Global Silicone Market Outlook to 2026

Silicones are synthetic polymers with a silicon-oxygen backbone. Silicones impart various benefits to the products in which they are used, including enhanced flexibility and durability, resistance to heat, acid, ultraviolet radiation, etc. According to Researcher, the global silicone market is expected to witness a significant growth rate during the forecast period. The market for silicone is being driven by the efficient and sustainable properties of silicone. Further, the rising demand for silicone from the construction industry as its usage in structural glazing and weatherproofing, while contributing to the energy efficiency of the buildings is likely to drive the global silicone market during the forecast period. However, stringent regulatory policies and the fluctuating raw material prices of silicone are expected to hinder the growth of the market.

Asia-Pacific continues to hold dominance during the forecast period due to the fast-growing automotive industry and rising awareness among consumers against the harmful effects of plastic in the region. Further, huge expenditure is incurred on infrastructure in developing nations, like China and India, which is driving the silicone market in the region. For instance, Asian multinational enterprises are building various power plants with target operational years between 2018 and 2020.

In terms of application, the construction sector is likely to drive the market as advanced architecture is the need of the modern construction era. Aesthetically appealing glass frontages and skyscrapers for building hotels, offices, etc. are filling the modern infrastructural setting. Therefore, silicone is good in fulfilling this purpose by providing improve in-shop productivity, extend building life, reduce material waste, and reduce lifecycle costs. Silicone sealants safeguard materials employed in such complex designs to stay glued and manage tension and movement.

In the year 2019, the global market for silicone was found to be consolidated with major players, including Wacker Chemie AG, Dow, Elkem Silicones, Momentive, Shin-Etsu Chemical Co. Ltd, and Evonik Industries AG, among others.

In August 2019, Elkem ASA acquired Basel Chemie, a South Korean producer of silicone gels for water repellents and cosmetics. This acquisition helped Elkem cater to a wide range of end-users. Moreover, In May 2019, The Investor Group (involves SJL Partners, KCC Corporation, and Wonik QnC Corporation) acquired Momentive. This acquisition is expected to strengthen the position and geographic reach of Momentive Performance Chemicals. It will also expand the financial position and product portfolio of the company.

Global Silicone Marketreport provides deep insight into the current and future state of the global silicone market across various regions.The study comprehensively analyzes theGlobal Silicone Market by segmenting based on geography, by Type (Fluids, Elastomers, Resins, Others), and by Application (Construction, Energy and Electronics, Healthcare, Automotive, Industrial Processes, Personal Care and Consumer Products, and Others). The report examines the market drivers and restraints that are influencing the growth in detail. The study covers & includes emerging market trends, developments, opportunities, and challenges in the industry. This report also covers extensively researched competitive landscape sections with profiles of major companies including their market shares and projects.