ANN ARBOR, Mich.—The $21.5 billion global silicone market is growing at a rapid rate, expected at about 8 percent CAGR through 2029.
That projected growth will be driven by booming demand in the EV/automotive, semiconductor, aerospace, construction, medical and consumer health care markets.
As such, the North and Central American (NCA) regions—second only to China in silicone demand—have Munich-based Wacker Chemie A.G.'s full attention in the chemical manufacturing and research and development spaces.
The company has pumped millions into both verticals at specific NCA locations over the past several years, including sites in Michigan and Tennessee.
Christoph Kowitz, Wacker Chemical Corp. president and CEO, told Rubber News May 15 that the U.S. market excels with its overall business environment, infrastructure and especially energy prices, which are about five times less than what the firm sees in its home country of Germany.
"The U.S. has encouraging prospects for growth," said Kowitz, who took the reins of Ann Arbor-based WCC, the U.S. subsidiary of Wacker Chemie, May 1. "The region is extremely important. ... The opportunities in the Americas, proximity to our customers and innovation in this region all pose huge opportunities for us. The Wacker group has ambitious growth targets until 2030, and the NCA region will contribute."