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
|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: May 27, 2021
Content info: 205 Pages
Delivery time: 1-2 business days
The global silicone market size is projected to grow from USD 16.7 billion in 2021 to USD 23.4 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 7.0%. The silicone market is driven by various factors, such as high demand from an industrial process, building & construction, transportation, and electronics industries. The growth of these industries is likely to further propel the market during the forecast period. However, fluctuation in the raw material prices is likely to hinder the growth of the market.
"The elastomers segment is estimated to drive the global market during the forecast period."
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; undergarments, sportswear and footwear; electronics; medical devices, and implants; and in household gaskets and O-rings. Some silicone elastomers are also used in the manufacturing of sealants. Their physiological inertness makes them suitable for use in the healthcare industry, especially for blood transfusions and in artificial heart valves & various prosthetic devices. These factors are expected to drive demand during the forecast period.
"Electronics to be the fastest-growing segment from 2021 to 2026, for silicone."
Electronics is the fastest-growing end-use industry for the silicone market. This growth can be attributed to the increasing usage of silicone as LED components in the electronics industry. The high-temperature stability of silicone drives its demand in this end-use industry. Silicone increases heat resistance and reliability in the smaller electronics component and ensures profitability for manufacturers. Silicone consumption is also increasing as it makes an excellent sealant material in consumer electronic products.
"In terms of both value and volume, the APAC silicone market is projected to grow at the highest CAGR during the forecast period."
In terms of value and volume, the APAC region is projected to grow at the highest CAGR from 2021 to 2026. APAC is expected to register the highest growth during the forecast period due to the increasing usage of silicone in various end-use industries such as industrial process, building & construction, personal care & consumer products, transportation, and electronics. China, India, Japan, South Korea, and Australia are providing enormous opportunities for the silicone market due to the presence of a large manufacturing sector in these countries.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the silica sand market.
The global silicone market comprises major manufacturers, such as The Dow Chemical Company (US), Wacker Chemie AG (Germany), Shin-Etsu Chemical Co. Ltd. (Japan), Momentive Performance Materials Inc. (US), and Elkem ASA (Norway), among others.
The market study covers the silicone market across various segments. It aims at estimating the market size and the growth potential of this market across different segments based on type, end-use industry, and region. The study also includes an in-depth competitive analysis of key players in the market, along with their company profiles, key observations related to their products and business offerings, recent developments undertaken by them, and key growth strategies adopted by them to enhance their position in the silicone market.
Key Benefits of Buying the Report
The report is projected to help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers of the overall silicone market and its segments and sub-segments. This report is projected to help stakeholders understand the competitive landscape of the market and gain insights to improve the position of their businesses and plan suitable go-to-market strategies. The report also aims at helping stakeholders understand the pulse of the market and provides them with information on the key market drivers, challenges, and opportunities.