Silicone also known as polysiloxane is a polymer made up of siloxane. It is a high performing oligomer having several physical forms like solid, liquid, oil, grease, etc. The unique properties of silicone include low chemical conductivity, low toxicity, resistance to oxygen, ozone and ultraviolet light, high gas permeability, prevents microbiological growth, etc. The compounds of silicone are pervasive in the environment. Silicone conduct electricity and do not crack, crumble, rot, peel and brittle. It is well known for its low compression set in both extremes of heat and cold and has a long durability. Widely used in coating, gaskets, keyboard pads, sealants, cooking utensils, insulation, seals, etc.
The global silicone market stood at USD 16.7 billion in 2021 and is likely to reach USD 23.4 billion by the end of 2027 by registering a CAGR of 7.0% during the forecast period, 2021-2027. The vital factor for the rising demand is mainly because of its usage in numerous industries. The demand for light weighted materials in the automobile industry, fuels the growth of silicone and a huge amount is spent on research and development for expanding the usage of silicone in producing new materials and widening the end user industry.
As people are shifting to healthy life style, they prefer utensils that are made of non-toxic material like silicone where there can be a contact with food. Silicone also helps in reducing the effects of high-polluting industry by providing dry cleaning liquid solvent which is considered as an alternative for chlorine containing perchloroethylene solvent. Further, there has been many experiments conducted by scientists for increasing the usage of silicone in industries like cosmetics, personal care, medicine, etc.
The increase in demand for medical-grade silicone is due its wide usage in medical devices as they are super flexible, stable and biocompatible and also improves the performance of these devices. The strong chemical structure with compatibility makes the silicone best suitable for the devices. Further, there has been an increase in the usage of silicone in peristaltic pumps and surgical components that in return increases the demand for silicone.
As people largely rely upon plastic for many purposes, a good alternative for plastic is silicone which is considered to be human and ocean friendly. As the silicone products usually have a long durability, the consumption of raw material is low and those materials can be used for producing various essential items, reducing the carbon footprint. Also using silicone in the manufacturing of solar panels can reduce the carbon emission as well as increase the average energy payback time.
Based on the type, the global silicone market can be segmented into Elastomers, Fluids, Resins, Gels, Others. The elastomer segment is witnessed to have the highest market share in the forecasted period. The demand for this segment is mainly for its heat stability property and is majorly used for electrical insulation like wires, tapes, extruded mouldings and sleeving, sheets, etc. It is also used in various products like food storage products, cooking, undergarments, sportswear, medical devices etc. It offers a very unique property like serviceability over the temperature range of +500 degree to -150 degree and has stability against weathering and resistance to chemicals.
Based on the end user, the global silicone market can be segmented into Industrial Process, Building & Construction, Transportation, Personal Care & Consumer Products, Medical & Healthcare, Paper, Textile, Electronics, Energy, Others. The industrial process segment captures the highest revenue in the market. Silicone is used as lubricant in brake, bicycle chain, etc for its stability at high temperature, in industrial coating to have a waterproof and strong composite, in paints for stain resistance, in paper production, etc.
Based on the region the global silicone market can be segmented into North America, Europe, Asia Pacific, South America, Middle East and Africa. The Asia Pacific region is considered to have the leading market share for the 2021. The main reason is due to the increase demand in the automotive sector mainly in India and China with low manufacturing cost. Also, a raise in the construction activity and usage of silicone in personal care and medical industry has burgeoned resulting to increase the demand of silicone.
Companies such as Wacker Chemie AG, KCC Corporation, Shin-Etsu Chemical Co., Ltd, Gelest Inc, Evonik Industries AG, The Dow Chemical Company, Kaneka Corporation, Arkema Group, Ferroglobe PLC, Quantum Silicone are the key players in the global silicone market.