The global silicone market size is expected to reach USD 18.3 billion by 2027, according to a new report by Vision Research Reports.
The global silicone market size was valued at USD 14.5 billion in 2019 and is expected to expand at a compound annual growth rate (CAGR) of 3.5% from forecast period 2020 to 2027.
The growing demand for lightweight automotive materials to reduce the overall vehicular weight is expected to drive the market over the forecast period. The rising importance of liquid silicone rubber as Liquid Injection Molding System (LIMS) materials in wire harness for inducing an indispensable wiring system is also expected to drive the market. Furthermore, the growing demand for electroactive materials in the electrical industry will fuel market growth.
The market is expected to be driven by the rising demand from the end-use segments, such as construction, personal care, and consumer goods, and industrial processes. Chemical stability and consistent performance of silicones over a wide temperature range are expected to be the vital properties of the product that are driving its demand in the aforementioned industries. Moreover, increasing the adoption of silicone-based products in the emerging markets, such as electric vehicles, renewable energy, and electronics, is expected to boost market growth over the forecast period.
Moreover, the rising demand for ultra-pure silicone in various end-use industries is expected to present a significant growth opportunity over the forecast period. The growing electric and electronics industry, coupled with the emergence of small-scale electrical component manufacturers, electronic goods producers, and a versatile manufacturing landscape that is supported by the governments of various countries, such as China and India, is expected to increase the demand for ultra-pure silicone.
Shin-Etsu Chemical Co., Ltd.
Wacker Chemie AG
Evonik Industries AG
Elkay Chemicals Pvt. Ltd.
Specialty Silicone Products, Inc.
Straight Silicone Fluids
Modified Silicone Fluids
High-Temperature Vulcanized (HTV)
Liquid Silicone Rubber (LSR)
Room Temperature Vulcanized (RTV)
Personal Care & Consumer goods
Central & South America
Middle East & Africa
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