Silicone Market with Future Growth Opportunity by Top Companies to 2028
Market Summary: The Silicone Market is projected to reach USD 24.86 Billion by 2028, as reported by Reports and Data. The growth is primarily attributed to the increasing demand for automotive vehicles across various industries worldwide. The healthcare industry is expected to be a major driver of growth in the coming years. Emerging economies with abundant raw materials, metals, and polymers, as well as technological expertise, have contributed to the high growth rates in the silicone market.
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Silicones are specialty, high-performance materials belonging to the polymer family, characterized by large molecules consisting of repeated sub-units. They are composed of siloxane chains, which consist of silicon atoms alternated with oxygen, carbon, and hydrogen atoms. The production of silicones involves several steps, including the reaction between methyl chloride and silicon, followed by water treatment to separate chlorine atoms. Silicones possess diverse chemical and physical properties, making them resistant to moisture, cold, ultraviolet radiation, heat, and various chemicals.
The Asia-Pacific (APAC) region dominates the market with a 35.31% share in 2018. The growth in emerging economies like India and China has significantly contributed to the expansion of the silicone market in the APAC region. The increasing use of Liquid Silicone Rubber for injection molding and modern manufacturing technologies has created numerous opportunities for market growth in the region.
Salient Trends of the Silicone Market:
- The market is projected to grow at a CAGR of 8%, reaching USD 24.86 Billion by 2028.
- Silicone exhibits relative chemical inertness towards the human body, making it suitable for medical devices with minimal adverse effects on patients. It finds applications as gels, tubing for bandage coating, lenses for eyes, and medical implants.
- The automotive industry's enhanced demand is driving the rapid growth of the global silicone market.
- Increased consumer acceptance of new and advanced electronic products, characterized by miniaturization and lightweight features, is expected to boost silicone demand in the forecast period. Applications in the automotive & transportation industry include connector seals, turbocharger hoses, silicone wiper blades, gaskets, spark plug boots, and ignition cables.
- Elastomers hold the largest market share (44.81%) in the product segment, driven by rising demands from the automotive and medical industries globally.
- Silicon is a crucial raw material expected to grow at a CAGR of 4.8% during the forecast period, primarily due to its dominant role in contemporary electronics and its use as a semiconductor in integrated circuits.
- Silicones are extensively used in the construction industry for weatherproofing and structural glazing, contributing to building energy efficiency, productivity, and cost reduction.
Market-O-Nomics:
- The fluid segment of the product category is projected to grow at a CAGR of 4.8% during the forecast period.
- Industrial processes account for the largest market share (39.30%) of the global silicone market in 2018, owing to the resistance and durability of silicones in industrial coatings and lubricants.
- Dow Corning and Wacker Chemie AG are among the key players in the silicone market, actively innovating and expanding their product offerings.
- Europe is forecasted to register a CAGR of 6.9%, driven by increasing government regulations and environmental conditions in the automotive industries.
Segments Covered in the Report: The global Silicone Market is segmented based on Product, Raw Material, Application, and Region.
Product Outlook:
- Elastomers
- Fluid
- Gels
- Resins
Raw Material Outlook:
- Silicon
- Oxygen
- Others
Application Outlook:
- Industrial Process
- Building & Construction
- Electrical & Electronics
- Medical & Healthcare
- Others
Regional Outlook:
- North America (U.S.)
- Europe (Germany, UK)
- Asia Pacific (China, India, Southeast Asia)
- Latin America (Brazil)
- Middle East & Africa
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