Global silicone polymer market forecast with a CAGR of 5.1 percent by 2028
Seattle, WA – According to Coherent Market Insights the global silicone polymer market was valued at US$ 13,800.00 million in 2020, and is expected to exhibit a CAGR of 5.1% during the forecast period (2021-2028 ).
The rapidly expanding building & construction industry in emerging and developed economies such as India , China , Mexico , Brazil , the US, Canada , and Germany is expected to boost the silicone polymer demand during forecast period. For instance, according to the Global Alliance for Buildings and Construction, the global construction market size is expected to reach US$ 13,572.4 billionby 2024. Increasing urbanization due to growing population globally, rapid technological advancements in infrastructure development and rise in disposable income is expected to drive the global construction market revenue growth over the forecast period. Moreover, the increasing demand for lightweight automobile parts and growing research and development activities to develop new and innovative products is expected to propel silicone polymer demand during the forecast period. Lightweight materials such silicone elastomer, resin, and silicone emulsions are used to reduce automobile weight, which results in decreasing the overall fuel consumption. High thermal stability associated with silicone polymers is estimated to boost its demand in automotive applications during the forecast period.
The global silicone polymer market is expected to exhibit a CAGR of 5.1% over the forecast period (2021-2028). Silicone polymer possesses excellent properties such as chemical inertness, resistance to water and oxidation, and stability at both high and low temperatures. Due to these properties they are used in wide range of commercial applications, from lubricating greases to electrical-wire insulation and biomedical implants.
Europe is the second largest region in the global silicone polymer market and is expected to show the same trend over the forecast period (2021 – 2028). Increasing adoption rate, owing to the rapidly expanding building & construction industry, automobile industry, and industrial process industry. The growing renovation and reconstruction activities in Germany , France , and other European countries is expected to boost the demand for silicone polymers during forecast period.
Key players operating in the market include Dow Inc, Elkay Chemicals Pvt. Ltd., Elkem ASA, Evonik Industries AG, Gelest Inc., Innospec Inc, KCC Corporation, Reiss Manufacturing Inc., Shin-Etsu Chemical Co., Ltd., Siltech Corporation Inc., Supreme Silicones, and Wacker Chemie AG. These players are adopting various organic and inorganic growth strategies such as new product launches, expansion, collaboration, joint ventures, strategic alliances , and others to increase their product portfolio and business operations.