IMARC Group, a leading market research company, has recently released a report titled “Silicones Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global silicone market growth, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Silicones, also known as polysiloxanes, are synthetic polymeric materials derived from siloxanes. They possess qualities such as being odorless, water repellent, resistant to chemical attack, and exhibiting high oxidation and temperature stability. These properties make silicones suitable for lubricant oils, greases, and biomedical implants. They are also adopted in the production of sportswear to enhance fabric durability, shape retention, resistance to abrasion, and performance and make them lightweight, durable, and water-repellent. Silicones even find widespread applications across numerous sectors, including construction materials, home and personal care products, transportation, energy, electronics, healthcare, etc.
How big is the global silicone market?
The global silicones market size reached US$ 13.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 19.1 Billion by 2028, exhibiting a growth rate (CAGR) of 5.77% during 2023-2028.
Current Trends Shaping the Global Silicones Market
The growing utilization of silicones to produce sealants, electrical and thermal insulation, and adhesives, on account of their rubber-like qualities and heat-resistant properties, is primarily driving the market. Additionally, the increasing adoption of silicone polymers as a valuable ingredient in multiple personal care products and cosmetics, which include sunscreen, antiperspirants, conditioners, etc., owing to their non-greasy characteristics that cause no skin irritation, possess low surface tension, provide a smooth feel, and exhibit anti-foaming properties is further catalyzing the market growth.
Moreover, as compared to petrochemical-based alternatives, silicone-based products generate lower levels of carbon dioxide and other greenhouse gases (GHG) which is also positively influencing the market growth. Apart from this, other factors, including infrastructure development, the expanding production facilities in emerging markets, the rising traction of photovoltaic panels, and the elevating need for the product in the manufacturing of electronic components, such as keyboards, mobile phones, television (TV), led lights, and tablets for their high thermal stability and excellent dielectric properties will continue to catalyze the silicones market in the coming years.
Who are the key players operating in the industry?
The report covers the major market players including:
- Dow Chemical Company
- Wacker Chemie AG
- Shin-Etsu Chemical Co., Ltd.
- Momentive Performance Materials Inc.
- Elkem ASA
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What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Product Type:
- Elastomers
- Fluids
- Gels
- Resins
Breakup by Application:
- Industrial Processes
- Construction Materials
- Home and Personal Care
- Transportation
- Energy
- Healthcare
- Electronics
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Explore Full Report With TOC & List of Figures: https://www.imarcgroup.com/silicones-market
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