Silicone market forecast with a CAGR of 5 percent through 2028

Dublin, Ireland – The “Silicone Market – Growth, Trends and Forecasts (2023-2028)” report has been added to ResearchAndMarkets.com’s offering. The silicone market is expected to reach over 2600 kilotons by the end of this year. The market is projected to register a CAGR of more than 5% during the forecast period.

The Asia-Pacific region is expected to dominate the silicone market, with China and India leading the growth in this region. The demand for silicones in the region is driven by the electronics, automotive, and oil and gas industries, among others.

Overall, the silicone market is witnessing strong post-recovery growth during the forecast period, driven by its diverse applications in various industries and the continuous development of new technologies and products.

The key highlights driving the growth in this market are: Increased Usage in the Healthcare Industry: Silicones find widespread applications in the healthcare sector, including medical devices, implants, and prosthetics. The rising demand for healthcare products and advancements in medical technologies are likely to boost the usage of silicones in this industry.
Growing Demand from the Power Transmission and Distribution Sector: Silicones are used in power transmission and distribution equipment due to their excellent electrical insulating properties and resistance to extreme temperatures. The expansion of the power sector and infrastructure development is expected to drive demand for silicones.
Rising Applications in the Automotive Industry: Silicones are used in various automotive components, such as gaskets, seals, adhesives, and lubricants. The growth in the automotive industry and the shift towards electric vehicles may contribute to increased silicone usage.
Opportunity in Electroactive Polymers (EAP): Rising potential demand for electroactive polymers from various end-users presents an opportunity for the silicone market. EAPs are smart materials that change shape or size in response to an electrical stimulus.
However, there are challenges to the market’s growth, including the impact of geopolitical tensions and the rising number of government regulations, which may hinder the market’s expansion.

The silicone market is consolidated, with most of the share accounted for by key players. Some of the market’s major players include Wacker Chemie AG, Dow, Shin-Etsu Chemical Co. Ltd, Momentive, and Elkem ASA, among others.