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Silicone (except Resins) Market Size, Product Trends, Key Drivers, Share Analysis And Forecast To 2033
Silicone (except Resins) Market
As per the report, the silicone market size has grown rapidly in recent years. It will grow from $21.21 billion in 2023 to $24.8 billion in 2024 at a compound annual growth rate (CAGR) of 16.9%. The silicone market size is expected to see rapid growth in the next few years. It will grow to $43.47 billion in 2028 at a compound annual growth rate (CAGR) of 15.1%.
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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.
Innovative Silicone Technologies Enhancing Topical Applications
Major companies operating in the silicon (except resins) market are innovating new technologies such as new low-cyclosiloxane silicone elastomer blends and silicone resin blends to increase their profitability in the market. Low-cyclosiloxane silicone elastomer blends and silicone resin blends are recent advancements in silicone technology for topical applications. For instance, in April 2023, DuPont de Nemours Inc., a US-based chemical company launched new developments in low-cyclic silicone elastomer blends and silicone resin blends for topical applications. The low-cyclic silicone elastomer blends can increase the spreadability of topical formulations, making it simpler to apply them to the skin. They are intended to give the skin a smooth, silky sensation. The silicone resin blends may be utilized in a number of topical applications, such as sun care, color cosmetics, and antiperspirants. These blends are created to give a long-lasting, water-resistant layer on the skin that can increase the durability and wear of topical formulations.
The silicone (except resins) 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
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Major companies operating in the silicone market include Wacker-Chemie GmbH, CSL Silicones, Specialty Silicone Products Incorporated, Evonik Industries AG, Kaneka Corporation, Dow Corning Corporation, Momentive, Elkem ASA, Gelest Inc., BASF SE, Emerald Performance Materials LLC, Shin-Etsu Chemical Co. Ltd., Siltech Corporation, ICM Products Inc., CHT Group, Primasil Silicones, 3M, Nusil Technology LLC, Allergan plc, Ashland Inc., Arkema S.A., Silteq Limited, KCC Corporation, Sivance, Zhejiang Xinan Chemical Industrial Group Co. Ltd., Reiss Manufacturing Inc., Saint-Gobain, Silicone Solutions, Dow Silicones Corporation, Momentive Performance Materials Inc.
Contents of the report:
1. Executive Summary
2. Silicone (except Resins) Market Report Structure
3. Silicone (except Resins) Market Trends And Strategies
4. Silicone (except Resins) Market - Macro Economic Scenario
5. Silicone (except Resins) Market Size And Growth
…..
27. Silicone (except Resins) Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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