Global Silicones Market to Reach US$ 19.1 Billion by 2028, Bolstered by Significant Advancements in Material Science

August 24, 2023 | Chemical & Materials

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 size reached US$ 13.7 Billion in 2022. Silicones are a group of synthetic polymers composed of repeating units of silicon, oxygen, carbon, and hydrogen atoms. They are widely recognized for their remarkable properties and have found extensive applications across various industries. One of the defining characteristics of silicones is their exceptional temperature resistance. They can withstand both high and low temperatures without losing their physical properties, making them ideal for use in extreme environments, such as aerospace, automotive, and electronic applications. Another prominent feature of silicones is their excellent flexibility and elasticity. These materials can be stretched and compressed without permanent deformation, making them ideal for applications that require resilience, like gaskets and seals. Silicones also possess outstanding water repellency and resist moisture, making them well-suited for use in water-resistant coatings, sealants, and electronic encapsulants. Their resistance to degradation from exposure to water and moisture contributes to their durability and long-lasting performance. Additionally, silicones are chemically inert and biocompatible, making them safe for use in medical and healthcare products. They find applications in medical implants, wound dressings, and personal care items due to their non-toxic and hypoallergenic nature. Their ability to withstand high voltages and maintain stable dielectric properties makes them essential in the manufacturing of electrical connectors and insulators.

Global Silicones Market Trends:

The rising significance of advanced material science and the growing demand for versatile solutions in various industries are key drivers propelling the market growth of silicones. Moreover, the advancement in material science plays a crucial role in unlocking the full potential of silicones, thereby influencing the market growth. In addition to this, silicones' unmatched thermal stability and electrical insulation properties are particularly valuable, leading to increased demand in energy-efficient solutions and electrical applications. In line with this, industries seek greener alternatives, silicones find extensive use in renewable energy applications, contributing to the global sustainability efforts. Besides this, the surge in the utilization of silicones in thermal management systems is driving the market growth. Additionally, the need for efficient heat dissipation and temperature regulation in various sectors, such as construction, HVAC systems, and cooling applications, highlights the importance of silicones in modern engineering. Furthermore, companies and governments are prioritizing detailed energy storage and environmental responsibility, are creating a positive market outlook. Other factors, such as investments in research and development (R&D) and innovations in silicone technology are driving the market growth of silicones across the globe. Looking forward, IMARC Group expects the market to reach US$ 19.1 Billion by 2028, expanding at a growth rate (CAGR) of 5.77% during 2023-2028.

Market Summary:

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.

Report Coverage:

Report Features	Details
Base Year of the Analysis	2022
Historical Period	2017-2022
Forecast Period	2023-2028
Units	US$ Billion
Scope of the Report	Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment: Product Type Application Region
Product Types Covered	Elastomers, Fluids, Gels, Resins
Applications Covered	Industrial Processes, Construction Materials, Home and Personal Care, Transportation, Energy, Healthcare, Electronics, Others
Regions Covered	North America, Europe, Asia Pacific, Latin America, Middle East and Africa
Companies Covered	Dow Chemical Company, Wacker Chemie AG, Shin-Etsu Chemical Co., Ltd., Momentive Performance Materials Inc., and Elkem ASA
Customization Scope	10% Free Customization
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Global Silicones Market to Reach US$ 19.1 Billion by 2028, Bolstered by Significant Advancements in Material Science

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