The global Silicone Market accounted for USD 19.17 Billion in 2020 and is expected to reach USD 25.83 Billion by 2028, growing at a CAGR of 3.7% from 2021 to 2028.
The global Silicone Market accounted for USD 19.17 Billion in 2020 and is expected to reach USD 25.83 Billion by 2028, growing at a CAGR of 3.7% from 2021 to 2028.
The silicone market is probably going to ascertain noteworthy development within the years to return. The market is majorly boosted by the rising demand for building & construction everywhere on the planet. The emerging and growing automotive & chemical sectors, particularly in the Asia Pacific area, are predicted to boom the need for the silicone market within the coming years. On the opposite hand, the unstable costs of raw materials (such as silicon metal and methyl chloride) required for the assembly of silicone are probably going to hinder the silicone market growth.
The altering dynamics of R&D and various activities for product enhancement undertaken by the main players are predicted to unlock growth avenues for the silicone market within the years to return. For instance, in March 2018, Wacker Chemie AG started a replacement facility for functional silicone fluids near Kolkata in Amtala in India. the power features a yearly capacity of quite 6,000 Metric Tons. The diversification by Wacker is the answer to increasing regional requirement demand for specialty silicones for utilization within the care, textile, agrochemical, and versatile & rigid polyfoam industries. The investment for the power stands around €6 Million, boosting the worldwide silicone market.
The COVID-19 pandemic had an extraordinary impact on several industries. The automotive market is adversely impacted due to the temporary closure of assembly plants across the world. Within the second quarter of 2020, automotive sales were down by almost 40% worldwide, especially in Europe, impacting the general Silicone demand. Moreover, trade restrictions across national and international boundaries and other trade limitations have affected the industry's global supply chain, leading to lower sales activity. The demand for building glass also witnessed a huge drop owing to the slowdown of the development industry. However, the world markets are slowly opening to their full potential, and theirs a surge in demand for Silicone.
The growing demand for silicone in various end-user industries including construction, personal care, industrial process, and consumer goods is expected to drive market growth. Properties like chemical stability, versatility, and high resistance to temperature are expected to drive the demand for silicone in the aforementioned end-user industries. The increasing applications within the field of transportation are creating immense demand for Silicone. Additionally, the emergence of energy-conservation initiatives, such as eco-friendly structures and green buildings, globally is anticipated to offer promising growth prospects to the market.
Based on product, the global silicone included in this study is resins, elastomers, gels, fluids and others. The key applications, the global silicone market are bifurcated into textile, building & construction, paper, chemical industry, plastics, automotive & transportation, electrical & electronics, medical & personal care and other applications.
Asia Pacific area ruled the silicone market with the biggest share of silicone usage all over the world in 2019. China was the biggest market amongst Asian nations, owing to a huge number of users. Asia Pacific was chased by North America and Europe in the same time frame. In addition to this, the U.S. and Europe are expected to see moderate development for silicone market in the years to come due to the huge share in development of silicone. The Middle East & Africa and Latin America will display decent development in the coming years in the silicone market.
Some of the key manufacturers included in the study are Bluestar Silicones, BASF SE, Emerald Performance Materials LLC, Momentive Performance Materials Inc., Zhejiang Xinan Chemical Industry Group Co. Ltd, Shin-Etsu Chemical Company, Specialty Silicone Products Inc, Nusil Technology, Wacker Chemie AG, The DOW Corning Corporation, Rogers Corporation, Kaneka Corporation and Jiangsu Hongda New Material Co. Ltd.
FrequentlyAsked Questions
The global Silicone Market was valued at USD 19.17 Billion in 2020.
The global Silicone Market is expected to reach USD 25.83 Billion by 2028, growing at a CAGR of 3.7% between 2021 to 2028.
Lucrative product demand across myriad end-user industries such as automotive, military, aerospace, construction, and manufacturing are anticipated to boost the Silicone market over the next few years.
North America in 2020 ruled the Silicone Market and was believed to be the highest income-generating area all over the globe.
Some of the key manufacturers included in the study are Bluestar Silicones, BASF SE, Emerald Performance Materials LLC, Momentive Performance Materials Inc., Zhejiang Xinan Chemical Industry Group Co. Ltd, Shin-Etsu Chemical Company, Specialty Silicone Products Inc, Nusil Technology, Wacker Chemie AG, The DOW Corning Corporation, Rogers Corporation, Kaneka Corporation and Jiangsu Hongda New Material Co. Ltd.
RelatedNews
HappyClients
Zion Market Research
Tel: +1 (302) 444-0166
USA/Canada Toll Free No.+1 (855) 465-4651
3rd Floor,
Mrunal Paradise, Opp Maharaja Hotel,
Pimple Gurav, Pune 411061,
Maharashtra, India
Phone No +91 7768 006 007, +91 7768 006 008
US OFFICE NO +1 (302) 444-0166
US/CAN TOLL FREE +1 (855) 465-4651
Email: sales@zionmarketresearch.com
We have secured system to process your transaction.
Our support available to help you 24 hours a day, five days a week.
Monday - Friday: 9AM - 6PM
Saturday - Sunday: Closed