Silicone Market Sale Valuation to Reach Comfortably at $28.34 Billion by 2028 | Asia pacific region is a lucrative market for Silicone
Global Silicone market size was valued at USD 18.59 billion in 2021, and it is expected to reach a value of USD 28.34 billion by 2028, at a CAGR of 6.21% over the forecast period (2022–2028).
Westford USA, Jan. 16, 2023 (GLOBE NEWSWIRE) — SkyQuest’s analysis of the Silicone market provides valuable insights. Growing demand for silicone in various end-user industries such as personal care, consumer products, industrial processes, and construction is likely to fuel industry expansion throughout the forecast period. The market in the United States is predicted to perform moderately due to restricted opportunities caused by market maturity in both manufacturing industries in general and the use of silicones. However, continual product innovation and ongoing technical breakthroughs are likely to encourage the use of silicone in growing sectors such as electric vehicles (EVs) and health and personal care. As a result, the industry’s growth is predicted to accelerate over the projection period. Furthermore, providers are increasing their market share through value-added product development and by making inroads into applications that traditionally use other materials. Because of its weather resilience, high stability, and inert & high water repellency, silicone is frequently employed in the building industry. It is also employed in the conjugation of numerous materials, including marble, glass, concrete, aluminum, steel, and polymers, in residential and commercial buildings. It is also used to construct highways, bridges, pipelines, oil rigs, and industrial facilities.
Rising population, rapid urbanization, and industrial growth have resulted in an increased need for construction and infrastructure development around the world. Because of the expanding application breadth of silicone in numerous end-use sectors, the industry is predicted to grow significantly. It is used in a wide variety of electronic applications in the electronics industry, including protecting insulators from salt air damage, moisture-proofing boards, modifying semiconductor encapsulating materials, and protecting the ends of heating element wires in Printed Circuit Boards (PCBs), semi-conductors, Electronic Control Units (ECUs), LED devices, and others.
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Electronic devices accounted for the highest demand for silicone
China is the world’s largest manufacturer of silicon, with a production volume of 6 million metric tons in 2021. Russia is the world’s second largest producer of this metalloid, producing 580,000 metric tons in the same year. The total global silicon production in 2021 was roughly 8.5 million metric tons. Silicon wafers are utilized in a wide range of products, including mobile phones, desktop computers, notebook computers, industrial equipment, and other electronic devices. Mobile/smartphones accounted for the majority of overall demand. The demand for silicon wafers for mobile phones and smart phones was 21.9 billion square centimeters in 2018. Desktop, notebook, and server PCs came in second, with 11.3 billion square centimeters.
Top Trends in Global Silicone Market
- Increased use in construction: Silicone is being used more frequently in the construction industry for building sealing and weatherproofing, as well as insulation.
- Growth in the healthcare industry: Silicone is being used increasingly in medical devices, such as implants and prosthetics, due to its biocompatibility and durability.
- Development of silicone-based elastomers: Companies are working on developing new silicone-based elastomers that have improved properties, such as increased flexibility and strength.
- Advancements in manufacturing: New manufacturing techniques, such as 3D printing, are being used to create silicone products, which is increasing the range of silicone products available.
- Growing demand for environmentally friendly products: Companies are developing more environmentally friendly silicone products to meet increasing demand from consumers and regulators.
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The market is expected to be dominated by the Asia-Pacific region
Asia-Pacific is the largest consumer of silicone, accounting for the majority of the market. The expanding markets in China, India, and Japan have been major contributors to the expansion of the Asia-Pacific silicone industry throughout the years. Semiconductors are an essential part of the electronics industry, and silicones are used to encapsulate, coat, cling to, and protect semiconductors, PCBs, and ECUs, among other things. According to the Semiconductor Industry Association, the value of semiconductor sales in China in 2021 would be USD 182.93 billion, up from USD 150.4 billion in 2020, increasing demand for the silicone market. China is one of the world’s largest maritime countries, with a coastline of over 14,000 kilometers and several large ports. The country’s shipbuilding industry is dominated by numerous huge corporations, including China State Shipbuilding Corporation (CSSC), China Shipbuilding Industry Corporation (CSIC), Sinotrans, COSCO shipping, and CMHI.
Chinese shipyards construct a wide range of ships, including bulk carriers, container ships, oil tankers, naval vessels, passenger vessels, luxury vessels, and others, resulting in increased need for silicone.
Furthermore, China boasts the world’s largest electronics manufacturing base. According to ZVEI Dia Elektroindustrie, China’s electronics sector was valued at around USD 2,430 million in 2020, and it is expected to grow at a rate of 11% and 8% year on year in 2021 and 2022, respectively, offering a large market for silicone.
Furthermore, the Asia-Pacific region is the world’s largest automotive manufacturing hub, accounting for nearly 60% of global production. According to OICA, overall vehicle production in the first nine months of 2021 was 32.67 million units, an 11% rise over the same period last year.
Key players strategies to capture the global silicone market
With the existence of large manufacturing firms all over the world, the global industry is highly fragmented. The players compete primarily on the basis of silicone manufacturing technique and product quality. Key players are more likely to pursue marketing techniques such as mergers and acquisitions, new and innovative product launches, and capacity expansions. In October 2021, Evonik Industries AG and joint venture partner Wynca will open a fumed silica factory in Zhenjiang, China. With the existence of large manufacturing firms all over the world, the global industry is highly fragmented. The players compete primarily on the basis of silicone manufacturing technique and product quality. Key players are more likely to pursue marketing techniques such as mergers and acquisitions, new and innovative product launches, and capacity expansions. In October 2021, Evonik Industries AG and joint venture partner Wynca will open a fumed silica factory in Zhenjiang, China.
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Major Players in Global Silicone Market
- Elkay Chemicals Pvt. Ltd.
- Supreme Silicones
- Shin-Etsu Chemical Co., Ltd.
- Silchem Inc.
- Silteq Ltd
- Amul Polymers
- Wacker Chemie AG
- Specialty Silicone Products, Inc.
- Illinois Tool Works Inc.
- Evonik Industries AG
- Hutchinson
- Kemira Oyj
- Dow Inc.
- Nano Tech Chemical Brothers Private Ltd.
- Elkem ASA
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