CLEVELAND—Demand for silicones is expected to grow significantly through 2024, and liquid silicone rubber is a big part of that growth.
Patrick Ellis, associate consultant with Smithers Rapra, said in a presentation at the 2018 U.S. Silicone Elastomers/TPE summit, held June 27-28 in Cleveland, that total capacity is projected to grow by about 100,000 metric tons to 500,000 by the end of 2024.
The global industry is projected for 6.1 percent compound annual growth during that same period, with Asia-Pacific well ahead of everyone else, gaining an extra 4 percent of market share. While other regions are shrinking in market share, Ellis said they are still projected to grow through 2024.
Medical, food and hygiene are projected to grow about 3.1 percent during that time period.
"Silicone elastomers were made in heaven for the medical industry," Ellis said.
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