Press release
Silicone Global Market Report 2024 - By Demand, Share, Trends, Size, Forecast To 2033
Silicone Market
The silicone (except resins) market size is expected to see strong growth in the next few years. It will grow to $156.12 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. The growth in the forecast period can be attributed to green and sustainable materials, renewable energy infrastructure, advanced electronics and 5g, consumer and industrial 3d printing. Major trends in the forecast period include bio-compatible silicones, silicone hybrid materials, sustainable manufacturing, high-performance thermal management advanced functional silicones.
Market Overview -
Silicone refers to a polymer produced from siloxane and used in the manufacturing of lubricants and synthetic rubber. They are characterized by their thermal stability, hydrophobic nature, and physiological inertness.
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Automotive Sector Expansion Fueling Demand For Silicon (Except Resins) Market
The growth in automobile sector is expected to propel the growth of the silicon (except resins) market going forward. The automobile sector refers to a group of businesses and institutions engaged in the creation, production, marketing, and sale of vehicles. Silicones are used in the manufacturing of engine gaskets, seals, and hoses. These components need to withstand high temperatures, pressure, and exposure to various chemicals, making silicones ideal due to their heat resistance and durability. For instance, in March 2022, according to a report published by the European Automobile Manufacturers' Association (ACEA), the main lobbying and standards group for the automobile industry in the European Union, sales of passenger cars in the US increased by 5.5% from 2020 to 11.9 million units in 2021. Over 6.3 million passenger cars were produced in US auto facilities in 2021, an increase of 3.1% from 2020. Chinese automakers produced 20.7 million vehicles in 2021, an increase of 7.1%. In 2021, the total number of cars produced worldwide climbed by 2.7% to 63.2 million. Therefore, the growth in the automobile sector is driving the growth of the silicon (except resins) market.
Competitive Landscape -
Major companies operating in the silicone (except resins) market include Wacker-Chemie AG, CSL Silicones Inc., Specialty Silicone Products Inc., Evonik Industries AG, Kaneka Corporation, Dow Corning Corporation, Momentive Performance Materials Inc., Elkem ASA, Gelest Inc., BASF SE, Emerald Performance Materials LLC, Shin-Etsu Chemical Co., Ltd., Siltech Corporation Inc., ICM Products Inc., CHT Group, Primasil Silicones Ltd., 3M Company, Nusil Technology LLC, Allergan plc, Ashland Inc., Arkema Inc., Silteq Limited, KCC Corporation, SiVance LLC, Zhejiang Xinan Chemical Industrial Group Co. Ltd., Reiss Manufacturing Inc., Compagnie de Saint-Gobain SA, Silicone Solutions, Dow Chemical Company, Covestro AG, Huntsman Corporation, Eastman Chemical Company, Mitsui Chemicals Inc., DIC Corporation
Innovative Heat Stable Hardener For Enhanced Silicone-Based Products
Major companies operating in the silicon market are innovating new products such as heat stable hardener to increase their profitability in the market. The Heat Stable Hardener is a brand-new product that creates several different goods, including silicones, for different sectors, including coatings, adhesives, and sealants. For instance, in August 2021, Evonik Industries, a Germany-based specialty chemicals company launched Heat Stable Hardener. The Heat Stable Hardener may cure at room temperature, saving energy and money. It can be used as a hardener for silicone resins as well as silicone-combination resins. The item is useful for businesses that need high-temperature resistance since it is made to be heat-stable and ideal for surfaces that are frequently exposed to high temperatures.
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Key Segments -
The silicone market covered in this report is segmented -
1) By Product Type: Elastomers, Fluids, Gels, Other Product Types
2) By Application: Construction, Transportation, Electrical & Electronics, Textiles, Personal Care & Pharmaceuticals, Other Applications
3) By End User: Industrial, Electronics, Machinery, Aerospace, Medical
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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