DUBLIN, Feb. 27, 2024 /PRNewswire/ — The “Silicone – Global Strategic Business Report” report has been added to ResearchAndMarkets.com’s offering.
Global Silicone Market to Reach $30.4 Billion by 2030
The global market for Silicone estimated at US$17.9 Billion in the year 2022, is projected to reach a revised size of US$30.4 Billion by 2030, growing at a CAGR of 6.8% over the analysis period 2022-2030. Elastomers, one of the segments analyzed in the report, is projected to record a 7.6% CAGR and reach US$14.1 Billion by the end of the analysis period. Growth in the Fluids segment is estimated at 6.7% CAGR for the next 8-year period.
The global silicone market faced hindrances due to the pandemic in 2020, but vendors are now identifying new growth opportunities. Competition remains robust, with 74 players worldwide in 2023, exhibiting varying degrees of market presence. Silicone, known for its versatility, is witnessing soaring popularity, driven by its wide range of applications.
Despite uncertainties arising from geopolitical tensions like the Russia–Ukraine conflict, the market outlook remains promising, propelled by various drivers and the emergence of 3D printing technologies.
The U.S. Market is Estimated at $3.5 Billion, While China is Forecast to Grow at 8.3% CAGR
Regional analyses, along with insights into silicone properties, features, and applications, contribute to a comprehensive understanding of the market landscape. Recent market activities reflect ongoing developments, while select global brands continue to make their mark in this dynamic industry.
The Silicone market in the U.S. is estimated at US$3.5 Billion in the year 2022. China, the world’s second largest economy, is forecast to reach a projected market size of US$7.1 Billion by the year 2030 trailing a CAGR of 8.3% over the analysis period 2022 to 2030.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.9% and 5.8% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 6% CAGR. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$5.8 Billion by the year 2030.
MARKET TRENDS & DRIVERS
- Industrial Processes Dictate Global Silicones Market as Main Application Segment
- The Rise in the Usage of Silicone
- Sector Promises Bright Prospects for Silicone Market
- Silicon Rubber Manufacturing at Inflection Point with Technological Advances
- Building & Construction Silicone Market to Drive Long Term Growth
- Market Fortunes Intrinsically Tied to the Global Construction Industry
- Recovery in Construction Sector to Boost Growth
- Trends in the Construction Industry Influence Market Uptake
- Rising Investments in Infrastructure Projects Strengthens Market Prospects
- Consumer Goods Industry Drives Demand for Silicone
- Impact of COVID-19 on Electrical Equipment & Consumer Electronics Industry
- Growing Market for Consumer Electronics Presents Opportunity for Silicone Market
- Smartphones & Tablets Emerge as High Growth Devices
- Personal Care Industry Emerges as a Promising End-Use Market for Silicone Products
- Recovery of Automotive Industry Activates Fresh Growth Opportunities for Silicone Market
- Comparison of Various Automotive Sealant Solutions
- Growing Focus on Light Weight Models Drive Strong Business Case for Silicone
- Factors Turbocharging Silicone Momentum in Automotive Industry
- Silicone Gaining Increased Acceptance in Medical Applications
- Growing Prominence of Silicone in Surgical and Medical Device Bonding Drive Demand in Medical Applications
- Wearable Medical Devices: A Lucrative End-use Market for Medical Silicone
- Antimicrobial Silicone Elastomers to Present Growth Opportunities for Silicone Market
- Silicone Elastomers Gain Attractive Penetration in Medical & Healthcare Industry
- Increasing White Goods and Electronic Components Manufacture Spurs Demand in the Electronics Sector
- Aerospace: A Potential Market for Silicone Sealants
- Aircraft Manufacture: A Critical End-Use Sector for Silicone
- Growth Patterns in Commercial Aviation Sector to Guide Growth Opportunities
- Expanding Alternative Energy Market Bodes Well for Silicone Sealants Demand
- Silicone Sealants: The Major Sealant Technology
- Fluctuating Raw Material Prices to Present the Silicone Market with Challenges
- Strict Regulatory Policies to Hinder the Market Growth of Silicones
- Regulations on Silicon Usage & Price Volatility: A Double-Pinch for Silicones Market
FOCUS ON SELECT PLAYERS (Total 74 Featured)
- Arkema Group
- Ashland Global Holdings, Inc.
- BASF SE
- CHT Germany GmbH
- Compagnie De Saint-Gobain SA
- CSL Silicones Inc.
- Dow, Inc.
- DuPont de Nemours, Inc.
- Elkem A/S
- Emerald Performance Materials LLC
- Evonik Industries AG
- Gelest, Inc.
- Kaneka Corporation
- KCC Corporation
- Milliken Chemical
- Momentive
- NuSil Technology LLC
- Primasil Silicones Limited
- Reiss Manufacturing Inc.
- Rogers Corporation
- Shin-Etsu Chemical Co., Ltd.
- Siltech Corporation
- Silteq Ltd.
- Specialty Silicone Products, Inc.
- Wacker Chemie AG
- Zhejiang Xin`an Chemical Group Co., Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/aadvec
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