According to the report, the global silicone market was valued at $18.8 billion in 2022 and is projected to reach $39.4 billion by 2032, growing at a CAGR of 7.7% from 2023 to 2032.
Silicone based products, such as sealants, adhesives, coatings, and insulating materials, play a crucial role in enhancing the durability, energy efficiency, and overall performance of buildings and infrastructure. Silicone is preferred choice for a wide array of applications across various industries, including automotive, construction, healthcare, and electronics.
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The global silicone market is experiencing growth due to several factors such increase in the adoption of waterborne coatings and an increase in demand in construction and infrastructure. However, the high prices of silicone products hinder market growth to some extent. Moreover, increasing demand for food and beverage packaging offers remunerative opportunities for the expansion of the Silicone market.
Based on the type, the elastomers segment held the highest market share in 2022, accounting for nearly three-fifths of the global silicone market revenue and is likely to retain its dominance throughout the forecast period. This segment also held the major CAGR of 8.0% in 2032. This can be attributed to the fact silicone elastomers are a subset of elastomers made from silicone polymers. They exhibit excellent thermal stability, resistance to extreme temperatures (-50°C to 250°C), and remarkable durability. These properties make silicone elastomers highly versatile in various applications, including as gaskets and seals in automotive and aerospace industries, medical implants and prosthetics, kitchenware such as baking mats and utensils, as well as in the production of flexible electronics, where their electrical insulation properties are valuable. In addition, silicone elastomers are often used in the medical and cosmetic fields due to their biocompatibility and hypoallergenic characteristics, making them suitable for products like medical tubing, implants, and cosmetic prosthetics.
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Based on the end-user industry, the building and construction segment held the highest market share in 2022, accounting for more than one-fourth of the global silicone market revenue and is likely to retain its dominance throughout the forecast period. This can be attributed to the fact that silicone plays a vital role in the building and construction industry due to its versatile properties. It is commonly used as a sealant and adhesive, providing weatherproofing and structural bonding for windows, doors, and cladding systems. Silicone sealants create durable, flexible seals that prevent water infiltration and air leakage, enhancing energy efficiency. In addition, silicone is employed in the manufacturing of architectural coatings, offering weather resistance and UV protection for building exteriors. However, the electrical and electronics segment is projected to manifest the highest CAGR of 9.1% from 2023 to 2032. This can be attributed to the excellent thermal stability and electrical insulation properties of silicone make it a crucial material for manufacturing high-temperature-resistant cables and wires, ensuring safe and efficient power transmission. Silicone rubber is used in seals and gaskets to protect delicate electronic components from moisture and dust, prolonging their lifespan. Moreover, silicone-based adhesives and encapsulants provide robust protection for circuit boards and semiconductor devices, enhancing their reliability.
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global silicone market revenue and is expected to rule the roost in terms of revenue throughout the forecast timeframe. This region held the major CAGR of 8.0% in 2032. The silicone market in the Asia-Pacific region has been experiencing robust growth due to its versatile applications in various industries. With a rapidly expanding manufacturing sector, countries like China and India are driving significant demand for silicone-based products, including in automotive, electronics, construction, and healthcare. The region's increasing focus on sustainable and eco-friendly solutions has also boosted demand for silicone materials, known for their durability and versatility. In addition, the Asia-Pacific market benefits from a burgeoning cosmetics and personal care industry, further propelling silicone consumption for beauty and skincare products.
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Leading Market Players: -
- DOW INC.
- WACKER CHEMIE AG
- EVONIK INDUSTRIES AG
- KANEKA CORPORATION
- ARKEMA
- BASF SE
- SHIN-ETSU CHEMICAL CO., LTD.
- ELKEM ASA
- KCC SILICONE CORPORATION
- MOMENTIVE
The report provides a detailed analysis of these key players in the global silicone market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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