Global Silicone Strategic Industry Report 2022-2024 and 2030: Industrial Processes Dictate Silicones Market as Main Application Segment

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 SegmentThe Rise in the Usage of SiliconeSector Promises Bright Prospects for Silicone MarketSilicon Rubber Manufacturing at Inflection Point with Technological AdvancesBuilding & Construction Silicone Market to Drive Long Term GrowthMarket Fortunes Intrinsically Tied to the Global Construction IndustryRecovery in Construction Sector to Boost GrowthTrends in the Construction Industry Influence Market UptakeRising Investments in Infrastructure Projects Strengthens Market ProspectsConsumer Goods Industry Drives Demand for SiliconeImpact of COVID-19 on Electrical Equipment & Consumer Electronics IndustryGrowing Market for Consumer Electronics Presents Opportunity for Silicone MarketSmartphones & Tablets Emerge as High Growth DevicesPersonal Care Industry Emerges as a Promising End-Use Market for Silicone ProductsRecovery of Automotive Industry Activates Fresh Growth Opportunities for Silicone MarketComparison of Various Automotive Sealant SolutionsGrowing Focus on Light Weight Models Drive Strong Business Case for SiliconeFactors Turbocharging Silicone Momentum in Automotive IndustrySilicone Gaining Increased Acceptance in Medical ApplicationsGrowing Prominence of Silicone in Surgical and Medical Device Bonding Drive Demand in Medical ApplicationsWearable Medical Devices: A Lucrative End-use Market for Medical SiliconeAntimicrobial Silicone Elastomers to Present Growth Opportunities for Silicone MarketSilicone Elastomers Gain Attractive Penetration in Medical & Healthcare IndustryIncreasing White Goods and Electronic Components Manufacture Spurs Demand in the Electronics SectorAerospace: A Potential Market for Silicone SealantsAircraft Manufacture: A Critical End-Use Sector for SiliconeGrowth Patterns in Commercial Aviation Sector to Guide Growth OpportunitiesExpanding Alternative Energy Market Bodes Well for Silicone Sealants DemandSilicone Sealants: The Major Sealant TechnologyFluctuating Raw Material Prices to Present the Silicone Market with ChallengesStrict Regulatory Policies to Hinder the Market Growth of SiliconesRegulations on Silicon Usage & Price Volatility: A Double-Pinch for Silicones Market

FOCUS ON SELECT PLAYERS (Total 74 Featured)

Arkema GroupAshland Global Holdings, Inc.BASF SECHT Germany GmbHCompagnie De Saint-Gobain SACSL Silicones Inc.Dow, Inc.DuPont de Nemours, Inc.Elkem A/SEmerald Performance Materials LLCEvonik Industries AGGelest, Inc.Kaneka CorporationKCC CorporationMilliken ChemicalMomentiveNuSil Technology LLCPrimasil Silicones LimitedReiss Manufacturing Inc.Rogers CorporationShin-Etsu Chemical Co., Ltd.Siltech CorporationSilteq Ltd.Specialty Silicone Products, Inc.Wacker Chemie AGZhejiang Xin`an Chemical Group Co., Ltd.

For more information about this report visit https://www.researchandmarkets.com/r/aadvec

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