Increasing Demand for personal care as well as automotive Industries is projected to boost the growth of the global silicon market

Market Overview:

The silicone market was valued at over USD 10.3 billion in 2022, and the market is projected to register a CAGR of greater than 4.40% during the forecast period (2023-2032).

Silicones are versatile and unique polymers because the addition of different compounds and molecules to the main structure improves or alters the original properties. They are used with chemicals and materials often without generating undesired odor or byproduct. Moreover, they retain their fundamental chemical as well as physical properties when exposed to extreme environmental conditions and temperatures. They are widely utilized in various end-use applications such as automotive & transportation, building & construction, medical & healthcare, industrial process, personal care & consumer products, and others on account of their superior properties such as resistance to UV and IR radiation, strong water repellency, and extremely strong adhesion qualities.

Some of the prominent factors that positively influence the growth of the silicone market are increasing per capita disposable income, improved living standards, and rapid industrialization. Moreover, the continuous growth of the building & construction industry in developing countries worldwide is estimated to propel the market over the assessment period. Huge investment in the ongoing innovation and research & development projects by the major key operational players and high adoption rate within the end-use industries are set to influence silicones demand positively. Furthermore, coatings and adhesives made from silicones provide excellent durability and better performance, which make them suitable for utilization in automotive and construction industries. However, volatility in raw material prices is estimated to hinder the growth of the market.

Market Segmentation:-

Globally, silicones market is categorized on the basis of type and application. On the basis of the type, the market is categorized into resins, fluids, gels, and elastomer. Silicone elastomer can be further segmented into liquid silicone rubber, high temperature vulcanized silicone elastomers, and room temperature vulcanized silicone elastomers. Silicone fluids are further bifurcated into straight silicone fluid and modified silicone fluid. Silicone resins can be segmented into methyl silicone resin, phenyl silicone resin, and silicone combination resin. Among them, the elastomer accounted for the largest market share in 2016 on account of rising use of this elastomer in the automotive & transportation and construction industries. On the basis of the application, the market is segmented into building & construction, personal care & consumer products, automotive & transportation, medical & healthcare, industrial process, and others. Other application include, electrical & electronics, paper, textile, and energy. Among these, automotive & transportation is estimated to grow at a significant CAGR due to increasing automotive production and sales along with increasing use of silicone in the manufacturing of automotive components.

Regional Analysis

The market in the Asia Pacific is predicted to register the fastest growth, which is further followed by Europe and North America owing to growing demand from numerous end-use industries such as automotive, personal care, and building & construction among others. The North American market is expected to witness steady growth with the U.S. and Canada being major contributors. Europe is estimated to witness average growth over the assessment period on account of increasing demand for silicones in the automotive and textile sector specifically in Germany, Poland, Spain, and the U.K. Numerous countries of Latin America and the Middle East & Africa are estimated to register moderate growth due to increasing disposable income along with rising consumption of personal care.

Competitive analysis

The major players operating in the silicones market include Dow Corning Corporation (U.S.), Wacker Chemie AG (Germany), Shin-Etsu Chemical Co., Ltd. (Japan), Momentive (U.S.), Elkem Silicones (Norway), Evonik Industries (Germany), KCC Corporation (South Korea), GELEST, INC. (U.S.), NuSil Technology LLC (U.S.), Specialty Silicone Products, Inc. (U.S.), Saint-Gobain Performance Plastics (France), and BASF SE (Germany) among others. 

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