The silicone market size is expected to grow from USD 14.0 billion in 2020 to USD 23.3 billion by 2025, at a CAGR of 10.7% during the forecast period.
The silicone market is driven by various factors, such as high demand from the industrial process, building & construction, transportation, and electronics industries.
The growth of these industries is likely to further propel the market during the forecast period.
However, fluctuation in raw material prices is likely to hinder the growth of the market.
The elastomers segment is estimated to drive the global market during the forecast period.
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 2019 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; undergarments, sportswear and footwear; electronics; medical devices, and implants; and in household gaskets and O-rings. Some silicone elastomers are also used in the manufacturing of sealants.
Their physiological inertness makes them suitable for use in the healthcare industry, especially for blood transfusions and in artificial heart valves & various prosthetic devices.
These factors are expected to drive demand during the forecast period.
The industrial process end-use industry segment is projected to hold the largest market share during the forecast period.
The industrial process segment is expected to hold the largest market share during the forecast period.
It is growing rapidly due to the increasing demand for silicone materials in applications, such as lubricants, anti-foaming agents in offshore drilling, paper production, industrial coatings, and paint additives.
Silicone-based sealants are used in demanding industrial processes requiring resistance to high pressure, temperature and corrosion, and adaptation to all types of surfaces.
Not only are they used as polymers, but they can also be added to polymers from other materials to improve their performance.
Silicones also provide higher durability and resistance in industrial coatings as well as improved performance of lubricants.
These factors are expected to drive the demand for silicone in the industrial process end-use industry during the forecast period.
The silicone market in APAC is expected to record the highest growth during the forecast period.
APAC is expected to register the highest growth during the forecast period due to the increasing usage of silicone in various end-use industries such as industrial process, building & construction, personal care & consumer products, transportation, and electronics.
China, India, Japan, South Korea, and Australia are providing enormous opportunities for the silicone market due to the presence of a large manufacturing sector in these countries.
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