Silicone Industry | Growth, Trends, COVID-19 Impact, And Forecasts (2022 - 2027)
Market Segmentation
The global silicone industry has been segmented by
type, application, end-use industry and region.
Based on types, the market has been divided into
silicone elastomers, silicone gels, silicone fluids, silicone resins, and
others. Silicone elastomers are sub-divided into high temperature vulcanized
(HTV), liquid silicone rubber (LSR), and room temperature vulcanized (RTV). The
silicone fluids segment is further divided into straight silicone and modified
silicone. The elastomers segment is expected to account for over one-third of
the global silicones market revenue, whereas, the silicone fluids segment is
expected to grow at a highest CAGR during the forecast period. The demand for
elastomers can be mainly attributed towards rise in investments in construction
and increasing automobile production.
Based on applications, the market has been divided
into adhesives, sealants, coatings, engineered products, cosmetics, lubricants
and others. Engineered products accounted the largest market share in the
global silicone market, which is followed by adhesives. Demand for
silicone-based construction chemicals and materials is driving the demand in
the latter applications.
Based on end-use industry, the construction
industry accounted for the largest value share in 2017, the segment is expected
to maintain its dominance throughout the forecast period. The increasing use of
silicone rubber compounds for waterproofing, flame resistance, and airtight
gaskets in the building and construction industry is expected to have a
positive impact on market growth during the forecast period. Moreover,
silicone-based sealants, on account of their oil and weather resistance are
used for window sashes and metals, concrete joints in public work projects, and
plumbing penetration seals. Hence, the construction boom in the US,
Asia-Pacific, Middle East & Africa is expected to offer plethora of
opportunities during the forecast period.
Regional Analysis
Based on region, the global Silicone
Industry has been segregated into North America, Europe, Asia-Pacific,
Latin America, and the Middle East & Africa.
The market in Asia-Pacific accounted for the
largest value share of the global silicone market on account of increased
spending on the growing infrastructural development coupled with presence of
prominent manufacturers in the region.
North America is another prominent market in the
global silicone market on account of increasing use of silicone products in
automotive and construction activities.
The market in Europe is expected to witness
moderate growth owing to the demand from automotive industry.
The market in Latin America and the Middle East and
Africa are likely to grow at a healthy CAGR on account of increased spending on
residential and commercial construction.
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Competitive Analysis
Some of the key players in the global silicone industry
are DowDupont (US), BASF SE (Germany), Wacker Chemie AG (Germany), Shin-Etsu
Chemical Co., Ltd. (Japan), Elkem ASA (Norway), Evonik (Germany), Momentive
Performance Materials Inc. (US), KCC CORPORATION (South Korea), Zhejiang Xin'an
Chemical Group Co., Ltd. (China), MESGO S.p.A. (Italy), and GELEST, INC. (US)
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