Silicone Market Size, Share and Industry Analysis Report, Regional Analysis, Application Development, Competitive Landscape & Forecast, 2021 – 2027
Report ID: GMI297
The global silicone market share is set to witness significant growth over 2021-2027, given the proliferating product demand across myriad end-use industries, spanning personal care, transportation and construction, among others. Silicones refer to a family of high-performance, specialty materials including fluids, silanes and polymers, which are used extensively in various industrial and consumer applications. These materials demonstrate several key benefits that make them suitable for functions in major sectors such as electronics, aerospace, construction and healthcare.
Rising demand for the product from the construction industry worldwide is a key trend propelling silicone market growth over the forecast period. Silicone materials are used widely in building and construction applications, such as sealing highway and building expansion joints, weatherproofing of joins in nonporous and porous substrates, electrical conduits as well as electrical wiring in ceilings and walls.
Silicones also demonstrate strong adhesive potential in certain applications. For instance, in structural glazing applications, cured silicone sealants are incorporated as part of load-bearing design, or for insulation of glass secondary seals. A prominent example of the key role of silicones as structural glazing materials is their integral role in the ambitious terminal construction project for Kuwait Airport. The multi-million-dollar project involved the use of prominent sealants from GE Silicones, including Weatherseal, Insulating Glass Sealants and Structural Glazing Sealants, for the construction of a groundbreaking, environmentally sustainable and modern airport terminal design.
With regards to type, silicone elastomers are set to emerge as a major segment of the silicone market by 2027. These materials are gaining rapid prominence due to their scalability, long-term stability as well as biocompatibility, among other advantageous properties. These properties make silicone elastomers well suited to various applications, ranging from insulation and protection of electronic equipment, high temperature-resistance during sterilization processes in medical applications as well as in kitchenware, modeling & reproduction and molds.
From a regional standpoint, the APAC silicone industry is set to register a commendable growth rate through 2027. This growth is attributed mainly to the increasing demand for silicone from key end-use industries, as well as the burgeoning presence of prominent silicone manufacturers aiming towards expanding their footprint in the region. Elkem Silicones, for instance, initiated the construction of a new workshop in March 2021, for the production of low viscosity silicone fluids, as part of the company’s efforts to expand their footprint in the textile, leather and personal care markets across the Asia Pacific region.
Wacker Chemie AG, Jiangsu Hongda New Material Co. Ltd., Evonik Industries (RAG-Stiftung), ICM Products, Arkema, 3M Company, BASF, Ashland Global Holdings Inc., and Dow Silicones Corporation (formerly Dow Corning) are among the major entities bolstering the global silicone industry outlook. These businesses are focused on several strategic initiatives such as mergers & acquisitions and expansions to strengthen their presence in the global business landscape.
To illustrate, in August 2020, Wacker Chemical Corporation, the U.S. subsidiary of Wacker Chemie AG, extended its distribution partnership with H.M. Royal, to include its exclusive HCR (high consistency rubber) and LSR (liquid silicone rubber) product line, SILPURAN®. Through the extension, H.M. Royal, which has been a WACKER distributor since 2016, will commercialize several silicone products in the SILPURAN® portfolio designed for medical applications, such as medical adhesives, wound dressings, urinary catheters and respiratory masks, among others.
Likewise, in May 2021, Biesterfeld Spezialchemie announced the extension of its 50-year long strategic partnership with Dow, for the distribution of the SILASTIC™ mouldable optical silicone product range designed for the retail, consumer lighting and industrial sectors. The extended partnership will help broaden the distribution area to Northern & Eastern Europe, in addition to the DACH region.
Fluctuating Demand During the COVID-19 Pandemic Period May Affect Silicone Market Trends
The COVID-19 pandemic has caused massive upheavals throughout nearly every industrial sector, and the silicone industry is no exception. Nationwide lockdowns, social distancing directives and disruptions across global supply chains caused many manufacturing facilities and factories to shut down operations, triggering a decline in major commercial activities, and consequently, the demand for silicones.
However, gradual resumption of industrial activities across the globe in later part of 2021 will contribute to a steady surge in silicone demand, with industry participants making targeted recovery efforts to regain their footing in the global business landscape. For instance, in July 2020, Evonik commenced operations at its novel multi-purpose silicones production facility based in Geesthacht, Germany, despite challenges posed by the COVID-19 crisis. Even with added complexities, the company’s engineers were able to execute small batch runs and commence production activities, indicating positive growth prospects for the silicone industry over the foreseeable future.
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