23.6 Bn Silicone (Elastomers, Fluids, Resins, Gels) Markets - Global Forecast to 2026 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Global 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 2026" report has been added to ResearchAndMarkets.com's offering.

The global silicone market size is projected to grow from USD 16.7 billion in 2021 to USD 23.4 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 7.0%.

The silicone market is driven by various factors, such as high demand from an industrial process, building & construction, transportation, and electronics industries.

The growth of these industries is likely to further propel the market during the forecast period. However, fluctuation in the raw material prices is likely to hinder the growth of the market.

The elastomers segment is estimated to drive the global market during the forecast period

Elastomers segment accounted for the largest share of the market in 2020 and is likely to witness significant growth during the forecast period. The market growth in this segment is attributed to its increasing use in various products, including voltage line insulators, cooking, baking, and; undergarments, sportswear and footwear; electronics; medical devices, and implants; and in household gaskets and O-rings.

Some silicone elastomers are also used in the manufacturing of sealants. Their physiological inertness makes them suitable for use in the healthcare industry, especially for blood transfusions and in artificial heart valves & various prosthetic devices. These factors are expected to drive demand during the forecast period.

Electronics to be the fastest-growing segment from 2021 to 2026, for silicone

Electronics is the fastest-growing end-use industry for the silicone market. This growth can be attributed to the increasing usage of silicone as LED components in the electronics industry. The high-temperature stability of silicone drives its demand in this end-use industry.

Silicone increases heat resistance and reliability in the smaller electronics component and ensures profitability for manufacturers. Silicone consumption is also increasing as it makes an excellent sealant material in consumer electronic products.

In terms of both value and volume, the APAC silicone market is projected to grow at the highest CAGR during the forecast period

In terms of value and volume, the APAC region is projected to grow at the highest CAGR from 2021 to 2026. APAC is expected to register the highest growth during the forecast period due to the increasing usage of silicone in various end-use industries such as industrial process, building & construction, personal care & consumer products, transportation, and electronics.

China, India, Japan, South Korea, and Australia are providing enormous opportunities for the silicone market due to the presence of a large manufacturing sector in these countries.

The global silicone market comprises major manufacturers, such as The Dow Chemical Company (US), Wacker Chemie AG (Germany), Shin-Etsu Chemical Co. Ltd. (Japan), Momentive Performance Materials Inc. (US), and Elkem ASA (Norway), among others.

Market Dynamics

Drivers

• Superior Properties of Silicone
• High Demand for Silicone in the Electronics Industry

Restraints

• Stringent Regulatory Policies for Silicone

Opportunities

• Development of Antimicrobial Silicone Elastomers for the Healthcare Industry
• Growing Demand in the Transportation Industry
• High Market Potential in Structural Silicone Glazing (Ssg)

Challenges

• Fluctuating Raw Material Prices

Companies Mentioned

• CHT Group
• CRI-SIL Silicone Technologies
• CSL Silicones
• Elkem ASA
• Evonik Industries AG
• Gelest Inc.
• Innospec Inc.
• Kaneka
• KCC Corporation
• Konark Silicone Technologies
• Momentive
• Penta (ITW Performance Polymers and Fluids)
• Primasil Silicones
• Reiss Manufacturing Inc.
• Shin-Etsu Chemical Co. Ltd.
• Silicone Engineering Ltd.
• Silicone Solutions
• Siltech Corporation
• Silteq
• SiVance
• Specialty Silicone Products, Inc.
• Supreme Silicone
• The Dow Chemical Company
• Wacker Chemie AG
• Zhejiang Xinan Chemical Industrial Group Co. Ltd.

For more information about this report visit https://www.researchandmarkets.com/r/mhhnsx

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