The global silicone market is estimated at USD 14.20 billion in 2017 and is projected to reach USD 18.87 billion by 2022, at a CAGR of 5.85% between 2017 and 2022. Growing demand for silicones in new applications such as footwear, agriculture, and aerospace materials is also estimated to offer lucrative opportunities for the growth of the silicone market. Silicone elastomers is estimated to be the fastest-growing type segment during the forecast period (2017-2022). The rapid growth of this segment is attributed to the extensive use of silicone elastomers in electronics, healthcare, and transportation industries.
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“Efficient and sustainable properties of silicone and growing demand for silicones in emerging clusters of Asia Pacific and the Middle East & Africa regions are driving the global silicone market”
The global silicone market is estimated at USD 14.20 billion in 2017 and is projected to reach USD 18.87 billion by 2022, at a CAGR of 5.85% between 2017 and 2022.The market is witnessing growth due to the efficient and sustainable properties of silicone which makes it suitable for use in various end-use industries and growing demand for silicones in emerging clusters of Asia Pacific and the Middle East & Africa regions.
Growing demand for silicones in new applications such as footwear, agriculture, and aerospace materials is also estimated to offer lucrative opportunities for the growth of the silicone market. Stringent regulatory policies for silicone in some end-use industries is a major factor restraining the growth of the market.
Increasing raw material and energy prices are challenging the growth of the global silicone market.
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“Silicone Elastomers: The fastest-growing segment of the silicone market, by type”
Silicone elastomers is estimated to be the fastest-growing type segment during the forecast period (2017-2022). The rapid growth of this segment is attributed to the extensive use of silicone elastomers in electronics, healthcare, and transportation industries.
Moreover, the demand for elastomers arising from the construction industry in the form of rubbers, sealants, and adhesives due to their excellent properties will further drive the silicone elastomers market globally.
“Electronics: The fastest-growing segment of the silicone market, by end-use industry”
The electronics industry is projected to be the fastest-growing application segment of the silicone market during the forecast period. In the electronics industry, the insulation properties of silicone help protect electrical circuitry in various electronic components such as computers, televisions, and aircraft video display from dust, dirt, and heat.
Silicone is also an ideal material for high voltage applications. It effectively insulates underground and above ground power and cable lines.
Thus, growing digitalization with mounting demand for highly functionalized and versatile electronic products is expected to drive the growth of the electronics end-use industry segment.
“Asia Pacific: The fastest-growing market for silicone, by region”
The Asia Pacific region is estimated to be the fastest-growing market for silicone during the forecast period. The growth of the silicone market in Asia Pacific is due to the presence of key end-use industries, especially industrial processes, building & construction, personal care & consumer products, transportation, and electronics, which have a high potential for consumption of silicones.
The market in Asia Pacific, owing to high demand and low labor cost, is much more dynamic and competitive than its western counterparts. These factors are expected to drive the demand for silicone in Asia Pacific.
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This study has been validated through primaries conducted with various industry experts globally.
These primary sources have been divided into three categories, namely, by company, by designation, and by region.
- By Company Type:Tier 1- 50%, Tier 2- 33%, and Tier 3-17%
- By Designation:C Level- 17%, Director Level- 33%, and Others- 50%
- By Region:North America - 25%,AsiaPacific - 50%, and Europe- 25%
The report also provides company profiles and competitive strategies adopted by major market players, such as Dow Corning (US), Wacker (Germany), Momentive (US), Shin-Etsu (Japan), Elkem (Norway), Evonik (Germany), KCC Corporation (South Korea), Gelest (US), NuSil Technology (US), and Specialty Silicone Products (US),among others.
The report covers the silicone market and its applications across different industry verticals and regions. It aims at estimating the market size and future growth potential of this market across different segments, such as type and end-use industry.
The report also includes an in-depth competitive analysis of the key market players along with their company profiles, dynamic differentiators, innovators, visionary leaders and emerging (DIVE) analysis, recent developments, and key growth strategies.
Reasons to access this report:
From an insight perspective, this research report has focuses on various levels of analyses—industry analysis (industry trends) and company profiles, which together comprise and discuss the basic views on the competitive landscape; emerging and high-growth segments of the silicone market; high-growth regions; and market drivers, restraints, and opportunities.
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The report provides insights on the following pointers:
- Market Penetration:Comprehensive information on silicone offered by the top players in the global silicone market
- Product Development/Innovation:Detailed insights on upcoming technologies, R&D activities, and new product launches in the global silicone market
- Market Development:Comprehensive information about lucrative emerging markets – the report analyses the markets for silicone across regions
- Market Diversification:Exhaustive information about new products, untapped geographies, recent developments, and investments in the global silicone market
- Competitive Assessment:In-depth assessment of strategies, products, and manufacturing capabilities of the leading players in the global silicone market.