New York, United States, Oct. 12, 2022 (GLOBE NEWSWIRE) -- The Global Silicone Market Size is expected to grow from USD 16.3 billion in 2021 to USD 30.9 billion by 2030, at a CAGR of 7.4% during the forecast period 2021-2030. as per the latest research report by Spherical Insights & Consulting. The Asia Pacific is expected to grow the fastest during the forecast period.
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The Silicone market has been growing owing to the rise in demand for silicone by different end-user industries such as medical, construction, industrial, and consumer goods. Based on their grades, silicones are divided into three groups: medical grade, food grade, and industrial grade. The production process, the catalysts, additives used to enhance particular attributes, and several regulatory requirements regarding the use of the raw materials and finished product all have a considerable impact on the prices for various grades. Due to the rising demand for specialized products across all end-use sectors and the expanding involvement of governmental regulatory bodies across the value chain, including raw materials, manufacturing processes, and distribution of various grades of silicone products to their end-use applications, variations in silicone prices are anticipated in various end-use industries over the forecast period. Silicones are categorized into three classes based on their grades: medical grade, food grade, and industrial grade. In the production method, the catalysts significantly influence the pricing for different grades and additives used to enhance specific qualities and several regulatory requirements about using the raw materials and completed product. Variations in silicone prices are anticipated over the forecast period in a variety of end-use industries due to the rising demand for specialized products across all end-use sectors and the expanding involvement of governmental regulatory bodies across the value chain, including raw materials, manufacturing processes, and distribution of different grades of silicone products to their end-use applications. Silicones are widely used in the textile industry, including when making yarn and on the finished product. Silicones provide lubrication, control over foam, and softening for yarn or fabric. Additionally, they are used as hydrophobic coatings on finished goods. Conductive silicone rubber is being utilized more frequently in anti-slip processing for textile production due to its superior electrical and chemical resistance properties, which is likely to positively affect segment growth over the forecasted period.
Browse key industry insights spread across 198 pages with 114 market data tables and figures & charts from the report “Global Silicone Market Size, Share, and COVID-19 Impact Analysis, By Type (Elastomers, Resins, Gels, and Fluids), By End-User (Industrial Process, Medical & Healthcare, Personal Care & Consumer Products, Building & Construction, Transportation, Electronics, and Energy), and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2021 – 2030” in detail along with the table of contents
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This research report categorizes the market for Silicone based on various segments and regions and forecasts revenue growth and analyzes trends in each of the submarkets. The report analyses the key growth drivers, opportunities, and challenges influencing the Silicone market. Recent market developments and competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the Silicone market.
Based on the Type, the Silicone market is categorized into elastomers, resins, gels, and fluids. In 2021, the elastomer segment dominated the market with the largest market share of 36% and market revenue of 5.86 billion. As silicone elastomers are utilized more frequently in various industrial applications, the market is anticipated to grow. Throughout the anticipated time, it is anticipated that the silicone elastomer market would gain strength. Among the countless objects created with silicone elastomers are undergarments, athletics, food storage containers, footwear, medical devices, and implants. To create sealants, silicone elastomers are also used. The need for silicone elastomers in the healthcare industry has increased significantly during the past several years. This is mostly due to their physiological inertness, which among other things, makes them suitable for use in blood transfusions, prosthetic devices, and mechanical heart valves.
Among all regions, Asia Pacific emerged as the largest market for the global Silicone market, with a market share of around 43% and 7.0 billion of the market revenue in 2021. As more small and medium-sized businesses invest in R&D to provide medical healthcare facilities for the healthcare industry, the market for silicon in the Asia Pacific area has been growing. Due to factors like greater raw material availability, cheap labor, and more market penetration opportunities in end-use industries like transportation, construction, industrial process, personal care, and consumer products, electronics, healthcare, and energy, market players are expected to relocate their production facilities from Europe and North America to Asia throughout the forecast period.
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The Europe market is expected to grow at the fastest CAGR between 2021 and 2030. Expanding the construction sector in countries like the United Kingdom, Germany, Spain, France, and Russia is likely to increase product demand over the projected period. It is projected that increasing funding from the EU and supportive policies (such as tax breaks, incentives, and subsidies) adopted by several nations will help the building industry in the region expand. Furthermore, it is anticipated that during the anticipated year, market growth will be fueled by the rising use of silicone in the healthcare sector for aesthetic implants and in the field of renewable energy for solar and wind turbine applications.
Key Companies & Recent Developments
The report also provides an elaborative analysis focusing on the companies' current news and developments, including product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Wacker Chemie AG, Evonik Industries AG, Gelest Inc., Elkay Chemicals Pvt. Ltd., Shin-Etsu Chemical Co., Ltd., Elkem ASA, Supreme Silicones, Dow Inc.,KCC Corporation, Silchem Inc., Specialty Silicone Products, Inc., Momentive Performance Materials and Others.
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