Silicone Market is anticipated to grow at a CAGR of ~5% from 2020 to 2030.
Market Industry Reports (MIR) has published a new report titled “Silicone Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020–2030.” According to the report, the global silicone market accounted for over US$ 13 billion in 2019. It is anticipated to grow at a CAGR of ~5% from 2020 to 2030.
Silicone finds applications in a broad spectrum of industries including building & construction, personal care & consumer products, medical & healthcare, industrial process, transportation, electronics, and energy, among others. Such large-scale adoption of silicone is owing to several distinguishing properties that it possesses. These include high thermal stability, resistance to weathering, ability to cope up with high temperatures, moisture, & radiation, and durability & flexibility, among others.
A rising number of building & construction projects and rapid industrialization across the Asia Pacific region alongside the growing personal care sector across North America and Europe will further boost the overall market growth. The growing applications of silicone elastomers in the medical & healthcare sector is also contributing to market growth. Silicone elastomers are gaining wide-scale acceptance in the medical & healthcare sector, primarily owing to low toxicity and a low risk of unfavorable biological reactions. Antimicrobial silicone elastomers reduce microbial contamination in food, cosmetics, and medicines, and are also capable of curbing the growth of microbes on or within the human body. These are important factors that will further contribute to the market growth.
The launch of new products consisting of silicone and its derivatives by market players in a wide range of industries; growing research & development activities, especially in the medical & healthcare sectors; and the need for advancements in silicone elastomers will present significant growth opportunities to market players. Several market players are focusing on increasing the production of silicone elastomers through advanced technologies such as 3D printing.
Browse key industry insights spread across 150 pages with market data tables & figures & charts from the report, Silicone Market By Type (Resins, Gels, Elastomers, and Fluids), End-use Industry (Building & Construction, Personal Care & Consumer Products, Medical & Healthcare, Industrial Process, Transportation, Electronics, and Energy) - Global Analysis and Forecast 2020-2030 in detail along with the table of contents:https://www.marketindustryreports.com/silicone-market/378
Silicone has very few restrictions when it comes to its utilization in industries such as building & construction, energy, and electronics. However, there are stringent restrictions pertaining to its utilization in medical/healthcare and personal care products, especially in the UK, the U.S., and Canada. The prices of raw materials also fluctuate in different regional markets as a result of variations in the demand and the supply. Moreover, several market players have presently suspended production due to the present COVID-19 pandemic, further leading to reduced demand and supply chain inconsistencies. These are some of the primary factors hampering the market growth.
The silicone market in the Asia Pacific is expected to grow at a significant rate during the forecast period owing to a high demand from end-use industries as well as key players expanding their production facilities. Some of the other factors that will contribute to the regional market growth include low manufacturing & labor costs in the region, a large population base, rising building & construction activities, and rapid industrialization, among others.
Some of the prominent market players in the global silicone market include Shin-Etsu Chemical Co. Ltd., Kemira Oyj, Ashland Incorporated, Silchem, Inc., Wacker Chemie AG, Dow Chemical Company, Elkem ASA, ICM Products, Inc., Hutchinson, and Evonik Industries AG, among others.
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