The global silicone market size is expected to reach USD 19.34 billion by 2025 registering a CAGR of 4.5%, according to a new report by Grand View Research, Inc. Rising demand for lightweight automotive materials to reduce the overall vehicular weight is estimated drive the market over the forecast period. Rising importance of liquid silicone rubber as Liquid Injection Molding System (LIMS) materials in wire harness for inducing indispensable wiring system is also estimated to drive the market. Furthermore, growing demand for electroactive materials in the electrical industry will fuel the market growth.
In addition, growing usage of lightweight automobile parts owing to enhanced fuel efficiency and lower emissions is projected to drive the demand for silicone elastomers. U.S. and Japan led the global lightweight automotive materials market owing to technological advancements and presence of major vehicle manufacturing companies operating in these countries. Increasing awareness about Greenhouse Gas (GHG) emissions in chemical industry is estimated to increase R&D spending for the introduction of eco-friendly products, thereby augmenting market growth. Rapidly expanding electronics industries in China, Japan, and South Korea are also expected to boost silicone market development.
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Further key findings from the study suggest:
Elastomers sector accounted for the largest silicone market share of 42.6% in 2018 and is estimated to maintain its dominance over the forecast period owing to rising demand for lightweight automobile parts
Fluids is the second-largest segment and is to projected to expand at a healthy CAGR over the forecast period owing to excellent thermos-oxidative resistance, shear stability, and low volatility and surface tension of fluids
Construction is expected to be the largest application segment over the forecast period owing to rising product usage for water proofing and in airtight gaskets in the construction industry
In U.S., electrical and electronic sector is estimated to witness a rapid growth over the forecast period owing to rising use of enhanced technologies, such as 4K Ultra HD and smart home technology
Several silicone manufactures have been counterfeiting strategic tie-ups with distribution companies including Brenntnag, RD Abott, and Lindberg for better product distribution
Grand View Research has segmented the global silicone market on the basis of product, application, and region:
Silicone Product Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
High Temperature Vulcanized (HTV)
Liquid Silicone Rubber (LSR)
Room Temperature Vulcanized (RTV)
Silicone Application Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
Electrical & Electronics
Personal Care & Pharmaceuticals
Silicone Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
Central & South America
Middle East & Africa
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