Silicones Market Size to grow by USD 8.76 billion between 2024-2028
According to a research report “ Silicones Market” by Product (Elastomers, Fluids, Resins, Gels and others) End-user (Industrial process, Construction, Personal care and consumer products, Transportation, Others) Geography (APAC, North America, Europe, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 8.76 billion, at a CAGR of 7.32% during the forecast period. The global construction industry is experiencing robust growth due to the escalating demand for office spaces, commercial complexes, and residential buildings, driven by urbanization and infrastructure development in both developed and developing economies. This surge in construction activity necessitates an increased need for various construction materials, including silicone-based products. In the construction sector, silicones are indispensable for creating durable, waterproof, and flexible joints in a multitude of applications, from domestic renovations to the construction of skyscrapers and bridge projects. The burgeoning population growth is further fueling the demand for housing and related infrastructure, thereby boosting the market for silicones in the construction industry..
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By Product, the Elastomers segment is projected to dominate the market size in 2024
Silicone elastomers are high-performance polymers manufactured through the compounding process of straight-chained, reactive, and linear polymer molecules with crosslinkers, reinforcing agents, and catalysts. Subsequently, these elastomers undergo vulcanization to optimize their mechanical properties. Cross-linking and vulcanization endow elastomers with desirable attributes, including superior absorption, elasticity, and tear strength. Two primary categories of silicone elastomers exist: room-temperature vulcanized (RTV) liquid silicone rubber and high-temperature vulcanized or heat-cured rubber. The type of elastomer is contingent upon the specific type and viscosity of straight-chain molecules and processing temperature. Silicone elastomers exhibit a range of valuable properties, such as weatherability, thermal conductivity, heat and cold resistance, flame retardancy, electrical conductivity, gas permeability, vibration absorption, radiation resistance, tensile and tear strength, and ozone and UV resistance. These attributes make silicone elastomers an indispensable choice for various industries, including automotive, healthcare, electronics, and construction.
By End-user, Industrial process segment is expected to hold the largest market size for the year 2024
In the industrial sector, silicones serve a pivotal role as intermediates and additives, contributing significantly to various manufacturing processes. Notably, they are employed extensively as an anti-foaming agent in industries like pulp and paper, and oil and gas. Furthermore, their utility extends to acting as a releasing agent in coatings and plastics mold casting, as well as an additive in polymers. The robust demand for silicones is attributed to their exceptional properties, including resistance to high pressure, temperature, and chemical reactions, making them indispensable for demanding industrial applications. The burgeoning demand for silicones in the production of hydraulic fluids, plastics, and additives for polymers is projected to fuel the growth of the global silicones market.
APAC is forecasted to hold the largest market size by region in 2024
The Silicones market in the Asia Pacific (APAC) region is experiencing significant growth, driven by increasing demand from key end-user industries such as industrial processing, construction, automotive, and personal care. The region's expanding manufacturing sector, particularly in countries like India and China, is fueling the demand for silicone-based industrial lubricants, coatings, and sealants, among other products. China, Japan, India, Australia, South Korea, and Indonesia dominate the APAC Silicones market. Over the forecast period, the APAC region is projected to register the fastest growth rate among all other regions due to the burgeoning economies' increasing demand for silicones.
The Silicones Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The global silicones market is experiencing significant growth due to increasing urbanization and a rising population. This market includes various types of silicone products such as elastomers, gels, fluids, and resins. The industry is driven by subsidies and incentives from governments to promote the use of silicones in various sectors. Silicones find extensive applications in industries like construction, automotive, and electronics. In construction, they are used as insulators in buildings and infrastructure, replacing traditional materials like steel, aluminum, concrete, glass, and marble due to their superior insulation properties. In the automotive industry, silicones are used in the production of elastomers for tires and gaskets, fluids for brakes and transmission systems, and resins for engine parts. The rising demand for electric vehicles (EVs) and LED devices is driving the growth of the silicones market in the electronics industry. Silicones are used as raw materials in the production of insulators, semiconductors, and electronic chips. The prices of raw materials like oil, which are used in the production of polymers, have been increasing, leading to a rise in the cost of silicones. However, the highly stable nature of silicones makes them a preferred choice over other materials in various applications.
Market Research Overview
The Silicones Market has witnessed significant growth in recent years, driven by the increasing demand for high-performance materials in various industries. One of the pioneers in this field was Sam Eyde, who discovered the process for producing silicon from quartz in 1932. Today, silicones are used in a wide range of applications, from photomask substrates and elastomers to gels, fluids, resins, blushes, shampoos, and even self-driving cars. Key raw materials in the production of silicones include carbon and microsilica. The industry has benefited from tax breaks, subsidies, and incentives, which have boosted its growth. The elastomer segment, which includes antifoaming agents, moisture-proofing boards, impregnation products, and potting and encapsulation materials, dominates the market. Silicones are used in various industries such as plastics and composites, sporting goods, household goods, cookware, sheets, coating, grease, rubber, paint additives, offshore drilling, lubricants, heating element wires, semiconductor encapsulating materials, and more. With increasing urbanization and rising population, the demand for moisture-proofing, salt air damage protection, insulators, and other silicone-based products is on the rise. Major players in the silicones market include Wacker Chemie AG, which offers a wide range of silicone products for various industries. Other applications include insulators for electric vehicles (EVs), LED devices, semiconductors, and electronic chips. The market is expected to grow further due to the increasing demand for raw materials such as polymers, steel, aluminum, concrete, glass, and marble, which are used in the production of silicones. Despite the rising raw material prices, the market is expected to remain highly stable due to its diverse applications and growing demand.
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