According to the new market research report “Silicone Market by Type (Elastomers, Fluids, Resins, Gels), End-use Industry (Industrial Process, Building & Construction, Personal Care & Consumer Products, Transportation, Electronics, Medical & Healthcare, Energy), Region – Global Forecast to 2024″, The global silicone market size is expected to grow from USD 20.4 billion in 2019 to USD 28.6 billion by 2024, at a CAGR of 7.0% during the forecast period. The major factors driving the silicone industry include the superior properties of the material and its high demand in different end-use industries, such as building & construction, personal care & consumer products, transportation, and electronics.
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Silicones are high-performance materials manufactured by reacting silicon metal and methyl chloride. The chief building blocks for silicones are silanes. Silicones have exceptional properties such as high flexibility and resistivity to moisture, ultraviolet radiation, etc., which makes them excellent materials for many industries. On the basis of type, the silicone market is segmented into silicone elastomers, silicone resins, silicone fluids, silicone gels, and other products. By end-use industry, the market is segmented into building & construction, transportation, personal care & consumer products, industrial process, electronics, medical & healthcare, energy, and others. The market is witnessing growth due to the efficient and sustainable properties of silicone which makes them suitable for use in various end-use industries. Increasing demand for silicones in emerging countries of Asia Pacific and the Middle East & Africa region is also driving the 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 Asia Pacific region is projected to be the fastest-growing market, in terms of both value and volume, during the forecast period. China is projected to be the fastest-growing silicone market in Asia Pacific, accounting for a major share of the demand for silicones in the region. Rising domestic demand and increasing disposable income levels are expected to drive the market for silicone in the region. Easy availability of raw materials, strong labor force, and favorable government policies are some of the factors that have led to the increased production and shifting of manufacturing bases in the region, which is expected to augment the consumption for silicone and its products in the region.
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The global silicone market size is estimated to grow from USD 20.4 billion in 2019 to USD 28.6 billion by 2024, at a CAGR of 7.0% during the forecast period. The market is projected to witness decent growth in the near future, owing to the rising demand from various end-use industries. The increasing demand for personal care and cosmetic products, particularly in APAC, is expected to boost the demand for silicone in the personal care industry.
The Dow Chemical Company (US), Wacker Chemie AG (Germany), Shin-Etsu Chemical Co. Ltd., (Japan), Elkem ASA (Norway), Momentive (US), KCC Corporation (South Korea), Evonik Industries AG (Germany), Gelest Inc. (US), and Innospec Inc. (US), are the leading silicone manufacturers, globally. These companies adopted expansion, new product development, joint venture, and merger & acquisition as their key growth strategies between 2015 and 2019 to earn a competitive advantage in the silicone market.
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The Dow Chemical Company (US) is one of the leading players in the silicone market. The company has been focusing on organic strategies such as expansion and new product development to maintain its leading position in the market. For example, In September 2018, the Dow Chemical Company announced investment plans to meet the demand for silicone and drive innovation. The low capital intensity, high return-on-investment in its upstream and downstream silicone franchise will accelerate innovation and support the global customer demand. This will further boost high growth in markets, such as high-performance buildings, home and personal care, electrical and industrial, consumer goods and components assembly.
Wacker Chemie AG (Germany) is another major player in the silicone market. In July 2019, the company launched new silicone additives for thermoplastic polyurethanes (TPUs) under the brand name, Genioplast Pellet 345 during the K 2019 event in Dusseldorf, Germany. In June 2019, the company expanded its silicone elastomer production in China with an annual capacity of 7,000 metric tons. This expansion will support Wacker’s future growth path in China and improve the availability of HCR (High Consistency Rubber) in the APAC region.
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