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Silicone Market is Expected to Reach from USD 15.8 billion to USD 25.4 billion in 2029 and Growing at a CAGR of 6.1% | Size, Share & Report Forecast
Silicone Market
Silicone Market size Was Projected USD 15.8 billion in 2021 and is projected to reach USD 25.4 billion in 2029 and the market is expanding to grow at a CAGR of 6.1%
For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/silicone-market-size-trends-analysis-industry-research/
The factors driving the growth of Silicone Market includes increasing application of silicone in the end-use industries such as consumer transportation and healthcare, growing demand for consumer electronic goods and rise in the use of lightweight materials in the production of automobiles across the globe. According to the report published by Statista, around 70 million units of light weight vehicles were produced globally in 2020 and this figure is estimated to reach 99 million by the end of 2025, which will accelerate the Global Silicone Market in the approaching years. Moreover, rise in the launch of innovative products, growing adoption of advanced technologies by manufacturers and increasing investments by leading players on research and development, are some of the additional factors supplementing the market growth. In addition, rising emphasis on utilizing renewable sources of energy, Government initiatives supporting the production of automobiles increasing population growth rates, improvements in the living standards and rapid urbanization, are further contributing to the market growth.
However, the growth of Silicone Market is hindered due to strict regulations regarding the use of silicone in the personal care and medical industries.
The prominent players operating in the market are Dow, Evonik Industries AG, KCC CORPORATION, Shin-Etsu Chemical Co., Ltd., Wacker Chemie AG, Elkem ASA, Specialty Silicone Products, Inc., Innospec Momentive and GELEST, INC., among others.
Based on Type, the Silicone Elastomers segment is predicted to grow at a significant CAGR during the forecast period
Increasing application o0f silicone elastomers in production of food storage products, footwear, and undergarments along with its increasing application in the healthcare sector, are some of the factors responsible for the segment's growth.
Based on End-Use Industry, the Industrial Process segment is projected to expand at a remarkable CAGR over the forecast period
Growing demand for silicone in offshore drilling, industrial coatings, and paper production along with temperature resistance properties of silicone, are propelling the growth of the segment.
Based on Region, the Asia-Pacific region is anticipated to capture a sizeable market share during the forecast period
As per the Silicone Market Trends, rapid growth in the construction sector, increase in Foreign Direct Investments (FDI) inflows in the automotive sector, improvements in the living standards, rising per capita income and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific.
Key Development
In 2019, Elkem ASA completed the acquisition of Basel Chemie, which is a Korean developer of specialty silicone gels for cosmetics and water repellents for the construction industry. Through this acquisition, the company will receive access to the leading technology in the attractive end-user silicone segments.
In 2018, Momentive introduced the next generation of thermally resistant silicone PSA named as SilGrip PSA810. This is a pressure-sensitive adhesive which is specifically used for specialty masking and assembly tapes that are utilized in the industrial and electronics market segments.
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
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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