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Silicone (except Resins) Market: Major Trends Reshaping the Future of the Industry
Silicone except Resins
What Will the Silicone (except Resins) Industry Market Size Be by 2025?
The market size for silicone (excluding resins) has seen fast-paced growth in the last few years. It is forecasted to expand from $109.02 billion in 2024 to $120.38 billion in 2025, with a compound annual growth rate (CAGR) of 10.4%. The impressive growth seen in previous years is linked to the expansion of industrial applications, increasing demand in the electronics and electrical sector, a surge in construction activity, a thriving healare sector, and a rapidly expanding automotive industry.
What's the Long-Term Growth Forecast for the Silicone (except Resins) Market Size Through 2029?
Anticipations for robust expansion are prominent for the silicone (excluding resins) market size in the foroming years, with projections setting it at $170.79 billion in 2029, registering a compound annual growth rate (CAGR) of 9.1%. Dynamics stimulating such growth during the forecast period can be traced back to factors like rising renewable energy, incipient desire for vehicle electrification, an increase in smart and green buildings, or even expanding pharmaceuticals and biotechnology. Key trends within the forecast period encompass silicone recycling, silicone 3D printing, bio-based silicons, silicone utilization in healare wearables, and silicone in cosmetics.
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What Are the Key Growth Drivers Fueling the Silicone (except Resins) Market Expansion?
The silicon (except resins) market is set to expand due to anticipated growth in the automotive industry. This industry encompasses businesses and organizations involved in developing, manufacturing, marketing, and selling automobiles. Silicones, which are incorporated into the production of engine seals, gaskets, and pipes, are particularly indispensable due to their resilience to heat and durability under extreme temperature, pressure, and exposure to multiple chemicals. The National Automobile Dealers Association (NADA), a trade organization based in the United States, cited that as of January 2023, new light-vehicle sales in the country numbered 13.7 million. This figure is projected to rise to 14.6 million by the end of 2023, marking a 6.6% surge from 2022 forecasts. Consequently, the expansion of the automotive industry is helping drive the growth of the silicon (except resins) market.
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What Are the Key Trends Driving Silicone (except Resins) Market Growth?
Silicon (except resins) market is seeing innovation from major companies that are introducing new technologies like low-cyclosiloxane silicone elastomer blends and silicone resin blends to boost their profitability. These developments represent the latest progression in silicone technology for topical use. As an example, DuPont de Nemours Inc., a chemical corporation based in the US, rolled out new advancements in low-cyclic silicone elastomer blends and silicone resin blends for topical applications in April 2023. These low-cyclic silicone elastomer blends can enhance the spreadability of topical formulations, making them easier to apply on the skin, and delivering a smooth, velvety feel. Meanwhile, the silicone resin blends can be applied in a range of topical uses such as sun care products, color cosmetics, and antiperspirants. These compounds are designed to form a long-lasting, water-repellent layer on the skin, thereby enhancing the efficacy and longevity of topical formulations.
How Is the Silicone (except Resins) Market Segmented?
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 And Electronics, Textiles, Personal Care And Pharmaceuticals, Other Applications
3) By End User: Industrial, Electronics, Machinery, Aerospace, Medical
Subsegments:
1) By Elastomers: Liquid Silicone Rubber (LSR), Solid Silicone Elastomers, High-Temperature Elastomers
2) By Fluids: Silicone Oils, Silicone Greases, Silicone Emulsions
3) By Gels: Medical-Grade Silicones, Cosmetic And Personal Care Silicones, Industrial Silicones
4) By Other Product Types: Silicone Sealants, Silicone Adhesives, Silicone Coatings, Silicone Foams
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Which Companies Are Leading the Charge in Silicone (except Resins) Market Innovation?
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.
Which Regions Are Leading the Global Silicone (except Resins) Market in Revenue?
Asia-Pacific was the largest region in the silicone market in 2023. North America was the second-largest region in the global silicone market. The regions covered in the silicone (except resins) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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