News / Business
Global Silicone Demand to Approach $17 Billion in 2015
The Asia/Pacific region will remain the largest and fastest-growing outlet for silicones through 2015. Gains will continue to be driven by the large silicone market in China; although slowing from the nearly 20 percent annual growth seen during the 2005-2010 period, the country will post strong double-digit annual gains going forward. Silicone demand in the region will also benefit from healthy gains in countries such as South Korea, Taiwan and India, although subpar increases in the Japanese market will temper this to some extent. Above-average growth is also forecast for Central and South America, Eastern Europe and the Africa/Mideast region, areas in which silicone demand per capita is currently among the lowest in the world.
North America and Western Europe, the historical centers of the world silicone industry, saw demand severely hampered by the recent economic recession. Through 2015, however, silicone demand is expected to make a solid recovery, fueled in large part by a strong rebound in construction spending and motor vehicle production. As silicones become increasingly mature in these regions, technological advancements and product innovation will become essential to expand the application base for long-term market growth.
The Freedonia Group is a leading international business research company, founded in 1985, that publishes more than 100 industry research studies annually. This industry analysis provides an unbiased outlook and a reliable assessment of an industry and includes product segmentation and demand forecasts, industry trends, demand history, threats and opportunities, competitive strategies, market share determinations and company profiles.
