The global market for Silicones is projected to reach US$20 billion by 2022, driven by established applications in the electronics industry, and emerging new applications in construction, automotive and healthcare sectors. The electronics and electrical industry represents the largest and the fastest growing end-use market, backed by rising demand in high-growth applications such as LED components. UV resistance, longevity, water repellence, and energy efficiency of silicone are driving its use in the construction industry, especially in “green building” projects. Asia-Pacific represents the largest market worldwide. The region also ranks as the fastest growing with a CAGR of 7.8% over the analysis period led by the dominance of China in the field of electronics and construction, semiconductor manufacturing prowess of South Korea and Taiwan, and emerging new opportunities in the expanding healthcare sector.
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