World Demand for Silicones Will Rise 6.2% to $12.4bn in 2015

World demand for silicones will rise 6.2% to $12.4bn (€ 8.6bn) in 2015, fuelled by the increased penetration of high-value silicone materials into emerging applications, says a new report from Freedonia. According to the World Silicones report, Asia Pacific currently accounts for 38% of global demand, followed by North America (27%), western Europe (26%) and other regions (9%). During the 2005-2010 period, demand was sluggish in the developed markets of North America and western Europe but, going forward, gains will be driven by an improved economic outlook as these regions recover from the global economic recession, says Freedonia. Growth will also be fueled by the popularity of high-value silicone materials in emerging applications. The Asia Pacific region will be the fastest growing market through to 2015 driven by China, which is predicted to post strong double digit annual growth going forward. Silicone demand will also be strong in South Korea, Taiwan and India. Above average growth is predicted for central and South America, eastern Europe and the AfricaMiddle East region. Elastomers and fluids were the two leading silicone product types in 2010, accounting for 80% of total demand. Of the two, stronger growth is expected for elastomers, which will benefit from the rebounding construction and transportation markets. However, the fastest growth will be seen in silicone gels and other smaller-volume products, fueled by opportunities in the electronic components and automobile applications. Source: European Plastics News