The silicone market has reached USD 10.3 billion in 2022 and is expected to reach USD 15.1 billion by the year 2032 with a CAGR of 4.40% by 2032
The global silicone market has been segmented by type, application, end-use industry and region.
Based on types, the market has been divided into silicone elastomers, silicone gels, silicone fluids, silicone resins, and others. Silicone elastomers are sub-divided into high temperature vulcanized (HTV), liquid silicone rubber (LSR), and room temperature vulcanized (RTV). The silicone fluids segment is further divided into straight silicone and modified silicone. The elastomers segment is expected to account for over one-third of the global silicones market revenue, whereas, the silicone fluids segment is expected to grow at a highest CAGR during the forecast period. The demand for elastomers can be mainly attributed towards rise in investments in construction and increasing automobile production.
Based on applications, the market has been divided into adhesives, sealants, coatings, engineered products, cosmetics, lubricants and others. Engineered products accounted the largest market share in the global silicone market, which is followed by adhesives. Demand for silicone-based construction chemicals and materials is driving the demand in the latter applications.
Based on end-use industry, the construction industry accounted for the largest value share in 2017, the segment is expected to maintain its dominance throughout the forecast period. The increasing use of silicone rubber compounds for waterproofing, flame resistance, and airtight gaskets in the building and construction industry is expected to have a positive impact on market growth during the forecast period. Moreover, silicone-based sealants, on account of their oil and weather resistance are used for window sashes and metals, concrete joints in public work projects, and plumbing penetration seals. Hence, the construction boom in the US, Asia-Pacific, Middle East & Africa is expected to offer plethora of opportunities during the forecast period.
Based on region, the global silicone market has been segregated into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
The market in Asia-Pacific accounted for the largest value share of the global silicone market on account of increased spending on the growing infrastructural development coupled with presence of prominent manufacturers in the region.
North America is another prominent market in the global silicone market on account of increasing use of silicone products in automotive and construction activities.
The market in Europe is expected to witness moderate growth owing to the demand from automotive industry.
The market in Latin America and the Middle East and Africa are likely to grow at a healthy CAGR on account of increased spending on residential and commercial construction.
Some of the key players in the global silicone are DowDupont (US), BASF SE (Germany), Wacker Chemie AG (Germany), Shin-Etsu Chemical Co., Ltd. (Japan), Elkem ASA (Norway), Evonik (Germany), Momentive Performance Materials Inc. (US), KCC CORPORATION (South Korea), Zhejiang Xin'an Chemical Group Co., Ltd. (China), MESGO S.p.A. (Italy), and GELEST, INC. (US)
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