December 23, 2020
According to the research report titled ‘Global Silicone Market Size study with COVID-19 Impact, by Type (Elastomers, Fluids, Resins and Gels), by Ends-Use Industry (Industrial Process, Building & Construction, Personal Care & Consumer Products, Transportation, Electronics, Medical & Healthcare, Energy and Others) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global silicone market reflected a valuation of USD 12.6 billion in the year 2019 and is projected to exhibit a robust CAGR of 10.7% during 2020-2027.
Rising product adoption, owing to advantageous attributes such as high gas permeability, electrical insulation, resistance to ozone, oxygen, and ultraviolet (UV) light, microbiological growth resistance, thermal stability, low toxicity, and low chemical reactivity as well as minimal thermal conductivity is propelling the growth of global silicone market.
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Moreover, escalating demand from the consumer electronics industry, in consort with mergers, acquisitions, and other strategic alliances by market players, and introduction of innovative products are stimulating the overall market outlook. Citing an instance, Elkem ASA, in September 2019, introduced the SILCOLEASE POLY 600 series, a solvent-free polymer designed to deliver great performance in high-speed labelling applications.
On the contrary, stringent regulatory policies regarding the production of silicone are expected to hinder the industry expansion throughout the analysis timeframe. Further, the Covid-19 pandemic followed by imposition of stringent lockdown measures has disrupted the entire supply chain, thereby lowering the product demand and arresting worldwide silicone market expansion.
Based on type, global silicone market is bifurcated into gels, resins, fluid, and elastomers. The end-user terrain of the industry is segmented into energy, medical & healthcare, electronics, transportation personal care & consumer products, building & construction, industrial process, and others.
From a regional point of view, Asia-Pacific silicone industry is slated to amass lucrative gains over 2020-2027. Surging product demand from several end-use verticals, primarily building & construction, consumer products, transportation, and electronics is fostering the expansion of the regional market.
Major players that formulate the competitive dashboard of the silicone industry are Specialty Silicone Products Inc., Innospec Inc., Evonik Industries AG, Gelest Inc., Dow Chemical Company, Elkem ASA, KCC Corporation, Momentive Performance Materials Inc., Shin-Etsu Chemical Co. Ltd., and Wacker Chemie AG among others.