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.
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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
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