As per the report published by Fior Markets, the global silicones market is expected to grow from USD 13.34 Billion in 2018 to USD 19.56 Billion by 2026, at a CAGR of 4.90% during the forecast period 2019-2026. Asia Pacific region emerged as the leader in the global demand for silicones with a market share of 42.78% in 2018 due to the huge demand from rapidly growing construction, automobile and electrical & electronics sectors as well as the trend towards the low manufacturing costs and increasing usage of electro-active polymers. On the other hand, the North America region also accounted for a significant share of the market in 2018.
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“Silicones Market by Product (Fluids, Gels, Resins, Elastomers, Others), Application, Regions”,Global Industry Analysisand Global Forecast 2019-2026
Major players in the global Silicones market are Shin-Etsu; Silchem, Inc., ICM Products Inc., Silteq Ltd., WackerChemie GmbH, Specialty Silicone Products, Inc., Evonik Industries AG, Hutchinson; KemiraOyj, Allergan, Ashland Incorporated, CSL Silicones Incorporated, Cow Corning Corp., CRI-SIL Silicone Technologies, LLC, RUSNANO, Quantum Silicones, Dow Corning Corporation, Momentive Performance Materials Inc., Trelleborg AB, and Bluestar Silicones International Co., Ltd., among others. In order to satisfy the ever increasing demand for silicone based seals and other allied products, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership. For instance in 2019, Trelleborg Sealing Profiles U.S. Inc. announced the inauguration of its new 156,250-sq.-ft. manufacturing facility in Aurora, U.S. This new facility houses 10 rubber and silicone extrusion lines, seven thermoplastic and plastic extrusion lines, a fully climate controlled finishing room, a cold storage room, a cooling room and quality lab.
The global siliconesmarket has been segmented on the basis of product and application.Product segment is divided into fluids, gels, resins, elastomers, and others. Due to their superior chemical resistance, water repellency, and easy coloring properties, the silicone elastomers are extensively utilized in various end user industries. Thus, the silicone elastomers segment led the global silicone market with a market share of 43.29% in 2018. The high cost of producing the silicone elastomers may hamper the segment growth and due to this thedemand for the fluids are increasing. The fluids segment is anticipated to grow as the second-largest segment due to its shear stability and low volatility and excellent resistance properties. Fluids are widely used in producing release agent, hydraulic oils, damping fluids, and transformer oils. The application segment includes electrical& electronics, transportation, construction, textiles, pharmaceuticals, and others. Due to their stability over a wide temperature range and excellent tear resistance, the silicone based grease and lubricants are finding wide ranging application. As a result, the transportation segment is expected to grow at the highest CAGR of 6.97% over the forecast period.However, the construction segment is anticipated to dominate the global silicones market by accounting highest market size during the forecast years. This dominance of the construction segment is due to increasing demand in construction owing to the high strength and moisture resistance properties provided by the silicone as well as rapid industrialization.
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Silicones are polymers that can be manufactured in many forms including solids, liquids, semi-viscous pastes, greases, oils and rubber. Silicones retain extensive range of physical and chemical properties. It is widely used in sealants, adhesives, lubricants, medicine, cooking utensils, and thermal and electrical insulation. In addition, silicones assist the manufacturers to integrate their businesses in a cost-effective way. The factors such as rapid growth of electronics industry, growing demand for strong and lightweight materials from the automobile industry as well as superior chemical and physical properties of silicones are driving the global silicones market. But, the volatility in the raw material prices coupled with environmental regulations on the silicones manufacturing process islikely to dampen the global silicones market growth. The increasing use in the construction industry as an energy-efficient and green material, growing demand for the housing and commercial structure, and potential use in the aerospace sector is evolving new opening for the expansion of the global silicones market. Furthermore the growing trend of the online consumers has increased the supply of the finished good.
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