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.
On
the basis of end-use applications, the market is segmented into transportation,
electronics, industrial processes, construction, consumer goods and personal
care, energy, and healthcare sectors. The electronics segment is expected to
witness a CAGR of 5.4% over the projected period. In the electronics industry,
silicone is used in the form of greases, fluids, varnishes, rubbers, and oil in
a broad range of applications such as for moisture-proofing of boards,
modification of semiconductor encapsulating materials, and protecting the ends
of heating element wires in Printed Circuit Boards (PCBs), semi-conductors,
Electronic Control Units (ECUs), LED devices, and various ICT equipment. This,
in turn, is attributed to propel market growth over the forecast period.
Moreover,
silicone is biologically inert and is known for bio durability and
biocompatibility owing to its inherent thermal and chemical stability,
hydrophobicity, low surface tension, and resistance to sterilization methods.
These favorable properties of silicone make it ideal for a wide range of
healthcare applications. Silicone is majorly used in catheters, drains and shunts,
orthopedics, blood-oxygenator, heart-bypass machines, heart valves, components
in kidney dialysis, and aesthetic implants.
The
rising disposable income of consumers and growing aging population coupled with
an increasing number of initiatives taken by governments across the globe to
provide basic healthcare facilities to their respective populations,
particularly in emerging economies including China and India, is expected to
augment the demand for silicone. A rising number of accidents is expected to drive
the demand for bandages and cosmetic surgeries, which, in turn, is likely to
have a positive impact on market growth.
Related Press
Release @ Silicone
Market Report
Silicone Market Report Highlights
- In North
America, the market was valued at USD 3.1 billion in 2020 in terms of
revenue and is estimated to witness a revenue-based CAGR of 3.9% from 2021
to 2028. The rising use of enhanced technology such as 4K Ultra HD and
smart home is estimated to drive the market in the region over the
forecast period
- The
elastomers segment accounted for the prominent revenue share of 41.5% in
2020 and is estimated to maintain its ascendancy over the forecast period
owing to rising demand for lightweight automobile vehicles
- The fluids
segment is the second-largest product segment and is expected to expand at
a healthy revenue-based CAGR of 4.2% over the forecast period owing to its
properties like low surface tension, shear stability, and excellent
thermos-oxidative resistance
- Fluctuating
raw material prices of methanol is expected to pose a challenge for the market
players to achieve economies of scale and profitability
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
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Email: sales@grandviewresearch.com
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