The global polysiloxane market is estimated to witness a healthy growth, at an estimated CAGR of over 4%, over the forecast period. The major factors driving the growth of the market studied are growing usage in protective and industrial coatings and vast applications in the healthcare industry.
– Technological drawbacks and incompatibility with few other materials or additives are likely to hinder the markets growth.
– Continuous R&D of polysiloxane technologies for development of newer applications are likely to create opportunities for the market in the coming years.
– Asia-Pacific region is expected to dominate the market and is also likely to witness highest CAGR during the forecast period.
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Key Market Trends
Organo Electronic Materials to Drive the Market Growth
– Polysiloxanes, owing to their good solubility, film-forming ability, fair adhesion to various substrates, excellent heat radiation, non-toxic characteristics, low dielectric constants, and superior thermal & chemical resistivity, are widely used to manufacture organic light-emitting diodes (OLEDs), solar cells, electrical memories, and liquid crystalline materials, among other products.
– OLED materials are registering an exceptional growth of more than 15% in the market. Apple Inc., adopted OLED in its iPhone 8 screen. This is expected to accelerate the adoption of OLED, with the adoption rate reaching 50% by 2020.
– Another company, LG Display has decided to increase its OLED television production capacity by 10 million units by 2021, which is six times the company’s capacity in 2017, which stood at 1.7 million. Such exceptional adoption rate of OLED is expected to increase the consumption of polysiloxane through the upcoming years.
– Such positive growth is expected to increase the consumption of polysiloxane in organoelectronic materials through the forecast period.
Asia-Pacific Region to Dominate the Market
– Asia-Pacific accounted for the largest share of the market studied, mainly driven by countries, such as China, India, Japan, and South Korea. Owing to its large production base of medical devices, adhesives & sealants, elastomers, electronics, etc., China dominated the Asia-Pacific segment.
– China has the world’s largest electronics production base. Electronic products, such as smartphones, OLED TVs, tablets, wires, and cables, recorded the highest growth in the electronics segment. The country not only serves the domestic demand for electronics, but also exports electronic output to other countries. Owing to the increase in the disposable incomes of the middle-class population in China and the rising demand for electronic products in the countries that import electronic products from China, the production of electronics is estimated to grow further during the forecast period.
– China has one of the largest healthcare sectors across the world. Moreover, the country’s 13th Five-year Plan prioritizes health and innovation, which is expected to increase investments in the medical device manufacturing sector during the forecast period.
– Also, the country is the largest importer of oil and gas. The primary energy consumption in the country is dominated by coal. However, owing to air pollution and environmental concerns, the country is employing policies to increase the share of gas and reduce the share of coal in the total energy mix.
– The aforementioned factors are expected to boost the demand for polysiloxane in the country, in the coming years.
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