Global Silicone Market Size, Share, Demands, Trends, Growth, Key Players and Forecasts to 2028

The silicone market refers to the global industry involved in the production, distribution, and consumption of silicone-based materials. Silicones are a group of synthetic polymers made up of silicon, oxygen, carbon, and hydrogen atoms. They exhibit a unique combination of properties, including heat resistance, chemical stability, electrical insulation, low toxicity, and flexibility.

The silicone market is projected to grow from USD 18.5 Billion in 2022 to USD 27.0 Billion by 2027, at a CAGR of 7.8% during the forecast period. The growing population, rising per capita income, rapid industrialization, and infrastructural development have led to the growth of the building & construction industry, thereby driving the demand for silicone.

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By Type, Elastomers accounted for the highest CAGR during the forecast period

Out of the four types (elastomer, fluids, resins and gels & other products), elastomers has the largest market share and is the fastest growing segment during the forecast period. The growing transportation industry is expected to offer tremendous growth opportunities for the use of silicone elastomers as they are extensively used in end-use industries, such as radiator seals, ignition cables, connector seals, spark plug boots, crankshaft seals, and exhaust pipe hangers.

By End-Use Industry, Electronics accounted for the highest CAGR during the forecast period

Electronics is the major end-use industries of the silicone market. The growing miniaturization trend in the electronics end-use industry has forced electronics component manufacturers to produce smaller components, which require higher heat resistance for reducing the probability of failure and ensuring reliability. Hence, the demand for silicone in the electronics end-use industry witnesses rapid growth, as it provides adequate protection at component interfaces that is a critical requirement in high-power electronics.

Asia Pacific is projected to account for the highest CAGR in the silicone market during the forecast period

The market is growing rapidly in developing economies, such as China, Brazil, and India, due to its application in various end-use industries. Several companies are moving to these countries that offer sustained demand, low production costs, and easy access to raw materials. The key challenges for silicone manufacturers in developed economies include economic uncertainty, fluctuating prices of raw materials, volatile foreign currency exchange rates, slow economic growth, and a demand-supply gap of raw materials. In addition to this, the demand for silicone in this region is also attributed to the growing transportation and construction industry. India in Asia Pacific region accounted for highest CAGR in the silicone market, followed by China and South Korea. These countries are projected to witness a steady increase in consumption between 2022 and 2027.

Further in-depth interviews were conducted with the Chief Experience Officer (CXO), Managers, Marketing Officers, Production Officers, and other related key executives from various key companies and organizations operating in the string wound filter materials market.

By Company Type: Tier 1: 53.5%, Tier 2: 23.3% and Tier 3: 23.3%
By Designation: C-Level Executives: 23.3%, Managers: 60.5%, and Executives: 16.3%
By Region: North America: 33%, Europe: 27%, Asia Pacific: 25%,South America: 5% and Middle East & Africa: 10%.

Companies Covered: Wacker Chemie AG (Germany), Shin-Etsu Chemical Co., Ltd. (Japan), Elkem ASA (Norway), The Dow Chemical Company (US), Momentive Performance Materials, Inc. (US),Gelest, Inc. (US), Sivance, LLC (US), Evonik Industries AG (Germany), Innospec, Inc. (US), Siltech Corporation (Canada),Hoshine Silicon Industry Co., Ltd. (China), Reiss Manufacturing, Inc. (US), Kaneka Corporation (Japan), CHT Group (Germany), Specialty Silicone Products, Inc. (US), and Zhejiang Xinan Chemical Industrial Group Co., Ltd. (China) and others.

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This release was published on openPR.