The silicones market growth was valued at USD 14.5 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 4.4% from 2021 to 2028. Continuous growth in the healthcare and medical sector is likely to favor the market growth in the coming years. Silicones are referred to as polymers with large molecules and comprise several repeated sub-units. Such polymers comprise siloxane which is a chain of alternating silicon and oxygen atoms combined with carbon and hydrogen. Silicones are produced by the reduction of silica in sand form with carbon at high temperature. They are generally produced in three different steps; by the of synthesis chlorosilanes, by hydrolysis of chlorosilanes, and by condensation of polymerization.
Market Potential and Pitfalls
Silicones possesses excellent properties like superior aging resistance, superior weathering, high water repellency, thermostability, strong electrical insulation, chemical resistance, and high anti-foaming properties which makes them ideal for several end-use applications like automotive & transportation, personal care & consumer products, medical & healthcare, building & construction, industrial process, and others. The market’s growth is chiefly directed by the rapid urbanization, continuous growth in the healthcare and medical sector, and technological advancements. Silicones are extensively used in the manufacturing of high-performance OEM which is predicted to influence the market growth to a large extent. With the growing sales and production of automotive especially in the emerging countries, the silicones market growth is considered to flourish. Several developed economies are implementing new emission regulation which is further likely to contribute to the growth of the market. Moreover, the shifting automotive manufacturers on the use of lightweight materials is estimated to propel the market growth in the long run. The rising commercial coupled with institutional construction activities especially in the developing nations and the constant expansion in the construction and building sector are some of the other major factors likely to offer the market a sturdy growth.
On the contrary, the fluctuating prices in raw materials and high energy are some of the major concerns estimated to dampen the market growth during the forecast period. The prices are dependent on factors like environment protection measures, currency exchange rates, and energy costs. The manufacturing companies bear a certain portion of the increased prices of the raw materials. With the increased prices in raw materials and fluctuation in supply raw materials refrain the manufacturers from long term planning.
Global Silicones market growth: Segmental Analysis
The global silicones market growth has been segmented on the basis of application and type.
By mode of type, the global silicones market growth has been segmented into fluids, resins, gels, and elastomer. Among these, the elastomers are likely to occupy the largest share in the global market owing to its increased use in the construction, automotive, and transportation sector.
By mode of application, the global silicones market growth has been segmented into personal care & consumer products, building & construction, medical & healthcare, automotive & transportation, industrial process, and others. Among these, the automotive and transportation sector is predicted to expand at a significant rate owing to the increased sale and production of automotive coupled with its increased usage in the manufacturing of automotive components.
Regional Insights
Geographically, the silicones market growth span across regions namely, Asia Pacific, Latin America, Europe, North America, and the Middle East & Africa.
Considering the global scenario, the Asia Pacific region is predicted to expand at the highest rate owing to the expansion of several end-use industries like personal care, automotive & transportation, and building & construction. The demand for silicones is estimated to trigger especially in economies like India, China, Singapore, Bangladesh, Thailand, Japan, Malaysia, and South Korea owing to the approval of large-scale residential, industrial, and commercial building & construction projects. Moreover, with the inexpensive raw materials, high economic growth, shifting manufacturer base, and low land and labor cost are estimated to drive the market in this region.
The North American region is considered to experience above-average growth in the global market owing to the burgeoning demand from the healthcare sector. With the continuous growth in the medial sector, the market is likely to experience a push in its growth. The U.S. is likely to account for the largest share closely followed by Canada owing to the increased demand for consumer and personal care goods.
Industry Updates
November 12, 2018: Dow Silicones Corporation introduced DOW CORNING MG7-1020 Soft Skin Adhesive, which is the latest addition to the increasing portfolio of solutions for skin-adhered devices. The product offers extended wear and strong adhesion along with manufacturing and design flexibility. It can be used with fabric backing and addresses the healthcare sector’s increased focus on biologic drugs.
Competitive Dashboard
The prominent players operating in the global silicones market growth comprises Elkem Silicones (Norway), Specialty Silicone Products Inc. (U.S.), NuSil Technology LLC (U.S.), KCC Corporation (South Korea), Shin-Etsu Chemical Co. Ltd. (Japan), GELEST INC. (U.S.), Saint-Gobain Performance Plastics (France), Evonik Industries (Germany), BASF SE (Germany), Dow Corning Corporation (U.S.), Wacker Chemie AG (Germany), and Momentive (U.S.).
Read More Report Summary: https://www.marketresearchfuture.com/reports/silicones-market-5476
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