The global silicone market is expected to grow at a CAGR of around 6.9% from 2020 to 2027 and expected to reach the market value of around US$ 32,141.7 Mn by 2027.
Silicon (Si) is the chemical element with the atomic number 14 soluble in hydrofluoric acid and alkalis, melts at 1417°C, and boils at 2600°C. It is made from the reaction of silicon dioxide (SiO2) and carbon materials such as coke, coal, and wood chips, whereas silicon dioxide or silica is extracted in the form of metallurgical grade gravel. It’s a hard, brittle crystalline solid with a blue-grey metallic luster. Additionally, silicon is majorly used as a semiconductor in solid-state devices, particularly in computer and microelectronics industries.
The properties of silicone such as low chemical reactivity, low toxicity, low thermal conductivity, thermal stability, adheres very well with glass, watertight seals, resistance to microbiological growth, ozone, oxygen, and ultraviolet (UV) light, electrical insulation properties, and high gas permeability is driving the market value. The escalating requirement of lightweight automotive materials coupled with the high demand for silicone in the electronics industry is further supporting the market value. Whereas, the development of antimicrobial silicone elastomers for the healthcare industry, growing demand in the transportation industry as well as high market potential in structural silicone glazing (SSG) are the factors anticipated to create potential opportunities over the forecast period from 2020 to 2027.
On the other hand, high production costs and stringent regulatory policies for silicone are projected to hamper the growth over the forecast period.
Construction segment accounted for the major share
By application, the construction segment has registered maximum market share in 2019. The segment is particularly gaining growth on account of increasing the construction sector where silicone is used with clays, silica sand, and stone. The expanding buildings and construction activities, infrastructure development across the globe is driving the market value. It helps in exterior coatings & paints to last long even being exposed to sun, salt, pollution, and age. Sealants of silicone are used in construction, connection, expansion, and movement joints to ensure the structural materials stay in place. Adhesives made from silicone and structural silicone glazing are used to protect and maintain the long-term quality and appearance of a building façade. Additionally, silicon also helps in the restoration of historical buildings, monuments and landmarks including the statues on Easter Island and Tower Bridge in London. Apart from these, silicon also reduces overall energy use in a building.
The market research study on “Silicone Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 – 2027”, offers a detailed insight into the global silicone market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report provides insights into the global Silicone market, its type, application, and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global silicone market size and volume, and segment markets by type, application, and geography along with the information on companies operating in the market. The Silicone market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America and Middle East and Africa. For each region, the market size and volume for different segments have been covered under the scope of the report.
Asia Pacific is dominating the global silicone market
In 2019, Asia Pacific registered maximum market share in the global silicone market the region is also projected to maintain its dominance over the estimated timeframe from 2020 to 2027. The increasing demand in the electronics sector of China, Japan, and South Korea is projected to accelerate growth. The rapidly growing automotive sector of China and India is additionally bolstering the market value. The ongoing commercialization and industrialization in major economies of the region are further supporting the regional market value.
The players profiled in the report include Wacker-Chemie GmbH, Specialty Silicone Products Incorporated, Silteq Limited, SILTEQ (GB Silicone Technology), Silchem, Inc., Shin-Etsu, RUSNANO, Quantum Silicones, Penta (ITW Performance Polymers & Fluids), Kemira Oyj, ICM Products, Inc., Hutchinson, Evonik Industries AG, Dow Corning Corporation, CSL Silicones Incorporated, CRI-SIL Silicone Technologies, LLC, Ashland Incorporated, and Allergan.
Market By Type
Market By Application
Market By Geography
Middle East & Africa
Silicon is majorly used as a semiconductor in solid-state devices, particularly in computer and microelectronics industries.
The properties of silicone and increasing demand in electronics, automotive and construction sectors worldwide are driving the global silicon market growth.
By Acumen Research and Consulting, the silicone market is expected to reach the market value of around US$ 32,141.7 Mn by 2027.
The silicone market is expected to grow at a CAGR of around 6.9% from 2020 to 2027.
The construction is the leading segment by application in the silicone market.
Asia Pacific held the highest market share in the Silicone market.
Wacker-Chemie GmbH, Specialty Silicone Products Incorporated, Silteq Limited, SILTEQ (GB Silicone Technology), Silchem, Inc., Shin-Etsu, RUSNANO, Quantum Silicones, Penta (ITW Performance Polymers & Fluids), Kemira Oyj, ICM Products, Inc., Hutchinson, Evonik Industries AG, Dow Corning Corporation, CSL Silicones Incorporated, CRI-SIL Silicone Technologies, LLC, Ashland Incorporated, and Allergan are the prominent players in the silicone market.