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
