(PharmaNewsWire.Com, September 06, 2022 ) The "Silicone Market size is projected to grow from USD 16.7 billion in 2021 to USD 23.4. billion by 2026, at a Compound Annual Growth Rate (CAGR) of 7.0% during the forecast year. The market is projected to witness decent growth in the near future, owing to the rising demand from various end-use industries. The increasing demand for personal care and cosmetic products, particularly in APAC, is expected to boost the demand for silicone in the personal care industry.
By end-use industry, the industrial process segment is estimated to lead the silicone market in2020, in terms of value & volume.
The industrial process is the largest end-use industry for silicone in 2020 in terms of value and volume. Silicones are extensively used in numerous industrial processes. In industrial processes, they are widely used in a plethora of applications such as lubricants, anti-foaming agents in offshore drilling and paper production, industrial coatings, and paint additives. Silicones have become highly popular due to their high-performance characteristics and are replacing other conventional materials in several industrial applications.
The APAC region is projected to account for the largest share in the silicone market during the forecast period.
The APAC region is projected to lead the silicone market in terms of both value and volume from 2021 to 2026. The growth in this region can be attributed to the rapidly increasing demand for silicone from the end-use industries, especially electronics, building & construction, personal care & consumer products, and transportation. Moreover, several silicone manufacturers, such as Wacker Chemie AG (Germany) and Shin-Etsu Chemical Co. Ltd., (Japan) are setting up or expanding their manufacturing facilities in this region to leverage low manufacturing and labor costs and high demand from end-use industries, thereby boosting the demand for silicone in the region.
The Dow Chemical Company (US), Wacker Chemie AG (Germany), Shin-Etsu Chemical Co. Ltd. (Japan), Elkem ASA (Norway), Momentive (US), KCC Corporation (South Korea), Evonik Industries AG (Germany), Gelest Inc. (US), and Innospec Inc. (US), are the leading silicone manufacturers, globally.
The Dow Chemical Company (US) is one of the leading players in the silicone market. The company has been focusing on organic strategies such as expansion and new product development to maintain its leading position in the market. For example, In September 2018, the Dow Chemical Company announced investment plans to meet the demand for silicone and drive innovation.
Wacker Chemie AG (Germany) is another major player in the silicone market. In July 2019, the company launched new silicone additives for thermoplastic polyurethanes (TPUs) under the brand name, Genioplast Pellet 345 during the K 2019 event in Dusseldorf, Germany
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
We are pleased to offer you this exciting, new, and entirely free professional resource. Visit our Free Biotechnology & Pharmaceuticals resource center today to browse our selection of 600+ complimentary Biotechnology & Pharmaceuticals magazines, white papers, webinars, podcasts, and more. Get popular titles including:
