Silicone Market To Boost By Growing Demand For Electroactive Materials In The Electrical Industry

Silicone Industry Overview

The global silicone market size is anticipated to reach USD 19.7 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.3% from 2021 to 2028. The rising demand for lightweight automotive materials to decrease the overall vehicle weight and fuel consumption is likely 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 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.

Silicone Market Segmentation

Grand View Research has segmented the global silicone market report on the basis of product, end-use, and region:

Based on the Product Insights, the market is segmented into fluids, gels, resins, elastomers and others

• The elastomers segment led the market and accounted for the largest revenue share of more than 41.0% in 2020. Silicone elastomers are vulcanized silicone-based polymers that are made with a combination of linear polymers, crosslinker, reinforcing agents, and a catalyst.

• Based on the type of basic straight-chain molecule and the processing temperature, these elastomers have been further characterized as Room Temperature Vulcanization (RTV), Liquid Silicone Rubber (LSR), and High-Temperature Vulcanizing (HTV).

• The growing demand for lightweight automobile parts as they help to improve fuel efficiency and reduce emissions is expected to drive the demand for elastomers in the market over the forecast period.

• The rising penetration of HTV silicone elastomers in the electric vehicle industry has increased considerably over the past few years owing to their lightweight, robust performance, high resistance to corrosion, and efficiency.

• Besides, HTV silicone elastomers components also offer durability, improved vehicle economy, and help in extending the life of electric vehicles. This is expected to fuel the demand for HTV silicone elastomers in electric vehicles, especially for passenger and commercial vehicles over the forecast period.

• The fluids segment is the second-largest segment and is expected to witness a revenue-based CAGR of 4.2% from 2021 to 2028. Silicone fluids are clear, odorless, and transparent liquids and offer excellent thermos-oxidative resistance in operations between -60 degrees and +300 degrees. In addition, these products possess superior shear stability, minimum volatility, low surface tension, and induce optimum water repellency.

• The rising demand for cosmetics owing to growing awareness regarding personal care coupled with growing consumption of the product in paints and coatings as additives is expected to fuel the demand over the forecast period.

Based on the End-use Insights, the market is segmented into electronics, transportation, construction, healthcare, personal care and consumer goods, energy, industrial processes and others

• The industrial process segment led the silicone market and accounted for the largest revenue share of more than 25.0% in 2020.

• Increasing demand for silicone as lubricants in offshore drilling, industrial coatings (paint additives), and antifoaming is anticipated to boost the demand for silicone over the predicted period.

• In paints and coatings, silicone is used to enhance performance by providing various components with increased durability and resistance to chemicals, corrosion, and thermal resistance, thus reducing maintenance costs or unplanned maintenance for industrial infrastructure and machinery.

• In terms of revenue, construction is the second major application segment and expected to witness a CAGR of 4.0% from 2021 to 2028. Silicones are extensively used in the building and construction industry due to their moisture resistance high strength and properties.

• Silicones are used for residential and commercial constructions, including glass, concrete, marble, aluminum, steel, and polymers.

• Rising population coupled with rapidly growing urbanization, and industrial growth have resulted in the increasing need for construction and infrastructure development across the world.

Silicone Regional Outlook

• North America

• Europe

• Asia Pacific

• Central & South America

• Middle East & Africa (MEA)

Key Companies Profile & Market Share Insights

The market is significantly fragmented in nature with the presence of big manufacturing players across the globe. The market player competes mainly on the basis of technology used for the production of silicone and the quality of products. Key market players are inclined towards adopting marketing strategies such as mergers and acquisitions, new and innovative products along with production capacity expansions are some of the popular strategies adopted by a majority of the market players operating in the market.

Some of the prominent players in the silicone market include:

• Shin-Etsu Chemical Co., Ltd.

• Wacker Chemie AG

• Evonik Industries AG

• Elkay Chemicals Pvt. Ltd.

• Supreme Silicones

• Dow Inc.

• KCC Corporation

• Elkem ASA

• Silchem Inc.

• Specialty Silicone Products, Inc.

Market Industry Development

• August 2020: Wacker Chemie AG extended a partnership with H.M. Royal, a distributor of specialty chemicals and ingredients, for the distribution of SILPURAN, a Liquid Silicone Rubber (LSR) and High Consistency Rubber (HCR), specifically designed for medical application.

Order a free sample PDF of the Silicone Market Intelligence Study, published by Grand View Research.