The global silicones market reached a value of US$ 15.1 Billion in 2020. Silicones, also known as polysiloxanes, refer to polymeric synthetic materials which are formulated from inorganic-organic monomers. Due to their molecular structure, silicones can be manufactured in several forms such as oil, solid, rubber, liquid, grease or semi-viscous paste. They are generally manufactured by first reacting silicon with methyl chloride and then with water. This reaction results in the production of polymers with advantageous properties such as flexibility, and resistance to moisture, chemicals, UV rays, and both high and low temperatures. As a result, silicones find diverse applications ranging from use in pressure sensitive adhesives to protection of electronic devices from extreme temperatures and contamination. Looking forward, IMARC Group expects the global silicones market to exhibit moderate growth during the next five years.
Global Silicones Market Drivers:
Breakup by Product Type:
On the basis of product types, the global silicones market is divided into elastomers, fluids, gels and resins. At present, elastomers represent the most popular type of silicones as they are generally stable and non-reactive in nature. They find diverse applications in cooking, baking and footwear manufacturing.
Breakup by Application:
Based on applications, the market is segregated into industrial processes, construction materials, home and personal care products, transportation, energy, healthcare, electronics, and others. As silicones are resistant to high pressure, temperature and chemicals, they majorly find applications in industrial processes.
On a geographical front, Asia Pacific enjoys the leading position in the global silicones market. Rising construction and automotive industries are propelling the demand for silicones in the region. Other regions include North America, Europe, Latin America, and Middle East and Africa.
The market is concentrated in nature with the presence of a few manufacturers who compete against one another in terms of prices and quality. Some of these key players include:
The global silicones market size was valued at US$ 15.10 Billion in 2020.
According to the estimates by IMARC Group, the global silicones market is expected to witness a CAGR of 7.70% from 2021 to 2026.
As silicone-based materials, such as sealants, adhesives and protective coatings, are strong, durable, and weather resistant, they are widely used in numerous construction activities, thereby representing one of key drivers for the global silicones market.
The increasing production of silicones, particularly in the Asian and Middle Eastern countries, along with the rising consumption of end-products containing silicones, are some of the key trends in the global silicones market.
Sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in temporary halt in numerous construction activities, thereby limiting the need for silicones.
On the basis of the product type, the market has been bifurcated into elastomers, fluids, gels and resins. Among these, elastomers hold the largest market share.
On the basis of the application, the market has been segmented into industrial processes, construction materials, home and personal care products, transportation, energy, healthcare, electronics, and others. At present, industrial processes represent the largest segment.
Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where Asia Pacific dominates the global market.
The key companies in the global silicones market are DOW, Elkem, ShinEtsu, WACKER and Momentive.
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