Silicone Market:
Growth opportunities in the Silicone Market look promising over the next six years. This is mainly due to their enormous properties like better adaptability and rising investment by companies to enhance silicone materials.
Silicone Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The prominent driver accelerating the growth of the global silicone market includes the augmenting demand for silicone across various industries such as healthcare, electronics, and transportation throughout the world. Also, several beneficial features imparted by them, which include better thermal balance, enhanced adjustability, durability, heat, and radiation resilience and adherence, strengthen the demand for this material across several application areas.
The mounting demand for ultra-pure silicon in solar panels and various medical areas like medical tubing and instrument handle, along with the rising investment by leading companies for the expansion of these materials with enhanced features, will propel the market growth. Elkem Silicones introduced its SILCOLEASE range for the pressure-sensitive industry, which includes the new members to the extensive range of the release coatings.
However, the regulatory guidelines of silicone across the nation may hinder the market share. In Europe, all the subtle exercises in which silicones are deployed, such as medical applications and personal care, are thoroughly supervised by some specific sectoral legislation to validate security.
Type Segment Drivers
Based on the type, silicone elastomers are expected to witness a higher CAGR during the forecast period. This is primarily attributed to their benefits that include durability, variability, better quality, comprehensive mechanical properties, low flammability, and sterilization. In addition to this, their rising acceptance in the automotive industry and the expanding motive of various companies towards amplifying the production of this type will further stimulate market growth. For instance, Wacker Chemie AG, in 2019, enlarges its silicone elastomer production by initiating a new production line at the Zhangjiagang site in China. This production line is projected to expedite the market response, sanction shorter lead times, and improve the overall customer experience.
Regional Drivers
Based on the regional coverage, Asia-Pacific is predicted to expand at a higher CAGR during the forecast period. This is because of their escalating endorsement across several industry verticals such as transportation, electronics, and building & construction. In addition to this, amplification in the automotive sector across countries like India and China and swift proliferation in the electronics industry will bolster the market growth. In 2020, Shin-Etsu Chemical Co., Ltd. decided to invest around USD 1.04 billion in its silicone business. Through this investment, the company scheduled to raise its production capacity of silicone monomer in Japan and across the world.
Silicone Market’s leading Manufacturers:
- Specialty Silicone Products, Inc.
- KCC CORPORATION
- Dow
- Momentive
- Wacker Chemie AG
- Innospec
- Evonik Industries AG
- GELEST, INC.
- Elkem ASA
- Shin-Etsu Chemical Co., Ltd.
Silicone Market Segmentation:
Segmentation by Type
- Silicone Fluids
- Silicone Elastomers
- Silicone Resins
- Silicone Gels
- Others
Segmentation by End-Use Industry
- Building & Construction
- Industrial Process
- Personal Care & Consumer Products
- Transportation
- Healthcare
- Electronics
- Energy
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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