The global silicone market size is expected to reach USD 18.73 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 4.6% during the forecast period. Increasing use of the product for several applications such as flame resistant, airtight gasket, and water proofing in the construction sector is one of the prominent factors stimulating market growth.
The electrical & electronics segment is expected to show significant growth over the forecast period. The product finds its application as sealants, adhesives, and in coatings of cables and wires. In addition, enhanced durability along with ability to improve performance of the device under extreme conditions including zero-gravity and low pressure areas is anticipated to further augment the overall market.
Ample availability of raw materials including polymers and metals coupled with technological expertise has resulted in emergence of developing economies as sights of high growth rates. Other factors including low labor cost and high internal demand are resulting in lowering of cost of the product. High consumer acceptance towards new conceptual electronic products including miniaturization and lightweight is resulting in heightened demand for silicone over the forecast period.
Technological advancements are resulting in development of products that contain a blend of silicone with thermoplastics to enhance protection against scratches. Not only these innovative products lead to lowering friction, which results in smoother transmission of fluids, but also it leads to improved performance of the vehicles.
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Further key findings from the report suggest:
The elastomers segment is anticipated to reach 1484.3 kilo tons by 2024, at a CAGR of 4.5% from 2016 to 2024
In terms of revenue, the gels segment is projected to rise at a CAGR of 4.6% over the forecast period
The construction application dominated the global silicone market with a share of over 34.0% in 2015
The U.S. silicone market is anticipated to exceed 600 kilo tons by 2024
North America is projected to witness a CAGR of 4.1% over the forecast period, owing to significant demand for elastomers in the U.S. and Canada
Asian countries, especially China and Japan, are expected to observe a remarkable CAGR over the coming years
The market is fragmented and competitive in nature, with presence of global multinational players
Some of the key companies present in the market are Hutchinson; Kemira Oyj; Evonik Industries AG; CSL Silicones Incorporated; Cow Corning Corp.; RUSNANO; Shin-Etsu; Silchem, Inc.; Silteq Ltd.; Wacker Chemie GmbH; and Quantum Silicones
Grand View Research has segmented the global silicone market report on the basis of product, application, and region:
Silicone Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
Silicone Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
Electrical & electronics
Personal care & pharmaceuticals
Silicone Regional Outlook (Volume, Kilo tons; Revenue, USD Million, 2013 - 2024)
Middle East & Africa
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