Silicone Market Worth $28.6 Billion by 2024 - Exclusive Report by MarketsandMarkets™
CHICAGO, Nov. 27, 2019 /PRNewswire/ -- According to the new market research report "Silicone Market by Type (Elastomers, Fluids, Resins, Gels), End-use Industry (Industrial Process, Building & Construction, Personal Care & Consumer Products, Transportation, Electronics, Medical & Healthcare, Energy), Region - Global Forecast to 2024", published by MarketsandMarkets™, the global Silicone Market size is expected to grow from USD 20.4 billion in 2019 to USD 28.6 billion by 2024, at a CAGR of 7.0% during the forecast period. The major factors driving the silicone industry include the superior properties of the material and its high demand in different end-use industries, such as building & construction, personal care & consumer products, transportation, and electronics.
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The elastomers segment is the largest type of silicone.
The silicone market has been segmented based on type into elastomers, fluids, resins, and gels & other products. Among these types, the elastomers segment accounted for the largest share of the market in 2018 and is likely to witness significant growth during the forecast period. The market growth in this segment is attributed to its increasing use in various products, including voltage line insulators, cooking, baking, and food storage products; undergarments, sportswear, and footwear; electronics; medical devices, and implants; and in household gaskets and O-rings. The physiological inertness of silicone elastomers makes them suitable for use in the healthcare industry, especially for blood transfusions and in artificial heart valves and various prosthetic devices.
The electronics end-use industry is expected to register the highest CAGR in the global silicone market during the forecast period.
The electronics end-use industry segment is growing rapidly due to the increasing demand for silicone materials in electronic chips, semi-conductors, printed circuit boards (PCBs), and electronic control units (ECUs), LED devices, and various Information & Communications Technology (ICT) equipment, such as mobile phones, computers, and tablets. In addition, the growing trend of miniaturization in the electronics industry has forced electronics component manufacturers to produce smaller components, which require higher heat resistance for reducing the probability of failure and ensuring reliability.
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APAC is expected to hold the largest market share in the global silicone market during the forecast period.
APAC is estimated to be the leading Silicone Market during the forecast period. The growth in this region can be attributed to the rapidly increasing demand for silicone from the end-use industries, especially electronics, building & construction, personal care & consumer products, and transportation. Moreover, several silicone manufacturers, such as Wacker Chemie AG (Germany) and Shin-Etsu Chemical Co. Ltd., (Japan) are setting up or expanding their manufacturing facilities in this region to leverage low manufacturing and labor costs and high demand from end-use industries, thereby boosting the demand for silicone in the region.
The Dow Chemical Company (US), Wacker Chemie AG (Germany), Shin-Etsu Chemical Co. Ltd. (Japan), Elkem ASA (Norway), Momentive (US), KCC Corporation (South Korea), Evonik Industries AG (Germany), Gelest Inc. (US), and Innospec Inc. (US), are the leading silicone manufacturers, globally.
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Silicone Gel Market by End-use Industry (Electrical & Electronics, Medical & Pharmaceuticals, Cosmetics & Personal Care), and Region (North America, Asia-Pacific, Europe, Middle East & Africa, and South America) - Global Forecast to 2026
Medical Grade Silicone Market by Product Form (Gels, Medical Adhesives, Medical Coatings, Elastomers), Application (Prosthetics & Orthopedic, Medical Devices, Medical Tapes, Contact Lenses), and Region - Global Forecast to 2022
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