Global Silicone in Construction Industry Market Expected to Reach $7,739 Million by 2022-Allied Market Research
PORTLAND, Oregon and PUNE, India, April 18, 2017 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "Silicone in Construction Industry Market: Global Opportunity Analysis and Industry Forecast, 2014-2022," the global silicone in construction industry market was valued $5,748 million in 2015, and is projected to reach $7,739 million by 2022, growing at a CAGR of 4.3% from 2016 to 2022. The silicone fluids segment held more than one-third of the total market share in 2015.
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Silicones in construction industry are regarded as a large class of synthetic materials that consists of silicone sealants, adhesives, and coatings that help make buildings durable, comfortable, and energy-efficient. Silicones as a building material are extremely durable and can resist decay caused by severe weather conditions, moisture, or sunlight. Silicones also enable innovative architecture and engineering feats, such as dramatic glass facades or curved and suspended structures. Silicone coatings help paints for better adherence to surfaces, disperse color pigments, and resist damages from weather and staining. Moreover, sealants also add flexibility to building structures, allowing materials to absorb stress and movement caused by wind or earthquakes. In addition, silicone adhesives are deployed for preventing humidity and hot and cold air from coming inside the buildings through joints and cracks. However, the rise in cost associated with silicone production owing to massive expenditure in vulcanization and property improvement is expected to have an adverse impact on the industry.
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At present, the global silicone in construction industry market witnesses vivid opportunities due to rapid increase development in construction industry in Asia-Pacific and LAMEA. Moreover, silicone fluids are widely utilized in construction industry as it is capable to provide excellent thermos-oxidative resistance and performing operations within a range of −60°C to +300°C. These fluids exhibit water solubility, emulsifying properties, water repellency, paint ability, anti-static properties, softening properties, and lubricity properties on building surfaces. In addition, silicone fluids are added to polyurethane to help give the final foam better insulation value and also higher foam yield or coverage for lower installation costs. Thus, silicone fluids are expected to witness highest growth during the forecast period.
Silicone elastomers segment accounted for nearly half share, in terms of volume, in 2015. In response to the rise in infrastructure developments silicones in construction industry currently witness high demand across the globe. Furthermore, increase in demand for silicone elastomers in construction industry act as a prominent factor responsible for market growth.
KEY FINDINGS OF THE STUDY
- In terms of volume, the elastomers segment is projected to show the highest growth rate of 4.5% during the analysis period.
- Asia-Pacific is projected to maintain its lead throughout 2022, and is projected to grow at a CAGR of 5.9%, in terms of volume.
- Sealants application segment occupied approximately two-fifths of the total market in 2015.
- China occupied around one-fourth of the total Asia-Pacific silicone in construction industry market in 2015.
- In terms of value, Japan is expected to grow at a CAGR of 6.1% from 2016 to 2022.
In 2015, Asia-Pacific and Europe collectively accounted for more than half of the total silicone in construction industry market, and are expected to continue this trend due to increase in demand for silicone products in construction industry, specifically in China, India, Japan, Brazil, and other developing economies.
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The major companies profiled in the report include Silchem Inc, ICM Products, Inc, Speciality Silicone Products Incorporated, Wacker-Chemie GmbH, Evonik Industries AG, Hutchinson, Kemira Oyj, Quantum Silicones, Kaneka Corporation, and The Dow Corning Corporation.
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SOURCE Allied Market Research
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