Silicone Market Company Overview, and Forecasts To 2028

Posted on 2022-05-23 by researchinsights in Chemicals // 0 Comments

San Francisco, California , USA, May 23, 2022 — /EPR Network/ —

Silicone Industry Overview

The global silicone market size was valued at USD 14.4 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 4.3% from 2021 to 2028.

The growing demand for silicone in various end-user industries including construction, personal care, industrial process, and consumer goods is expected to drive market growth. Properties like chemical stability, versatility, and high resistance to temperature are expected to drive the demand for silicone in the aforementioned end-user industries. Additionally, expanding use of silicone-based products in the evolving market such as electronics, renewable energy, and electric vehicles is expected to boost up the demand for silicone over the forecast period.

Based on grades, silicones are divided into three categories, namely medical-grade, food-grade, and industrial grade. Price variations in these grades majorly depend on the type of process involved in the manufacturing, types of catalysts and additives used for enhancing various properties, and several government regulations on the raw materials and final product usage.

Gather more insights about the market drivers, restrains and growth of the Global Silicone Market

The rising demand for specialized products across end-use industries, coupled with the increasing intervention of government regulatory bodies across the value chain i.e., raw material, manufacturing process, distribution of various grades of silicone products to their end-use applications, is expected to impact variation in the prices of silicone in various end-use industries in the over the forecast period.

The increasing demand for lightweight automobile parts and growing research and development activities to develop new and innovative products are expected to propel overall industrial growth over the forecast period. Lightweight materials are progressively being used to reduce automobile weight, which results in decreasing the overall fuel consumption. High thermal stability associated with silicone fluids is estimated to boost industrial growth in the years to come.

The growing application of silicone in textiles, paper, leather packaging, labels, and airbags is expected to propel the demand for silicone over the forecast period. In the aforementioned applications, silicone is used as a solvent, adhesive, wetting agent, and anti-foaming agent. Silicones in the textiles industry are used in numerous processes during fabric manufacturing, including the production of yarns as well as on the finished product. Silicones provide lubrication, foam control, and softening to the yarn or fabric. In addition, they are used as hydrophobic coatings on the finished product. Increasing use of conductive silicone rubber in anti-slip processing for textile manufacturing, on account of its good electrical and chemical resistance properties, is expected to have a positive impact on the segment growth over the forecast period.

Growing demand for apparel is expected to result in increased consumption of silicone for application in various stages of fabric processing. Moreover, increasing demand for technical textiles, on account of their use in a broad range of applications including chemical, manufacturing, and medical, is expected to augment the demand for silicone in textiles end-use over the forecast period.

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