Silicones: Driving Innovation Across Industries with High-Performance Applications in Construction, Manufacturing, and Transportation. BCC Research Study Projects 6.0% CAGR, with Market Growth from $17.4 Billion in 2024 to $23.3 Billion by 2029.
BOSTON, Sept. 24, 2024 /PRNewswire/ -- "According to the latest BCC Research study, the demand for "Silicones: Global Markets" is expected to grow from $17.4 billion in 2024 and is projected to reach $23.3 billion by the end of 2029, at a compound annual growth rate (CAGR) of 6.0% during the forecast period of 2024 to 2029."
The report provides an in-depth analysis of the global silicone market, focusing on its wide-ranging industrial applications in sectors such as transportation, construction, personal care, energy, healthcare, and electronics. It examines critical parameters evaluated by industries and regulatory bodies, given the ongoing advancements and expansions within these sectors. BCC Research has segmented the silicone market by product form-silicone elastomers, fluids, resins, gels, and others-and by end-use industries, including industrial processes, construction, personal care, transportation, energy, healthcare, and electronics. The report offers detailed market estimations in terms of value (in millions of dollars) and volume (in kilotons), with 2023 as the base year and forecasts extending from 2024 to 2029. Additionally, it covers regional market sizes across Asia-Pacific, Europe, North America, and the Rest of the World (RoW), while discussing market strategies, ESG development, regulatory landscape, key players, and driving forces shaping the industry.
The relevance of this report is underscored by the rapidly growing markets in sectors like construction, transportation, and electronics, all of which are driving a heightened demand for binding and coating substances. This surge is directly elevating the need for silicone products, a critical material in these industries. Moreover, with the rising concerns over pollution and environmental impact, the recycling of silicone has gained importance, opening doors for sustainable silicone products that can help reduce the carbon footprint. This shift not only creates new opportunities for businesses to enter the market but also highlights the essential role of silicone in the continued expansion of global industries.
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The following factors drive the global market for silicones:
Surge in the Construction and Automotive Industries: Silicones are heavily used in construction for their sealants, adhesives, and coatings because they are durable and withstand harsh weather conditions. In the automotive sector, silicones are crucial for making gaskets, hoses, and other parts that need to handle hot temperatures and tough environments. As these industries expand, the demand for silicones naturally increases.
Increasing Demand for Silicone in Energy and Electronics Industries: In the energy sector, silicones are important for renewable technologies like solar panels and wind turbines, where they provide essential insulation and protection. For electronics, silicones are used to encase and protect delicate components, ensuring devices are reliable and long-lasting.
Growing Silicone Usage in Healthcare and Medical Applications: The healthcare industry relies on silicones for many uses, such as in medical devices, implants, and prosthetics, thanks to their compatibility with the human body and their flexibility. They are also used in wound care products and drug delivery systems, which help improve patient outcomes.
Rise of Silicone Recycling: With increasing environmental concerns, recycling silicones is becoming more common. This helps to minimize waste and reduce the environmental impact of silicone production. This trend is driven by stricter regulations and a growing emphasis on sustainability among manufacturers and consumers.
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Report Synopsis
Report Metrics | Details |
Base year considered | 2023 |
Forecast Period considered | 2024-2029 |
Base year market size | $16.5 billion |
Market Size Forecast | $23.3 billion |
Growth rate | CAGR of 6.0% for the forecast period of 2024-2029 |
Segment Covered | Product Form, End User, and Region |
Regions covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
Countries covered | China, India, Japan, the U.S., Canada, Mexico, Germany, Spain, and France |
Key Market Drivers
| • Surge in the construction and automotive industries. • Increasing demand for silicone in energy and electronics industries. • Growing silicone usage in healthcare and medical applications. • Rise of silicone recycling. |
Key Interesting Facts About the global market for silicones:
- Silicone is a versatile material used in scar treatment due to its beneficial properties.
- Silicone gel helps balance growth factors, hydrate skin, and protect scarred tissue from bacteria.
- It regulates collagen synthesis, reducing scar tissue formation over time.
- Silicone scar treatment products come in sheets, strips, and gels for unique needs.
- These products are recommended by healthcare professionals and can be used at home effectively.
The global market for silicones report includes in-depth data and analysis addressing the following important queries:
- What is the projected market size and growth rate of the market?
- The estimated size of the silicones market will be $23.3 billion by 2029, with a CAGR of 6.0%. - What are the key factors driving the growth of the market?
- Expansion of the construction and automotive industries worldwide
- Increasing demand from packaging, furniture, footwear, and appliance industries - What segments are covered in the market?
- The market is segmented based on product form, end-user, and region. Segmentation based on product form: the market is segmented into silicone elastomers, silicone fluids, silicone resins, silicone gels, and others. Based on end use, the market is segmented into construction, transportation, electronics, personal care and consumer goods, healthcare, industrial processes, energy, and others. Regional estimates and forecasts comprise North America, Europe, Asia-Pacific, and the Rest of the World (RoW). - By end-user, which segment will dominate the market by the end of 2029?
- The construction segment silicone market will continue to dominate the market by the end of 2029. - Which region has the highest market share in the market?
- Asia-Pacific holds the largest market share due to the extensive presence of key players in this region and the high demand for automotive and electronics applications. Additionally, China and the Southeast Asian region have been among the largest utilizes of the technology.
Some of the Key Market Players Are:
- ASAHI KASEI ADVANCE CORP.
- BRB INTERNATIONAL
- CHT GERMANY GMBH
- DOW
- DUPONT
- DYSTAR SINGAPORE PTE. LTD.
- ELKEM ASA
- EVONIK INDUSTRIES AG
- INNOSPEC
- KCC SILICONE CORP.
- MITSUBISHI SHOJI CHEMICAL CORP.
- SHIN-ETSU CHEMICAL CO. LTD.
- SILCHEM INC.
- SPECIALTY SILICONE PRODUCTS INC.
- WACKER CHEMIE AG
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Elastomers: Applications and Global Markets: This report provides comprehensive insights into the global elastomers industry, detailing the several types of elastomers, such as thermosets and thermoplastics, and the processes associated with them, including injection molding, extrusion, adhesive, and coating. It also examines the key end-use industries that rely on elastomers, such as automotive, industrial, medical, consumer goods, and building and construction. The report offers market estimates based on manufacturers' total revenues, with projected revenue values presented in constant U.S. dollars. Additionally, the market is segmented by region, covering North America, Europe, Asia-Pacific (APAC), and the Rest of the World (RoW).
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