CHICAGO, April 10, 2023 /PRNewswire/ -- The 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), and Region - Global Forecast to 2027", is approximated to be USD 18.5 billion in 2022, and it is projected to reach USD 27.0 billion by 2027, at a CAGR of 7.8%. Factors such as Superior properties of silicone which make it useful in various end-use industries and rapidly growing electronics industry are positively driving the growth of the silicone market. Furthermore, rising adoption of Structural Silicone Glazing (SSG) across the world in the commercial facade business drive the market growth.
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By type, Elastomers accounted for the largest share in 2021.
Elastomers segment is the largest and fastest-growing segment of the market globally, followed by silicone fluids. Silicone elastomers are widely used due to their unique properties. Their growth is driven by increasing use in the building & construction and transportation industries as well as by their increasing demand in the medical & healthcare end-use industries, particularly liquid silicone rubber, which is popular due to its ability to form high precision parts, flexibility, and easy processing.
By end-use industry, Industrial process accounted for the largest share in 2021.
The industrial process is the largest end-use industry for the silicone market. Silicones are extensively used for lubricants, antifoaming agents in offshore drilling, paper production, industrial coatings, and paint additives. The building & construction industry is the second-largest silicone end-use industry. Silicone materials are used in different forms in this industry, with products ranging from paste-like materials to flowable adhesives.
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By region, Asia Pacific accounted for the largest share in 2021.
The silicone market has been studied in Asia Pacific, North America, South America, Europe, and Middle East & Africa. Asia Pacific leads the overall silicone market in terms of both value and volume, followed by Europe. The rising disposable income of people, shifting of manufacturing facilities from the developed regions, such as North America and Europe, and rapidly growing industrial sectors are expected to drive the market in this region.
Market Players:
The key players profiled in the Silicone Market report are Wacker Chemie AG (Germany), Shin-Etsu Chemical Co., Ltd. (Japan), Elkem ASA (Norway), The Dow Chemical Company (US), Momentive Performance Materials, Inc. (US), Gelest, Inc. (US) and others.
Browse Adjacent Market: Coatings Adhesives Sealants and Elastomers Market Research Reports & Consulting
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Silicone Elastomers Market - Global Forecast to 2027
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