Silicone Global Market Report 2023:Antimicrobial Silicone Elastomers for Healthcare Industry Present Opportunities
DUBLIN, April 25, 2023 /PRNewswire/ -- The "Silicone Market by Type (Elastomers, Fluids, Resins, Gels), End-use Industry (Industrial Process, Building & Construction, Personal Care & Consumer Products, Transportation, Electronics, Medical & Healthcare, Energy), and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The silicone market is projected to grow from USD 18.5 Billion in 2022 to USD 27.0 Billion by 2027, at a CAGR of 7.8% during the forecast period. The growing population, rising per capita income, rapid industrialization, and infrastructural development have led to the growth of the building & construction industry, thereby driving the demand for silicone.
By Type, Elastomers accounted for the highest CAGR during the forecast period
Out of the four types (elastomer, fluids, resins and gels & other products), elastomers has the largest market share and is the fastest-growing segment during the forecast period. The growing transportation industry is expected to offer tremendous growth opportunities for the use of silicone elastomers as they are extensively used in end-use industries, such as radiator seals, ignition cables, connector seals, spark plug boots, crankshaft seals, and exhaust pipe hangers.
By End-Use Industry, Electronics accounted for the highest CAGR during the forecast period
Electronics is the major end-use industry of the silicone market. The growing miniaturization trend in the electronics end-use industry has forced electronics component manufacturers to produce smaller components, which require higher heat resistance for reducing the probability of failure and ensuring reliability. Hence, the demand for silicone in the electronics end-use industry witnesses rapid growth, as it provides adequate protection at component interfaces which is a critical requirement in high-power electronics.
Asia Pacific is projected to account for the highest CAGR in the silicone market during the forecast period
The market is growing rapidly in developing economies, such as China, Brazil, and India, due to its application in various end-use industries. Several companies are moving to these countries that offer sustained demand, low production costs, and easy access to raw materials. The key challenges for silicone manufacturers in developed economies include economic uncertainty, fluctuating prices of raw materials, volatile foreign currency exchange rates, slow economic growth, and a demand-supply gap in raw materials.
In addition to this, the demand for silicone in this region is also attributed to the growing transportation and construction industry. India in the Asia Pacific region accounted for the highest CAGR in the silicone market, followed by China and South Korea. These countries are projected to witness a steady increase in consumption between 2022 and 2027.
Market Dynamics
Drivers
- Unique Properties
- High Demand for Silicone in Electronics Industry
Restraints
- Stringent Regulatory Policies
Opportunities
- Antimicrobial Silicone Elastomers for Healthcare Industry
- Growing Demand in Transportation Industry
- High Market Potential in Structural Silicone Glazing
Challenges
- Fluctuating Raw Material Prices
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Silicone Market, by Type
6.1 Introduction
6.2 Elastomers
6.2.1 Use of Silicone Elastomers in Transportation Industry to Propel Market
6.3 Fluids
6.3.1 Uv Resistance Benefits to Fuel Silicone Demand in Transportation and Cosmetic Industries
6.4 Resins
6.4.1 High Demand in Building & Construction Industry to Drive Market
6.5 Gels & Other Products
6.5.1 Growing Demand from Medical & Healthcare Industry to Boost Market
7 Silicone Market, by End-Use Industry
7.1 Introduction
7.2 Industrial Process
7.2.1 Hydrolysis Resistance Benefits to Drive Silicone Demand in Industrial Process Segment
7.3 Building & Construction
7.3.1 Use of Silicone Adhesives, Coatings, and Sealants to Drive Market
7.4 Transportation
7.4.1 Increasing Fuel Efficiency to Boost Silicone Demand
7.5 Personal Care & Consumer Products
7.5.1 Versatility and Uniqueness of Silicones to Fuel Demand in Personal Care Products
7.6 Electronics
7.6.1 Emerging Trends in Electronics Industry to Boost Silicone Demand
7.7 Medical & Healthcare
7.7.1 Use of Silicones in Medical & Healthcare Industry to Drive Market
7.8 Energy
7.8.1 Applications in Solar Panels and Wind Turbines to Propel Market
7.9 Other End-Use Industries
8 Silicone Market, by Region
9 Competitive Landscape
10 Company Profiles
11 Adjacent and Related Markets
12 Appendix
Companies Mentioned
- Cht Group
- Cri-Sil Silicone Technologies, LLC
- Csl Silicones, Inc.
- Elkem Asa
- Evonik Industries Ag
- Gelest Inc.
- Guangzhou Ott New Materials Co. Ltd.
- Hoshine Silicon Industry Co. Ltd.
- Innospec Inc.
- Kaneka Corporation
- Konark Silicone Technologies
- Momentive Performance Materials Inc.
- Reiss Manufacturing Inc.
- Shenzhen Square Silicone Co. Ltd.
- Shin-Etsu Chemical Co. Ltd.
- Silicone Engineering Ltd.
- Silicone Solutions, Inc.
- Siltech Corporation
- Silteq Ltd.
- Sivance, LLC
- Specialty Silicone Products, Inc.
- Supreme Silicones India Pvt. Ltd.
- The Dow Chemical Company
- Wacker Chemie Ag
- Zhejiang Xinan Chemical Industrial Group Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/p3psqk
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