According to a recent report by Reports and Data, the Silicone Market is expected to reach USD 24.86 Billion by 2028, primarily due to the increasing demand for automotive vehicles in various industries worldwide. In the coming years, the healthcare industry's rising demand is expected to become the most common growth interest globally. The market is experiencing high growth rates due to the abundant availability of raw materials, including metals and polymers, coupled with technological expertise, resulting in the development of emerging economies.
Silicones are high-performance materials that belong to the specialty family. They are mainly polymers with large molecules that consist of various repeated sub-units, comprising siloxane, a chain of silicon atoms, and alternating oxygen coupled with carbon and hydrogen. These materials exhibit a wide range of chemical and physical properties, making them resistant to moisture, cold, ultraviolet radiation, heat, and several chemicals. The production of silicones involves multiple steps, beginning with the reaction between methyl chloride and silicon, followed by the separation of chlorine atoms using water. Silanes are used as agents in the production of siloxanes and eventually silicones.
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The APAC region accounted for the largest market share of 35.31% in 2020, with India and China's growing market being significant reasons for the silicone market's growth in this region. The use of liquid silicone rubber due to injection molding and modern manufacturing technology in the region is anticipated to offer several opportunities for market growth.
The global Silicone Market is growing rapidly due to the increase in demand from the automotive industry. The elastomer sector of the product segment accounts for the largest market share of 44.81% in 2020 due to the rise in demand from the automotive and medical industries worldwide.
The wide variety of utilization in various sectors makes the Silicone Market highly productive, with the automotive industry being one of the most significant factors for the market. Silicon is expected to grow at a CAGR of 4.8% during the forecast period, and the fluid sector of the product segment of the market is projected to grow at a CAGR of 4.8 % during the forecast period.
The industrial process accounts for the largest share of 39.30% in 2020 of the global silicone market, mainly because silicones provide resistance and high durability in industrial coatings and enhance the performance of lubricants. Other regions such as North America are estimated to reach USD 5.11 billion by 2028 due to significant demand from Canada and the US.
The high consumer acceptance towards new and advanced electronic products, including miniaturization and lightweight, is expected to spur the growing need for silicone over the forecast period. Silicone is mainly used in the automotive & transportation industry for the production of connector seals, turbocharger hoses, silicone wiper blades, gaskets, spark plug boots, and ignition cables.
Wacker Chemie AG and Shin-Etsu are among the key participants in the market, and several players are introducing new silicone products in the market. Reports and Data have segmented the global Silicone Market based on product, raw material, application, and region.
Silicone Market: Notable Innovation
The silicone market has seen several notable innovations in recent years. One such example is the development of liquid silicone rubber (LSR) due to injection molding and modern manufacturing technology. LSR offers many advantages over traditional solid silicone rubber, including faster curing times, higher precision, and improved design flexibility. Another notable innovation in the silicone market is the use of silicon as a raw material. Silicon is a dominant player in contemporary electronics because it is an absolute semiconductor of electricity. When fused into a molten state, silicon can be molded into semi-conductive wafers that can be used as the base for integrated circuits (microchips). Additionally, there have been developments in eight-carbon silane coupling agents, such as the KBM-1083 and KBM-4803 lines introduced by Shin-Etsu Silicones of America, which offer unique properties and benefits in various applications.
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