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
Report ID : 378 | Published Date : Aug 2020 | Pages : 150 | Region : Global | Report Code : CM-35
Silicone Market Overview and Introduction
Silicone, categorized under synthetic polymers, is manufactured utilizing silicon metal and methanol. It is a high-performance polymer and exists in solid and liquid forms. It can also be processed to form resins, gels, elastomers, and fluids. Silicones exhibit several properties and can be utilized to lubricate, seal, bond, encapsulate, insulate, waterproof, and coat, among others. Such distinguishing properties make way for its utilization in a wide variety of industries such as building & construction, personal care & consumer products, medical & healthcare, industrial process, transportation, electronics, and energy, among others.
The primary factors contributing to the growth of the global silicone market include its growing demand in various end-use industries, rising building & construction activities, rapid industrialization, increasing demand for personal care & consumer products, and the ever-expanding electronics industry, among others. The increasing penetration of silicone elastomers in medical & healthcare products and preference in food and food packaging will also contribute significantly to the market growth. However, stringent regulations by governments in different regions, especially the UK, the U.S., and Canada, and fluctuating raw material prices are acting as barriers for the growth of the global silicone market.
The global silicone market can be segmented into type, end-use industry, and region.
Silicone Market By Type
Based on type, the silicone market can be segmented into resins, gels, elastomers, and fluids. The elastomers segment is expected to account for the largest market share during the forecast period. The increasing utilization of silicone elastomers in a wide variety of end-use industries such as foods, garments, footwear, medical devices & implants, and electronic equipment, among others will contribute significantly to the growth of this segment. Moreover, the biocompatibility of elastomers and their ability to decontaminate pathogens are leading to their increased preference in various healthcare and food products. The fluids segment is anticipated to hold the second-largest share owing to the utilization in oils, epoxy resins, lubricants, and others, which find applications in various industries.
Silicone Market By End-use Industry
Based on the end-use industry, the silicone market can be segmented into building & construction, personal care & consumer products, medical & healthcare, industrial process, transportation, electronics, and energy. The building & construction segment is expected to account for the largest market share followed by transportation and electronics. Owing to its high tensile strength and moisture resistance properties silicone is widely used in the building & construction segment.
Silicone Market By Region
Based on the region, the global silicone market can be segmented into North America, Europe, Asia Pacific, and the Rest of the World. The Asia Pacific region is expected to grow at the highest CAGR owing to the presence of established market players, primarily in India, Japan, South Korea, Vietnam, and China. Moreover, India and China continue to be the manufacturing hubs for most owing to low manufacturing & labor costs offered in these countries. Furthermore, the presence of e-commerce platforms, such as IndiaMart and Alibaba, in these regions makes purchases convenient for customers across the globe. Europe will grow at the second-highest CAGR owing to the presence of established automotive manufacturers, primarily in Germany.
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.