The silicone market is poised for growth, with increasing demand in automotive, healthcare, and construction industries. Learn about products, applications, and trends shaping the market
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The global silicone market size reached USD 15.53 Billion in 2020 and is expected to register a revenue CAGR of 6.8%, during the forecast period, according to latest analysis by Emergen Research.
Silicone is a highly adaptable synthetic polymer that has a wide range of uses in a number of different industries, including construction, electronics, automotive, and healthcare, among others. The demand for silicone-based products is on the rise, the use of silicone in developing sectors is expanding, and investments in R&D are rising, all of which are driving the silicone market’s consistent growth trajectory over the years.
The expanding demand for silicone-based goods in the healthcare sector is one of the key factors driving the silicone market. Due to its biocompatibility, durability, and capacity to endure severe temperatures, silicone is frequently utilised in medical equipment and implants. The World Health Organisation estimates that the global market for medical devices was worth USD 400 billion in 2018 and will be worth USD 600 billion by 2025. In the upcoming years, this is anticipated to fuel the need for silicone in the healthcare sector.
The expanding use of silicone in the electronics sector is another factor driving the silicone market. Silicone’s thermal stability and electrical insulating qualities make it a popular material to employ in the manufacture of electronic components such circuit boards, insulators, and connectors. In the upcoming years, the demand for silicone in the electronics sector is anticipated to increase due to the rising popularity of electronic gadgets including smartphones, laptops, and tablets.
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The silicone market does face certain difficulties, though. The market is significantly constrained by the fluctuating cost of raw materials. Quartz, a mineral whose price is influenced by supply and demand dynamics, is the source of silicon, which is used to make silicone. This may have an impact on silicone producers’ bottom lines and restrict market expansion.
The increased regulatory scrutiny placed on the usage of silicone in specific industries, such food and beverage manufacturing, is another obstacle for the silicone market. Due to worries about silicone compounds possibly migrating into food, the use of silicone in food contact materials like baking mats, kitchen utensils, and food storage containers has come under scrutiny. As a result, there are now stronger rules regarding the usage of silicone in the food business, which may be limiting the market’s ability to expand.
Despite these obstacles, the silicone market is anticipated to expand over the next few years due to a number of factors including rising demand from developing sectors, rising investments in R&D activities, and a growing emphasis on sustainability and environmental friendliness.
Silicone Market Segmentation:
The silicone market is segmented by product type, application, and end-use industry. The product outlook includes gels, elastomers, liquid silicone rubber (LSR), high-temperature vulcanized (HTV), room temperature vulcanized (RTV), fluids, resins, and others such as emulsions and adhesives. Among these, the elastomers segment is expected to hold the largest revenue share over the forecast period due to the increasing demand for high-performance materials in various industries.
In terms of application, the silicone market is segmented into elastomeric components, conditioning agents, binders, surfactants, and others. The elastomeric components segment is expected to hold the largest revenue share over the forecast period due to the increasing demand for silicone elastomers in various end-use industries.
The end-use outlook includes automotive and transportation, electronics, healthcare, construction, energy, consumer goods and personal care, industrial processes, and others. Among these, the automotive and transportation segment is expected to hold the largest revenue share over the forecast period due to the increasing demand for silicone-based materials in the manufacturing of various automotive components.
The healthcare segment is also expected to witness significant growth over the forecast period due to the increasing use of silicone in medical devices and implants. Additionally, the construction segment is expected to register significant growth due to the increasing investment in infrastructure projects across the globe.
In the upcoming years, the silicone market is expected to experience significant growth due to its current quick expansion. The market is driven by a number of reasons, including increased investments in R&D activities, rising demand for products made of silicone, and expanding silicone use in developing sectors. The market is, however, also confronted with difficulties including the erratic pricing of raw materials and growing regulatory scrutiny on the usage of silicone in specific industries. Overall, the silicone industry offers a wide range of development and innovation prospects and is anticipated to increase steadily in the years to come.
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Some Key Highlights from the Report
Fluids segment revenue is expected to expand at a significantly rapid CAGR during the forecast period due to several key growth factors in the market. One of the primary drivers of the rapid revenue expansion in the fluids segment is the increasing demand for hydraulic fluids in the industrial and automotive sectors. Hydraulic fluids are essential for the smooth operation of machinery and equipment, and the increasing adoption of automation and advanced manufacturing processes is driving demand for these fluids.
Construction segment is expected to register a significantly robust revenue growth rate over the forecast period due to various factors that are contributing to the growth of this segment. One of the primary drivers of the robust revenue growth rate in the construction segment is the increasing investment in infrastructure projects across the globe. Governments and private organizations are investing heavily in the development of smart cities, transportation networks, and other public infrastructure projects, which is driving demand for construction materials and equipment.
The market in Asia Pacific is expected to account for largest revenue share over the forecast period due to several key factors that are driving the growth of the market in this region. One of the primary drivers of the largest revenue share in Asia Pacific is the increasing population and rapid urbanization in countries such as China, India, and Japan. This has led to a surge in demand for various products and services, including those that are based on silicone, fluids, and construction materials.
Some major companies in the market report include Wacker Chemie AG, Momentive Performance Materials Inc., The Dow Chemical Company, Shin-Etsu Chemical Co., Ltd., Elkem ASA, Evonik Industries AG, KCC Corporation, Silchem Inc., Specialty Silicone Products, Inc., and Elkay Chemicals Pvt. Ltd.
In April 2021, Shin-Etsu Chemical Co., Ltd. launched a new silicone product, “KBM-3033”, which is expected to contribute to the growth of the silicone market. KBM-3033 is a highly dispersible silica powder that can be used as a reinforcing agent in rubber and plastic compounds. It is designed to improve the mechanical strength and heat resistance of these compounds, making it ideal for use in high-performance applications.
About Us: Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend’s existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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