According to the new market research report “Silicone Market by Type (Elastomers, Fluids, Resins, Gels), End-use Industry (Industrial Process, Building & Construction, Personal Care & Consumer Products, Transportation, Electronics, Medical & Healthcare, Energy), Region – Global Forecasts to 2025″, size is expected to grow from USD 14.0 billion in 2020 to USD 23.3 billion by 2025, at a CAGR of 10.7% during the forecast period. The major factors driving the silicone industry include the superior properties of the material and its high demand in different end-use industries, such as building & construction, personal care & consumer products, transportation, and electronics.
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The silicone market has been segmented based on type into elastomers, fluids, resins, and gels & other products. Among these types, the elastomers segment accounted for the largest share of the market in 2019 and is likely to witness significant growth during the forecast period. The market growth in this segment is atributed to its increasing use in various products, including voltage line insulators, cooking, baking, and food storage products; undergarments, sportswear, and footwear; electronics; medical devices, and implants; and in household gaskets and O-rings. The physiological inertness of silicone elastomers makes them suitable for use in the healthcare industry, especially for blood transfusions and in artificial heart valves and various prosthetic devices.
The electronics end-use industry segment is growing rapidly due to the increasing demand for silicone materials in electronic chips, semi-conductors, printed circuit boards (PCBs), and electronic control units (ECUs), LED devices, and various Information & Communications Technology (ICT) equipment, such as mobile phones, computers, and tablets. In addition, the growing trend of miniaturization in the electronics industry has forced electronics component manufacturers to produce smaller components, which require higher heat resistance for reducing the probability of failure and ensuring reliability.
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371 – Tables
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The global silicone market size is estimated to grow from USD 14.0 billion in 2020 to USD 23.3 billion by 2025, at a CAGR of 10.7% during the forecast period. The market is projected to witness decent growth in the near future, owing to the rising demand from various end-use industries. The increasing demand for personal care and cosmetic products, particularly in APAC, is expected to boost the demand for silicone in the personal care industry.
The Dow Chemical Company (US), Wacker Chemie AG (Germany), Shin-Etsu Chemical Co. Ltd., (Japan), Elkem ASA (Norway), Momentive (US), KCC Corporation (South Korea), Evonik Industries AG (Germany), Gelest Inc. (US), and Innospec Inc. (US), are the leading silicone manufacturers, globally. These companies adopted expansion, new product development, joint venture, and merger & acquisition as their key growth strategies between 2015 and 2020 to earn a competitive advantage in the silicone market.
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The Dow Chemical Company (US) is one of the leading players in the silicone market. The company has been focusing on organic strategies such as expansion and new product development to maintain its leading position in the market. For example, In September 2018, the Dow Chemical Company announced investment plans to meet the demand for silicone and drive innovation. The low capital intensity, high return-on-investment in its upstream and downstream silicone franchise will accelerate innovation and support the global customer demand. This will further boost high growth in markets, such as high-performance buildings, home and personal care, electrical and industrial, consumer goods and components assembly.
Wacker Chemie AG (Germany) is another major player in the silicone market. In July 2019, the company launched new silicone additives for thermoplastic polyurethanes (TPUs) under the brand name, Genioplast Pellet 345 during the K 2019 event in Dusseldorf, Germany. In June 2019, the company expanded its silicone elastomer production in China with an annual capacity of 7,000 metric tons. This expansion will support Wacker’s future growth path in China and improve the availability of HCR (High Consistency Rubber) in the APAC region.
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