The global silicone market size is anticipated to reach USD 18.6 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 3.7% from 2020 to 2027. The growing demand for lightweight automotive materials to reduce the overall vehicular weight is expected to drive the market over the forecast period. The rising importance of liquid silicone rubber as Liquid Injection Molding System (LIMS) materials in wire harness for inducing an indispensable wiring system is also expected to drive the market. Furthermore, the growing demand for electroactive materials in the electrical industry will fuel market growth.
On the basis of end-use, the market is segmented into electronics, transportation, construction, healthcare, personal care, and consumer goods, energy, industrial processes, and others. The electronics segment is expected to the fastest-growing end-use segment with a revenue-based CAGR of 5.1% over the forecast period. The rising application of silicone in the form of fluids, greases, oil compounds, varnishes, and rubbers in a broad range of electronic applications, such as protecting insulators from salt air damage, moisture-proofing of boards, modification of semiconductor encapsulating materials, and protecting the ends of heating element wires in printed circuit boards (PCBs), semi-conductors, electronic control units (ECUs), LED devices, and various ICT equipment, is contributing to the significant growth of the market over the forecast period.
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Moreover, the positive outlook towards the energy sector, especially in the renewable energy sector such as wind energy and solar energy, has fueled the demand for silicone products in solar panel and wind turbine applications in the recent years. Countries such as the U.S., China, India, and Japan are significantly investing in clean energy to become self-sustained and low greenhouse emission countries. China’s investment in clean energy is the highest in the world. In 2019, China invested around USD 83.4 billion in clean energy research & development. The U.S. and Japan had the second - and third-highest clean energy investments that year. The positive outlook towards the renewable energy sector is expected to fuel the product demand in the coming years.
Silicone Market Report Highlights
• The North America silicone market was valued at USD 3.2 billion in 2019. In the U.S., the electrical and electronics sectors are estimated to witness rapid growth over the forecast period owing to the rising use of enhanced technologies, such as 4K Ultra HD and smart home technology
• The elastomers product segment accounted for the largest revenue share of 41.4% in 2019 and is estimated to maintain its lead over the forecast period owing to rising demand for lightweight automobile parts
• The fluids segment was the second-largest product segment in 2019 and is expected to expand at a healthy CAGR of 3.6% in terms of revenue over the forecast period owing to excellent thermos-oxidative resistance, shear stability, and low volatility and surface tension of fluids
• The construction end-use segment is expected to gain a significant share in the market over the forecast period owing to rising product usage for waterproofing and in airtight gaskets in the construction industry.
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Silicone Market Segmentation
Grand View Research has segmented the global silicone market on the basis of product, end-use, and region:
Silicone Product Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
• Fluids
o Straight Silicone Fluids
o Modified Silicone Fluids
• Gels
• Resins
• Elastomers
o High-Temperature Vulcanized (HTV)
o Liquid Silicone Rubber (LSR)
o Room Temperature Vulcanized (RTV)
• Others
o Adhesives
o Emulsions
Silicone End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
• Electronics
• Transportation
• Construction
• Healthcare
• Personal Care and Consumer goods
• Energy
• Industrial Processes
• Others
Silicone Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
• North America
o The U.S.
o Canada
o Mexico
• Europe
o Germany
o The U.K.
o France
o Russia
o Spain
• Asia Pacific
o China
o India
o Japan
o Australia
• Central & South America
o Brazil
• Middle East & Africa
o Saudi Arabia
List of Key Players of Silicone Market
• Shin-Etsu Chemical Co., Ltd.
• Wacker Chemie AG
• Evonik Industries AG
• Elkay Chemicals Pvt. Ltd.
• Supreme Silicones
• Dow Inc.
• KCC CORPORATION
• Elkem ASA
• Silchem Inc.
• Specialty Silicone Products, Inc.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.