The increasing focus on light-weighting by automotive O […]
The increasing focus on light-weighting by automotive OEMs has triggered new opportunities for silicone.The average plastic content of a vehicle has increased considerably over the years, and silicone is an important additive used to improve plastic's performance. Moreover, miniaturization of automotive components has led to higher demand for silicone products in under-the-hood applications.
Growing consumption of silicone per vehicle, coupled with the high growth in vehicle production itself, is an encouraging prospect for the silicone market. Growing demand for renewable energy, particularly solar and wind, is another major influencing factor for the silicones market in spite of their comparatively low demand share.APAC is by far the largest consumer of silicone and presents the most lucrative opportunity for future growth.
The North American market is witnessing an economic revival along with a significant improvement in production. Since most end-user applications such as automotive, construction, and industrial processes are related to the economic well-being and growth of an economy, the market is expected to grow at a moderate pace.
The Western European market will likely post a slower growth rate than the North American market over the short term due to sluggish economic growth seen in the region. However, the absolute demand growth in the European market is likely to surpass the North American market.
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