Summary
The global silicones market size reached US$ 13.7 Billion in 2022. Looking forward, the analyst expects the market to reach US$ 19.1 Billion by 2028, exhibiting a growth rate (CAGR) of 5.77% during 2023-2028.
Silicones, also known as polysiloxanes, are inert synthetic compounds, which can be manufactured in numerous forms, including oil, rubber, resin, and liquid. They are flexible and resistant to chemicals, moisture, UV rays, and high and low temperatures. As they enable fabrics to retain their shape and texture, silicones are used in the production of lightweight, durable, water-repellent, and high-performing sportswear. Besides this, it finds extensive application in the healthcare, aerospace, personal care, electronics, transportation, and construction industries.
Silicones Market Trends:
Silicones are widely utilized in personal care and cosmetic products, such as creams, shampoos, foundations, eyeshadows, and blushes. This, in confluence with the increasing consciousness about physical appearance among individuals, represents one of the major factors bolstering market growth. It can also be attributed to product benefits like improving the longevity of products and protecting the skin from chemical exposure and other environmental damages by forming a barrier on the skin. In addition, the rising employment of silicones as a sealant in the construction industry to enhance the flexibility of building structures is contributing to market growth. Moreover, due to high thermal stability and excellent dielectric properties, silicones are widely used in the manufacturing of electronic components, such as keyboards, mobile phones, television (TV), led lights, and tablets. This, in confluence with the growing sales of consumer electronics, is driving the market. Furthermore, the growing traction of photovoltaic panels and devices is catalyzing the demand for silicones as they are cost-effective and improve efficiency, durability, and performance. Besides this, the increasing prevalence of chronic diseases, such as osteoporosis, cardiovascular and Alzheimer’s, is creating a positive outlook for the market.
Key Market Segmentation:
the analyst provides an analysis of the key trends in each sub-segment of the global silicones market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on product type and application.
Breakup by Product Type:
Elastomers
Fluids
Gels
Resins
Elastomers dominate the market as they are versatile and have better quality, which is suitable for high-performance applications.
Breakup by Application:
Industrial Processes
Construction Materials
Home and Personal Care
Transportation
Energy
Healthcare
Electronics
Others
Presently, silicones are widely utilized in numerous industrial processes.
Regional Insights:
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
The Asia Pacific holds the majority of the global silicone market share as it is one of the biggest producers of silicones.
Competitive Landscape:
The market is concentrated in nature with the presence of a few manufacturers who compete against one another in terms of prices and quality. Some of these key players include:
Dow Chemical Company
Wacker Chemie AG
Shin-Etsu Chemical Co., Ltd.
Momentive Performance Materials Inc.
Elkem ASA
This report provides a deep insight into the global silicone market covering all its essential aspects. This ranges from a macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the global silicone market in any manner.
Key Questions Answered in This Report
1. What was the size of the global silicones market in 2022?
2. What is the expected growth rate of the global silicones market during 2023-2028?
3. What are the key factors driving the global silicones market?
4. What has been the impact of COVID-19 on the global silicones market?
5. What is the breakup of the global silicones market based on the product type?
6. What is the breakup of the global silicones market based on the application?
7. What are the key regions in the global silicones market?
8. Who are the key companies/players in the global silicones market?
