According to ChemAnalyst report, “Silicone Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Technology, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, global Silicone market has shown promising growth in the past five years and is anticipated to achieve a CAGR of 4.55% during the forecast period owing to its versatile properties like durability, heat resistance, foam control, adhesion, UV stability, discharge safety, transparency, glossiness, radiation resistance, and flexibility. These properties of Silicone make it useful for making seals and gaskets for autoclaves or hot air ovens that are needed to be sterilized at high temperature. Silicone elastomers because of their low toxicity and risk for any adverse biological reactions, have attained acceptance in use for medical as well as food applications.
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Silicone is an inert synthetic polymer manufactured by polymerizing siloxanes which are monomers containing silicon atoms connected by oxygen, carbon and hydrogen atoms. The different types of Silicone are elastomers, resins, fluids, and gels. They are utilized in making lubricants, adhesives, medical applications, insulations, and cookware. Due to its versatile properties, Silicones have several end use industries such as building and construction, industrial process, personal care and consumer products, electronics, transportation, medical and healthcare, energy. Surging demand form the construction as well electronics industry is estimated to drive the demand of Silicone for the forecast period.
In 2020, the spread of COVID-19 in major global economies caused nationwide lockdowns which had an impact on a number of industries including Silicone associated industries because the manufacturing plants were not operational coupled with the disruption the demand and supply chain during the lockdowns. However, Due to heavy demand from end use industries such as healthcare, construction, and electronics the market for Silicone was resumed back with full potential after the relaxation in lockdowns. Additionally, increasing use of liquid silicon rubber in Automotive and Medical industries is likely to boost the silicone market over the forecast period.
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Region wise, Asia pacific region holds the major share of global demand for silicone due to increasing demand of application industries such as Construction, Automobile, Electronics, Personal Care and Healthcare etc. Moreover, rising population and per capita income in emerging economies like India and China coupled with growing number of products using Silicone is another factor influencing demand growth in the Asia Pacific region. A significant rise is expected to be observed in North America in the forecasted region due to the presence of various end use industries and its increasing demand in Building and Construction sector in the region.
According to ChemAnalyst report, Silicone Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Technology, Application, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, Major players for silicone globally include Dow, Emerald Performance Materials, Evonik Industries AG, Jiangsu Mingzhu Silicone Rubber Material Co., Ltd, Kaneka Corporation, Shin-Etsu Chemical Co. Ltd, Wynca Group, Hoshine Silicon Industry Co. Ltd, Elkay Chemicals Pvt. Ltd., Supreme Silicones, Specialty Silicone Products, Inc.
“Being linked to the automotive and construction sectors, the global Silicone industry has shown a robust growth alongside urbanization and changing consumer preference towards environment friendly materials. Moreover, growing demand from other sectors including personal care, medical and healthcare sectors, will also extend the market for Silicone in the forecast period. In Asia Pacific, China and India serve as the key growth region with sufficiently installed capacities for Silicone. With new competitors emerging across the Asia Pacific Silicone market, players anticipate that there will be sufficient supply demand gaps in future. At this, it is extremely important to keep an eye which region will grab the biggest market share in the upcoming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm promoting ChemAnalyst.
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