Silicone Market worth $23.4 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, June 27, 2022 /PRNewswire/ -- According to the new market research report "Silicone Market by Type (Elastomers, Fluids, Resins, Gels), End-use Industry (Industrial Process, Building & Construction, Personal Care & Consumer Products, Transportation, Electronics, Medical & Healthcare, Energy), Region - Global Forecast to 2026", published by MarketsandMarkets™, the global Silicone Market size is expected to grow from USD 16.7 million in 2021 to USD 23.4 billion by 2026, at a CAGR of 7.0% during the forecast period. The major factors driving the silicone industry include the superior properties of the material and its high demand in different end-use industries, such as building & construction, personal care & consumer products, transportation, and electronics. Further, the booming demand from the medical & healthcare industry owing to the COVID-19 pandemic is expected to drive the market.
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By type, the elastomers segment is estimated to lead the silicone market in 2020, in terms of value & volume.
The silicone market has been segmented based on type into elastomers, fluids, resins, and gels & other products. Among these types, the elastomers segment accounted for the largest share of the market in 2020 and is likely to witness significant growth during the forecast period. The market growth in this segment is attributed to its increasing use in various products, including voltage line insulators, cooking, baking, and food storage products; undergarments, sportswear, and footwear; electronics; medical devices, and implants; and in household gaskets and O-rings. The physiological inertness of silicone elastomers makes them suitable for use in the healthcare industry, especially for blood transfusions and in artificial heart valves and various prosthetic devices.
By end-use industry, the industrial process segment is estimated to lead the silicone market in2020, in terms of value & volume.
The industrial process is the largest end-use industry for silicone in 2020 in terms of value and volume. Silicones are extensively used in numerous industrial processes. In industrial processes, they are widely used in a plethora of applications such as lubricants, anti-foaming agents in offshore drilling and paper production, industrial coatings, and paint additives. Silicones have become highly popular due to their high-performance characteristics and are replacing other conventional materials in several industrial applications.
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The APAC region is projected to account for the largest share in the silicone market during the forecast period.
The APAC region is projected to lead the silicone market in terms of both value and volume from 2021 to 2026. The growth in this region can be attributed to the rapidly increasing demand for silicone from the end-use industries, especially electronics, building & construction, personal care & consumer products, and transportation. Moreover, several silicone manufacturers, such as Wacker Chemie AG (Germany) and Shin-Etsu Chemical Co. Ltd., (Japan) are setting up or expanding their manufacturing facilities in this region to leverage low manufacturing and labor costs and high demand from end-use industries, thereby boosting the demand for silicone in the region.
The Dow Chemical Company (US), Wacker Chemie AG (Germany), Shin-Etsu Chemical Co. Ltd. (Japan), Elkem ASA (Norway), Momentive (US), KCC Corporation (South Korea), Evonik Industries AG (Germany), Gelest Inc. (US), and Innospec Inc. (US), are the leading silicone manufacturers, globally.
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New Product Launch accounted for the largest share of all the strategic developments that took place in the silicone market between 2017 and 2020. Key players such as Wacker Chemie AG, Momentive, Elkem ASA, and The Dow Chemical Company adopted these strategies to enhance their business, market presence, and meet consumer demand.
The Dow Chemical Company (US) is one of the leading players in the silicone market. The company has been focusing on organic strategies such as expansion and new product development to maintain its leading position in the market. For example, In September 2018, the Dow Chemical Company announced investment plans to meet the demand for silicone and drive innovation. The low capital intensity, high return-on-investment in its upstream and downstream silicone franchise will accelerate innovation and support the global customer demand. This will further boost high growth in markets, such as high-performance buildings, home and personal care, electrical and industrial, consumer goods and components assembly.
Wacker Chemie AG (Germany) is another major player in the silicone market. In July 2019, the company launched new silicone additives for thermoplastic polyurethanes (TPUs) under the brand name, Genioplast Pellet 345 during the K 2019 event in Dusseldorf, Germany. In June 2019, the company expanded its silicone elastomer production in China with an annual capacity of 7,000 metric tons. This expansion will support Wacker's future growth path in China and improve the availability of HCR (High Consistency Rubber) in the APAC region.
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