Silicone Market size is set to exceed USD 32 billion by 2030, according to a new research report by Global Market Insights Inc.
The expanding use of specialty-grade silicones in various automobile parts and electronics will propel business expansion. The rising population, increasing disposable income levels, technology trends, and supportive investments are set to drive global automotive. Silicone is used as rubber seals, gaskets for cylinder heads, power transmission covers, lubricants, coolant containers, headlamps, sliding window seals, sunroofs, silencer & catalytic converter joint seals. The product is also used as protective rubber sleeves, ignition coils, spark plugs, wiring & ventilation vents in cars, etc.
The changing global healthcare scenario post-COVID-19 pandemic had a major impact on the demand for antimicrobial sealing & acoustically sealed rooms in hospitals and some commercial spaces. With increasing disposable incomes and awareness about personal hygiene & a healthy lifestyle, drastic change in living standards and lifestyle was observed in the past few years. This will boost the growth of silicone sealants and additives in the construction of commercial & residential spaces.
The rapidly increasing demand & supply gap and stringent government rules associated with food-grade and medical-grade silicones will spur the business landscape. Governments of developed countries, such as the U.S., Canada, and the UK, limit the use of silicone monomers D4, D5, and D6 in personal care & medical products.
Browse key industry insights spread across 261 pages with 314 market data tables & 36 figures & charts from the report, “Silicone Market Size, By Product (Fluids, Resins, Elastomers), By Application (Transportation, Construction, Electronics, Industrial Process, Healthcare & Consumer Goods, Personal Care), Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2022 - 2030”, in detail along with the table of contents:
Resin growth can be attributed to its high electric & thermal resistivity
Silicone market from resins segment will grow at a CAGR of over 6% during the forecast period. Silicone resins are used in varnishes, coatings, plastics, and adhesives. Silicone coatings are used as thermal-resistant, climate-resistant, rust-proof coatings, metal-protective paints, water-repellant, and humidity-free coatings in diverse end-use applications. Silicone plastics are widely used in the electronics, electrical, and defense industries as coating & packaging material for semiconductors and insulating materials in electronic & electrical parts. Another significant benefit of silicon resins is extreme heat stability. Resins can withstand a constant high temperature of up to 250°C.
Usage of silicone sealants in the construction segment accounts for considerable market share
Silicone market from construction segment is expected to cross USD 6 billion by 2030. Silicone-based sealants are used in construction and renovation work in both the residential & commercial sectors for indoor & outdoor use, irrespective of the environmental conditions. The effective use of antibacterial silicone sealants has increased in kitchens and bathrooms to seal the borders of sinks, sinks, showers, and bathtubs. It is also used to caulk windows, doors & other gaps as silicone adheres to concrete, glass, granite, marble, aluminum, steel, and plastics easily. This helps to save energy by restricting heat loss through various gaps. Moreover, the use of silicone additives can reduce the uptake of water by up to 75%.
Rising electronics industry in Asia Pacific to propel the silicone market progression
Asia Pacific market is projected to surpass USD 14.5 billion by 2030, growing at a CAGR of 6.5% from 2022 to 2030. The rising usage of high-purity silicone in the electronics sector along with the proliferating electronics sector in Asia is expected to offer new business opportunities. The trading & production war between China and the U.S. has resulted in more opportunities for small & big electronic device manufacturers in Southeast Asia. As governments in the region are now providing more facilities to the manufacturers, many global electronics giants are investing in these countries. The growing electronics sector has resulted in huge demand for silicone plastics & elastomers for coating and packaging purposes.
Key players in the silicone market include Evonik Industries AG, The Dow Chemical Company, Elkem ASA, Shin-Etsu Chemical Co., Ltd., Momentive, KCC Corporation, Wacker Chemie AG, and others. Mergers & acquisitions, product launches, joint ventures, expansion of distribution networks, and establishment of new R&D & production facilities are key strategies applied by key manufacturers to enhance their market positions.
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