The global silicone market size is expected to grow from USD 16.7 million in 2021 to USD 23.4 billion by 2026, at a CAGR of 7.0% during the forecast period. The major factors driving the silicone industry include the superior properties of the material and its high demand in different end-use industries, such as building & construction, personal care & consumer products, transportation, and electronics.Further, the booming demand from the medical & healthcare industry owing to the COVID-19 pandemic is expected to drive the market.
Silicone has good electrical insulation, thermal conductivity, ability to withstand high and low temperature, and flame retardance owing to which it is gaining traction in several industrial application. Silicone is used in electronics goods, semiconductor applications, highly sensitive circuits, electronics components, ignition wire, refrigerators’ wire and heater wires, among others. These materials have good insulation properties, which help in protecting electrical circuits in various electronic components such as computers, televisions, aircraft video displays from dust, dirt, and heat.
Thus, with the growth in demand for electronics, semiconductors, and consumer goods across the globe, the demand for silicone is expected to increase substantially over the forecast period.
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APAC region is expected to register healthy growth throughout the forecast period
In terms of demand, APAC holds majority share of the global silicone market. This is mainly attributed to healthy growth of healthcare industry, increasing demand from manufacturing sector, increasing silicone production capacity, healthy growth of electronics industry, and growing investment in construction industry. Over the recent past, several companies had channelized efforts to expand the business in APAC, especially in high growth countries such as India, China, and ASEAN countries. For instance, Wacker Chemie and Shin-Etsu Chemical had expanded manufacturing facilities in this region. In APAC, the cost of silicone manufacturing is low due to low labour cost, availability of raw materials, and low utility cost which, in turn, support for the growth of the market.
New Product Launch accounted for the largest share of all the strategic developments that took place in the silicone market between 2017 and 2020. Key players such as Wacker Chemie AG, Momentive, Elkem ASA, and The Dow Chemical Company adopted these strategies to enhance their business, market presence, and meet consumer demand.
The Dow Chemical Company (US) is one of the leading players in the silicone market. The company has been focusing on organic strategies such as expansion and new product development to maintain its leading position in the market. For example, In September 2018, the Dow Chemical Company announced investment plans to meet the demand for silicone and drive innovation. The low capital intensity, high return-on-investment in its upstream and downstream silicone franchise will accelerate innovation and support the global customer demand. This will further boost high growth in markets, such as high-performance buildings, home and personal care, electrical and industrial, consumer goods and components assembly.
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