CHICAGO, May 9, 2024 /PRNewswire/ -- The report
"Silicone Market by Type (Elastomers, Resins,
Fluids, Gels), End-Use Industry (Industrial Process, Building &
Construction, Personal Care & Consumer Products,
Transportation, Electronics, Medical & Healthcare, Energy),
& Region - Global Forecast to 2029", size is projected to
grow from USD 21.5 billion in 2024 to
USD 31.5 billion by 2029, at a CAGR
of 8.0% during the forecast period.
The growing demands of industrial processes drive the need for
advanced materials like silicones, which can meet diverse industry
requirements. As industries process industries evolve and innovate,
silicones are set to become more essential, supporting efficiency,
sustainability, and safety across a range of sectors. Silicones are
crucial in driving growth in the construction industry, where they
serve as fundamental elements in sealants, adhesives, and coatings.
Their capacity to endure harsh environmental conditions while
delivering exceptional bonding and sealing capabilities has
cemented their indispensability in contemporary construction
methods. The increasing demand for personal care and cosmetic
products, particularly in Asia
Pacific, is expected to fuel silicone demand in the personal
care industry. North America and
Europe have been key contributors
to silicone demand, but the Asia
Pacific region, notably China, has emerged as a major player. Rapid
industrialization, urbanization, and growing manufacturing
activities in the Asia Pacific
have driven significant demand for silicones across various
sectors.
Browse in-depth TOC on "Silicone Market"
237 – Tables
45 – Figures
274 –
Pages
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Elastomers are estimated to dominate the market.
Elastomers are reported as having the largest market share in
the silicone market. Their versatility makes them crucial for
numerous applications, leading to their increasing dominance in the
silicone market. The automotive industry's transition to electric
and hybrid vehicles, which require high-performance materials
capable of withstanding temperature fluctuations and mechanical
stress, further bolsters the significance of elastomers in the
market. The healthcare and construction industry is another key
factor contributing to elastomers' dominance in the silicone
market.
The industrial process segment is expected to dominate the
silicone market.
The industrial process end-use industry reported the most
substantial demand for silicone market in 2023, in terms of value
and volume. The industrial process end-use industry includes a wide
range of sectors, such as manufacturing, chemical processing, oil
and gas, power generation, food processing, and others, all of
which need high-performance materials to ensure both efficiency and
safety in their operations. Silicone, with its unique properties,
plays a crucial role in these industries by offering durability,
flexibility, and resistance to extreme conditions.
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Asia Pacific is the largest
market for silicone.
The Asia-Pacific (APAC) region
emerges as the largest market in the silicone industry among
North America, Europe, the Middle
East & Africa (MEA),
and South America, primarily due
to several key factors. The expansion of Asia-Pacific's silicone market is strongly
linked to the growth of its industrial base. As countries like
China and India continue to industrialize and urbanize,
they generate significant demand for silicone products,
particularly in construction and infrastructure projects. Silicone
plays a crucial role in these developments, used in sealants,
adhesives, and coatings to support the rapid construction of
everything from skyscrapers to bridges. The rising disposable
income of people, and shifting of manufacturing facilities from the
developed regions, such as North
America and Europe are
expected to drive the market in this region.
Key Players
Wacker Chemie AG (Germany),
Shin-Etsu Chemical Co., Ltd. (Japan), Momentive Performance Materials Inc.
(US), Elken ASA (Norway), and Dow Inc. (US) are the key players
operating in the silicone market. Expansions, acquisitions, joint
ventures, and new product developments are some of the major
strategies adopted by these key players to enhance their positions
in the silicone market.
Browse Adjacent Market: Coatings Adhesives Sealants
and Elastomers Market Research Reports &
Consulting
Related Reports:
Automotive Silicone Market - Global Forecast to
2028
Silicone Elastomers Market - Global Forecast to
2029
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