TOKYO and OTTAWA, September 30, 2021 (GLOBE NEWSWIRE) – The silicone market size was topped at $ 16.5 billion in 2020. Silicone is a high performance polymeric material composed of siloxane. It has many beneficial properties such as low chemical reactivity, low toxicity, low thermal conductivity and thermal stability, water repellent forming tight seals, resistance to microbiological growth, resistance to oxygen, adheres to glass very well , ozone and ultraviolet light, electrical insulation properties and high gas permeability. Silicone, thanks to these beneficial characteristics, finds utility in various applications such as construction, automotive, personal care, aerospace, healthcare, coatings, electronics and many more.
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The crucial factors responsible for the growth of the market are:
- Extensive use of silicone polymer for the manufacture of lightweight materials for the automotive and aerospace industry.
- Soaring demand for silicone polymers used as sealants and adhesives in the construction industry ensures the longevity of construction work.
- Silicone polymers possess various beneficial properties which find their utility in various industries such as automotive, personal care, healthcare and many more.
- Non-toxic nature of silicone rubber which facilitates its utility in the food industry.
Report Scope of the silicone market
|Cover of the report||Details|
|Market size in 2030||$ 28.4 billion|
|Growth rate from 2021 to 2030||7.2% CAGR|
|Year of reference||2020|
|Forecast period||2021 to 2030|
|Covered segments||Product, Application, Region|
|Companies mentioned||Shin-Etsu Chemical Co. Ltd., Wacker Chemie AG, Evonik Industries AG, Elkay Chemicals Pvt. Ltd., Supreme Silicones, Dow Inc., KCC Corporation, Elkem ASA, Silchem Inc., Specialty Silicone Products Inc.|
Highlights of the report
- On the basis of end use, the industrial sector reached 25.5% revenue share in 2020 and registered the highest CAGR during the forecast period.
- The use of silicone elastomers in automotive manufacturing is expected to drive the growth of the silicone market.
- By geography, the Asia-Pacific region is expected to contribute the largest revenue share of 45% in 2020 due to the presence of a significant number of players in the silicone market, the availability of raw materials and the hand – inexpensive work.
- The adhesive and sealing property offered by silicone facilitates its utility in the construction industry.
- Europe is expected to reach 3.5% CAGR in the coming years.
- On the basis of the product, the elastomers segment accounts for the largest revenue share of 42% in 2020.
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Silicone polymers are versatile in nature and therefore find utility in a wide variety of industries. They possess unique properties such as low chemical reactivity, low toxicity, low thermal conductivity, thermal stability, water resistance forming tight seals, resistance to microbiological growth, resistance to oxygen. , very good adhesion with glass, ozone, transparency, radiation resistance, water repellency and many others. others that facilitate their use in various applications. In the automotive sector, HTV silicone elastomers are used in the manufacture of electric vehicles. In addition, in the construction industry, silicone due to its adhesive and sealing properties is widely used. All of these factors are expected to drive the growth of the silicone market.
The main restraining factor that will hamper the growth of the silicone market is the presence of strict government regulations regarding the use of silicone in certain end-use industries such as personal care, consumer products, medical and medical. health care.
The use of silicone polymer in the healthcare industry will find huge opportunities during the forecast period due to its non-toxic and biocompatible properties. In addition, the rapid innovation of new products using silicon polymers will provide enormous opportunities in many end-use applications.
The continued fluctuation in the prices of raw materials such as methyl chloride and silicon metal used in the manufacture of silicone polymers will be a major challenge facing silicone producers in the market.
- On August 18, 2021, Wacker Chemie AG and Finsterwalder Corporate Group announced their intention to build a2 logistics center in Saxony, eastern Germany, which will be used for the storage and shipping of silicone products.
- On September 22, 2021, Evonik, a specialty chemicals company, and Swiss plastics specialist Samaplast announced that they were developing an osteoconductive PEEK biomaterial for injection molding using high performance silicone polymers.
- On August 25, 2021, Elkem Silicones hosted a conference in Schaumburg to bring together industry leaders and silicone experts to discuss developments in liquid silicone rubber technology in different markets including healthcare, automotive , industry, electronics and consumer goods.
The main market player includes Shin-Etsu Chemical Co. Ltd., Wacker Chemie AG, Evonik Industries AG, Elkay Chemicals Pvt. Ltd., Supreme Silicones, Dow Inc., KCC Corporation, Elkem ASA, Silchem Inc., Specialty Silicone Products Inc. and others
Segments covered in the report
- Straight silicone fluids
- Modified silicone fluids
- High temperature vulcanized (HTV)
- Liquid Silicone Rubber (LSR)
- Room temperature vulcanized (RTV)
- Health care
- Personal care and consumer goods
- Industrial sector
- North America
- The rest of europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East
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