Silicone Market worth $23.4 billion by 2026

 

The global silicone market size is estimated to grow from USD 14.0 billion in 2020 to USD 23.3 billion by 2025, at a CAGR of 10.7% during the forecast period. The market is projected to witness decent growth in the near future, owing to the rising demand from various end-use industries. The increasing demand for personal care and cosmetic products, particularly in APAC, is expected to boost the demand for silicone in the personal care industry.

The Dow Chemical Company (US), Wacker Chemie AG (Germany), Shin-Etsu Chemical Co. Ltd., (Japan), Elkem ASA (Norway), Momentive (US), KCC Corporation (South Korea), Evonik Industries AG (Germany), Gelest Inc. (US), and Innospec Inc. (US), are the leading silicone manufacturers, globally. These companies adopted expansion, new product development, joint venture, and merger & acquisition as their key growth strategies between 2015 and 2020 to earn a competitive advantage in the silicone market.

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The Dow Chemical Company (US) is one of the leading players in the silicone market. The company has been focusing on organic strategies such as expansion and new product development to maintain its leading position in the market. For example, In September 2018, the Dow Chemical Company announced investment plans to meet the demand for silicone and drive innovation. The low capital intensity, high return-on-investment in its upstream and downstream silicone franchise will accelerate innovation and support the global customer demand. This will further boost high growth in markets, such as high-performance buildings, home, and personal care, electrical and industrial, consumer goods and components assembly.

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By end-use industry, the industrial process segment is estimated to lead the silicone market in2020, in terms of value & volume.

The industrial process is the largest end-use industry for silicone in 2020 in terms of value and volume. Silicones are extensively used in numerous industrial processes. In industrial processes, they are widely used in a plethora of applications such as lubricants, anti-foaming agents in offshore drilling and paper production, industrial coatings, and paint additives. Silicones have become highly popular due to their high-performance characteristics and are replacing other conventional materials in several industrial applications.

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Among the different types of silicone, the elastomers segment is the fastest-growing type during the forecast period in the global silicone market. The market growth in this segment is attributed to its increasing use in various products, including voltage line insulators, cooking, baking, and food storage products; undergarments, sportswear, and footwear; electronics; medical devices, and implants; and in household gaskets and O-rings. Some silicone elastomers are also used in the manufacturing of sealants. Their physiological inertness makes them suitable for subsequent use in the healthcare industry, especially for blood transfusions and in artificial heart valves and various prosthetic devices. These factors are expected to drive the market during the forecast period.

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