Silicone market worth $23.4 billion by 2026

CHICAGO, June 27, 2022 /PRNewswire/ — According to the new market research report “Silicone Market by type (elastomers, fluids, resins, gels), end-use industry (industrial processes, building & construction, personal care & consumer products, transportation, electronics, medical & healthcare, energy), region – global forecast up to ‘by 2026’, published by MarketsandMarkets™, the global silicone market size is expected to grow from $16.7 million in 2021 for $23.4 billion by 2026, at a CAGR of 7.0% over the forecast period. Major factors driving the silicone industry include the material’s superior properties and its high demand in different end-use industries, such as building and construction, personal care and consumer products, transportation and electronic. Additionally, booming demand from medical and healthcare industry due to COVID-19 pandemic is expected to drive the market.

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By type, the elastomers segment is estimated to dominate the silicone market in 2020, in terms of value and volume.

The silicone market has been segmented on the basis of type into elastomers, fluids, resins, gels, and other products. Among these types, the elastomer segment accounted for the largest market share in 2020 and is expected to witness significant growth during the forecast period. Market growth in this segment is attributed to its growing use in various products including voltage line insulators, cooking, baking and food storage products; underwear, sportswear and footwear; electronic; 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, particularly for blood transfusions and in artificial heart valves and various prostheses.

By end-use industry, the industrial process segment is estimated to dominate the silicone market in 2020, in terms of value and volume.

Industrial process is the largest silicone end-use industry in 2020 by value and volume. Silicones are widely used in many industrial processes. In industrial processes, they are widely used in a plethora of applications such as lubricants, defoamers in offshore drilling and paper production, industrial coatings and paint additives. Silicones have become very popular due to their high performance characteristics and are replacing other conventional materials in several industrial applications.

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The APAC region is expected to account for the largest share of the silicone market over the forecast period.

The APAC region is expected to dominate the silicone market in terms of value and volume from 2021 to 2026. The growth in this region can be attributed to the growing demand for silicone from end-use industries, especially electronics, construction and building. , personal care and consumer products, and transportation. Additionally, several silicone manufacturers, such as Wacker Chemie AG (Germany) and Shin-Etsu Chemical Co. Ltd., (Japan) are establishing or expanding their manufacturing facilities in this region to take advantage of low manufacturing and labor costs and high demand from end-use industries, thereby driving the demand for silicone in the region.

The Dow Chemical Company (USA), Wacker Chemie AG (Germany), Shin-Etsu Chemical Co. Ltd. (Japan), Elkem ASA (Norway), Momentive (USA), KCC Corporation (South Korea), Evonik Industries SA (Germany), Gelest Inc. (USA) and Innospec Inc. (USA) are the world’s leading silicone manufacturers.

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New product launches accounted for the largest share of all strategic developments that took place in the silicone market between 2017 and 2020. Key players such as Wacker Chemie AG, Momentive, Elkem ASA and The Dow Chemical Company have adopted these strategies to improve their business. , market presence and meet consumer demand.

The Dow Chemical Company (USA) is one of the major players in the silicone market. The company has focused on organic strategies such as expansion and new product development to maintain its leading position in the market. For example, in September 2018, Dow Chemical Company announced investment plans to meet silicone demand and drive innovation. The low capital intensity and high return on investment of its upstream and downstream silicone franchise will accelerate innovation and support global customer demand. This will further drive strong growth in markets, such as high performance buildings, home and personal care, electrical and industrial, consumer goods and component assembly.

Wacker Chemie AG (Germany) is another major player in the silicone market. In July 2019the company launched new silicone additives for thermoplastic polyurethanes (TPUs) under the Genioplast Pellet 345 brand at the K 2019 event in Dusseldorf, Germany. In June 2019the company expanded its production of silicone elastomer in China with an annual capacity of 7,000 metric tons. This expansion will support Wacker’s future growth path by China and improving the availability of UNHCR (High Consistency Rubber) in the APAC region.

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