Silicone polymer market

Silicone Polymer Market, by Type (Elastomers, Fluids, Resins, Gels, and Others), by End-Use Industry (Industrial Process, Building & Construction, Transportation, Personal Care & Consumer Products, Electrical & Electronics, Pharmaceutical, Energy, and Others (Automobiles etc.)), and by Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2028

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May 2022
CMI5017
140 Pages
Excel & Pdf
Polymers and Resins

Summary

Silicone polymers are manufactured as fluids, resins, or elastomers, depending on the molecular weight of the polymers and the degree to which the polymer chains are interlinked. Silicone polymers make excellent lubricants and hydraulic fluids, as well as emulsions for imparting water repellency to textiles, paper, and other materials. Silicone polymers are used in protective coatings and electrically insulating varnishes and for laminating glass cloth.

The global silicone polymer market was valued at US$ 13,800.00 Mn in 2020, and is expected to reach US$ 19,329.78 Mn by 2028, exhibiting a CAGR of 5.1% during the forecast period.

Drivers:

The growing demand for silicone polymers in various end-user industries including industrial process, building & construction, personal care & consumer products, and automobile is expected to drive market growth. Silicone polymers possess excellent superior properties such as chemical stability, versatility, and high resistance to temperature. These properties are expected to drive the demand for silicone polymers in the aforementioned end-user industries. Additionally, growing use of silicone polymers in the various high end applications such as electronics, aerospace, renewable energy, and electric vehicles is expected to boost up the demand for silicone polymers over the forecast period.

Figure 1. Global Silicone Polymer Market Revenue Share (%), By Region, 2020

Among region, Asia Pacific held highest market share of 42.3% in 2020, and is expected to retain its dominance during forecast period. The expanding construction sector in various countries such as China, Japan, India, Vietnam, Thailand, Australia, and others is expected to augment the silicone polymer demand over the forecast period. The increasing supportive measures such as tax breaks, incentives, and subsidies undertaken by several governments is expected to boost the growth of the construction sector in the region, which in turn is expected to boost the product demand during forecast period.

Market Restraints

Stringent regulations pertaining to applications of silicone polymer is expected to restrain the market growth during forecast period. For instance, EU regulators considers a REACH restriction proposal for the placing on the Consumer and Professional markets of D4, D5, and D6 as substances. The restriction would apply to silicone polymers on the European market. Moreover, lack of universal directives pertaining to manufacturing & applications of silicone polymer is expected to restrain the market growth during forecast period. Every country has different directives for applications of silicone polymer. Companies find it difficult to cope with these country wise regulations, which in turn discouraging the investment in the market and restraining the market growth.

Silicone Polymer Market Report Coverage

Report Coverage	Details
Base Year:	2020	Market Size in 2020:	US$ 13,800.00 Mn
Historical Data for:	2017, 2018, and 2019	Forecast Period:	2021 to 2028
Forecast Period 2021 to 2028 CAGR:	5.1%	2028 Value Projection:	US$ 19,329.78 Mn
Geographies covered:	North America: U.S. and Canada Latin America: Brazil, Argentina, Mexico, and Rest of Latin America Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe Asia Pacific: China, India, Japan, Australia, South Korea, and Rest of Asia Pacific Middle East: GCC Countries and Rest of Middle East Africa: North Africa, Central Africa, and South Africa
Segments covered:	By Type: Elastomers (High-Temperature Vulcanized (HTV), Liquid Silicone Rubber (LSR), Room Temperature Vulcanized (RTV), Fluids (Straight Silicone Fluids, Modified Silicone Fluids), Resins, Gels, and Others By End-Use Industry: Industrial Process, Building & Construction, Transportation, Personal Care & Consumer Products, Electrical & Electronics, Pharmaceutical, Energy, and Others (Automobiles etc.)
Companies covered:	Dow Inc., Elkay Chemicals Pvt. Ltd., Elkem ASA, Evonik Industries AG, Gelest Inc., Innospec Inc., KCC Corporation, Reiss Manufacturing Inc., Shin-Etsu Chemical Co., Ltd., Siltech Corporation Inc., Supreme Silicones, and Wacker Chemie AG
Growth Drivers:	Superior properties of silicone High demand for silicone in the electronics industry
Restraints & Challenges:	Stringent regulations and lack of universal directives pertaining to applications of silicone polymer

Market Trends

Growing demand for silicone polymer in medical applications owing to their low toxicity, low risk of unfavourable biological reactions is expected to boost the market growth during the forecast period. Moreover, the increasing demand for lightweight automobile parts and growing research and development activities to develop new and innovative products is expected to propel overall industrial growth over the forecast period. Furthermore, companies are focused on adopting aggressive marketing strategies to expand its market footprints along with enhancing customer base through developing new distribution channel is expected to grow the premium potting mix market during the forecast period.

Figure 2. Global Silicone Polymer Market Revenue Share (%), By End-Use Industry, 2020

On the basis of end-use industry, in 2020, the industrial process end use industry segment held 25.0% market share. The increasing demand for silicone polymers in various industrial process such as offshore drilling, paper making, leather packaging, labels, and airbags, industrial coatings, and antifoaming is expected to drive the demand for silicone polymer over the forecast period.

Global Silicone Polymer Market - Impact of Coronavirus (COVID-19) Pandemic

The COVID-19 pandemic had limited impact on silicone polymer market. According to OECD (Organization for Economic Co-operation and Development), close to 800 measures were undertaken by governments in 54 developed and emerging countries, aimed to avoid aggravating disruptions, provide relief to affected producers and consumers, or to bolster the recovery of affected production activities. The pandemic is expected to have short-term impact on growth of the global silicone polymer market. The pandemic is expected to boost investment in silicone polymer, owing to interest in food security and sustainable crop production, and for ensuring robust supply chains.

Table of Content

Table of Contents

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Segmentation

Detailed Segmentation:

- Frequently Asked Questions -

What will the market size be in 2028?

The global silicone polymer market is expected to surpass US$ 19,329.78 Mn by 2028, and is expected to exhibit a CAGR of 5.1% between 2021 and 2028.

What are the major factors that are expected to drive growth of the market during the forecast period?

Superior properties of silicone is driving the market growth.

What are the trends in the market?

The growing usage of silicone polymer in medical & automobile applications is expected to create lucrative opportunities for market during forecast period.

What are the key factors hampering the growth of the market?

Stringent regulations and lack of universal directives pertaining to applications of silicone polymer is restraining the market growth.

Which are the key players in the market?

Key players include Dow Inc., Elkay Chemicals Pvt. Ltd., Elkem ASA, Evonik Industries AG, Gelest Inc., Innospec Inc, KCC Corporation, Reiss Manufacturing Inc., Shin-Etsu Chemical Co., Ltd., Siltech Corporation Inc., Supreme Silicones, and Wacker Chemie AG.

What is the current market size?

The market is estimated to be valued at US$ 14,373.89 Mn in terms of revenue, in 2021.