According to the latest report by IMARC Group, titled “Silicones Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global silicones market reached a value of US$
13.7 Billion in 2022. Silicones, or polysiloxanes, are polymeric, synthetic materials that are formulated from siloxanes. They are odorless, water repellent, resistant to chemical attack, and have high oxidation and temperature stability. Owing to these properties, they are widely used in lubricant oils, greases and biomedical implants. As silicones help fabrics retain their shape and texture, as well as provide resistance to abrasion, they are also being used to design sportswear that is lightweight, durable, water repellent and high performing.
Global Silicones Market Trends:
Over the years, there has been an increase in the usage of silicones for the production of sealants, thermal and electrical insulation, and adhesives owing to their rubber-like quality and heat-resistant nature. Besides this, silicone polymers are non-greasy, do not cause skin irritation and have low surface tension, smooth feel, and anti-foaming properties. As a result, they are incorporated in personal care products and cosmetics, such as sun care products, antiperspirants, creams and conditioners. As compared to their petrochemical-based counterparts, products manufactured using silicones generate less carbon dioxide, along with other greenhouse gases. This has, in turn, augmented their demand from numerous end use industries, such as electronics, paints, construction and food. Some of the factors that have positively influenced the growth of the market include increasing infrastructure development, along with the expansion of production facilities in emerging markets. Looking forward, the market value is projected to reach US$
19.1 Billion by 2028, expanding at a CAGR of
5.77% during 2023-2028.
- Based on the product type, the market has been segmented as elastomers, fluids, gels and resins. At present, elastomers represent the most popular segment, holding the largest market share.
- On the basis of the application, the market has been categorized as industrial processes, construction materials, home and personal care, transportation, energy, healthcare, electronics and others. Amongst these, silicones are mostly used in industrial processes.
- Region-wise, Asia Pacific holds the leading position in the market. Other major regions are North America, Europe, Middle East and Africa, and Latin America.
- The competitive landscape of the market has also been examined, with some of the key players being Dow Chemical Company, Wacker Chemie AG, Shin-Etsu Chemical Co., Ltd., Momentive Performance Materials Inc. and Elkem ASA.
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