Silicone Market to Reach Valuation of USD 15.53 Billion and growing at CAGR of 6.8% by 2028
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Rapid developments in antimicrobial silicone elastomers and increasing usage of silicone in various industries are some key factors
VANCOUVER, B.C., CANADA, January 31, 2023 /EINPresswire.com/ -- According to the most recent analysis by Emergen Research, the size of the worldwide silicone market reached USD 15.53 billion in 2020 and is projected to grow at a revenue CAGR of 6.8% during the forecast period. Increased research & development of antimicrobial silicone elastomers and rising silicone application across a variety of sectors are some of the major factors fueling the consistent revenue growth of the global silicone market. During the projected period, silicone's rising application in textiles, paper, leather wrapping, labels, and airbags is also anticipated to propel market expansion. In these applications, silicone has been employed as a solvent, adhesive, foaming agent, and an anti-foaming agent. In textile mills, silicones are employed in a variety of processes, including the creation of yarn and the finished product.
Silicones are used to soften, regulate foam, and lubricate yarn or cloth. Silicones are also used as hydrophobic coatings on the finished product. The rising use of conducting silicone rubber in the anti-slip process for textile manufacturing is anticipated to have a notably beneficial impact on market revenue growth over the course of the forecast period due to its excellent electrical and chemical resistance features. increased participation of the government in regulation along the entire value chain. This covers the supply of various silicone product grades, the manufacturing procedures, and the raw materials.
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Nevertheless, during the course of the forecast period, it is anticipated that fluctuating raw material costs and strict regulations will restrain the expansion of the worldwide silicone market. The worldwide silicone sector faces significant challenges due to the ongoing volatility of raw material prices. The large increase in the cost of raw materials, such as silicon metals and methyl chloride, has a detrimental effect on the profit margins of silicone producers. As a result, silicone products become more expensive, which is anticipated to slow the market's expansion.
Key Points Covered in This Section:
Regional contribution
Estimated revenue generation
Vital data and information about the consumption rate in all the leading regional segments
An expected rise in market share
Forecast growth in the overall consumption rate
Some Key Highlights from the Report
Fluids segment revenue is expected to expand at a significantly rapid CAGR during the forecast period. increasing demand for cosmetic products is expected to boost demand, due to rise in spending capacity, increasing demand for personal care products, and increased use of silicones as an ingredient in coatings and adhesives.
Construction segment is expected to register a significantly robust revenue growth rate over the forecast period. Because of their moisture resistance, high strength, and characteristics, silicones are widely utilized in the construction industry. Silicones are utilized in various construction materials, such as glasses, concrete, marble, aluminum, metal, and polymers, that are used in both residential and commercial buildings.
The market in Asia Pacific is expected to account for largest revenue share over the forecast period due to robust presence of key market players including Shin-Etsu Chemical Co., Ltd., KCC Corporation, and Elkay Chemicals Pvt. Ltd. are among others in countries in the region.
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Emergen Research has segmented the global silicone on the basis of product, application, end-use, and region:
Product Outlook (Revenue, USD Billion; 2018–2028)
Gels
Elastomers
Liquid Silicone Rubber (LSR)
High-Temperature Vulcanized (HTV)
Room Temperature Vulcanized (RTV)
Fluids
Straight Silicone Fluids
Modified Silicone Fluids
Resins
Others
Emulsions
Adhesives
Application Outlook (Revenue, USD Billion; 2018–2028)
Elastomeric Components
Conditioning Agents
Binders
Surfactants
Others
End-use Outlook (Revenue, USD Billion; 2018–2028)
Automotive & Transportation
Electronics
Healthcare
Construction
Energy
Consumer Goods & Personal Care
Industrial Processes
Others
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Regional Landscape section of the Silicone report offers deeper insights into the regulatory framework, current and emerging market trends, production and consumption patterns, supply and demand dynamics, import/export, and presence of major players in each region.
The various regions analyzed in the report include:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Market Overview:
The report bifurcates the Silicone market on the basis of different product types, applications, end-user industries, and key regions of the world where the market has already established its presence. The report accurately offers insights into the supply-demand ratio and production and consumption volume of each segment.
Some major companies in the global market report include Wacker Chemie AG, Momentive Performance Materials Inc., The Dow Chemical Company, Shin-Etsu Chemical Co., Ltd., Elkem ASA, Evonik Industries AG, KCC Corporation, Silchem Inc., Specialty Silicone Products, Inc., and Elkay Chemicals Pvt. Ltd.
Research Report on the Silicone Market Addresses the Following Key Questions:
Who are the dominant players of the Silicone market?
Which regional market is anticipated to have a high growth rate over the projected period?
What consumer trends and demands are expected to influence the operations of the market players in the Silicone market?
What are the key growth drivers and restraining factors of the Silicone market?
What are the expansion plans and strategic investment plans undertaken by the players to gain a robust footing in the market?
What is the overall impact of the COVID-19 pandemic on the Silicone market and its key segments?
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