North America Silicones Market Report and Forecast 2019-2024’, the North America silicones market witnessed a CAGR of about 4% between 2014 and 2018. It is projected to further grow in the forecast period of 2019-2024 to reach a volume of 0.5 million metric tons by 2024.
The North America silicones market is being driven by the growing demand for silicone elastomers in the USA and Canada. Silicones are synthetic polymers with chains of alternating silicon-oxygen atoms. They find their application across various sectors due to their many favourable properties like thermal and UV stability, flexibility, adhesion, water repellence, antifoaming, and lubrication. While the market growth in the region is slower than in the emerging economies, the mature silicones market finds healthy demand from sectors such as personal care, renewable energy, and healthcare. The recovering automobiles and construction industries in the region are also driving the market growth.
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Medical-grade silicones are one of the fastest growing sectors in North America. In 2017, the region was a leading market for medical-grade silicones. Silicones find widespread application in the medical and healthcare industries due to their biocompatibility. They are used to manufacture moulds, tubing, prosthetics, respirators, and hearing aids, among other medical equipment. Silicones are also used to make cooling caps which are utilized after undertaking chemotherapy treatments along with easy to remove and pain-free medical adhesives, which do not damage the skin. In North America, the demand for medical-grade silicones has been on the rise due to the increasing need for heart implants, aesthetic implants, and other implantable medical devices.
The energy sector is another major application sector for silicones in North America where they are chiefly used to make components in the renewable energy segments like wind and solar energy. Most of the solar panels are made of silicones as they add to the durability and functionality of the panels by creating strong bonds and seals as well as providing electrical insulation. In the construction of windmill shafts, silicones lead to lower costs of material, increase the lifetime of the panels along with decreasing the overall cost of the unit.
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According to EMR, the key players in the global and North America silicones markets are Elkem Silicones, Dow Chemical Company, Wacker Chemie AG, Shin-Etsu Chemical Co., Ltd, Momentive Performance Materials Inc., Evonik Industries AG, NuSil Technology LLC, Advanced Polymer Inc., SiVance, LLC, and Siltech Inc., among others. The report provides market information about the latest developments among the major players like their market share, capacity expansions, plant turnarounds, and mergers and acquisitions.
EMR is a leading business intelligence firm, providing custom and syndicated market reports along with consultancy services for our clients. We serve a wide client base ranging from Fortune 1000 companies to small and medium enterprises. Our reports cover over 100 industries across established and emerging markets researched by our skilled analysts who track the latest economic, demographic, trade and market data globally.
At EMR, we tailor our approach according to our clients’ needs and preferences, providing them with valuable, actionable and up-to-date insights into the market, thus, helping them realize their optimum growth potential. We offer market intelligence across a range of industry verticals which include Pharmaceuticals, Food and Beverage, Technology, Retail, Chemical and Materials, Energy and Mining, Packaging and Agriculture.
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