The Global Market for Silicones is Projected to Reach US$20 Billion by 2022

Established Applications in Electronics & Growing Demand in Construction & Automotive Sectors to Drive the Silicones Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Silicones market. The global market for Silicones is projected to reach US$20 billion by 2022, driven by established applications in the electronics industry, and emerging new applications in construction, automotive and healthcare sectors.

Due to their ideal properties such as lightweight, thermal stability, ozone and UV light resistance, high permeability for gas, low chemical reactivity, non-stickiness, and water repellence, silicones are increasingly used in a wide range of applications. Construction, electrical & electronics, chemicals and healthcare, together account for over 50% share of silicones consumption worldwide. Electronics/electrical industry represents the largest and the fastest growing end-use market, backed by rising demand in high-growth applications such as LED components. UV resistance, longevity, water repellence, and energy efficiency of silicones are driving its use in the construction industry, especially in “green building” construction. In the automotive sector, increasing need for lower carbon emissions and lightweighting creates robust demand for silicones. Automotive Original Equipment Manufacturers (OEMs) are increasingly using silicones in under-the-hood applications.

Body implants, catheters & tubing, and release liner coatings in pressure-sensitive adhesives represent attractive application areas of silicones in the medical market. Use of silicones in the medical field is expected to be driven by its properties, such as compatibility with long-term implantable devices, resistance to bacteria, biocompatibility, and emergence as drug eluting product. The growth in demand for personal care products as well as pharmaceuticals is expected to spur opportunities for silicone fluid in the coming years. Silicone elastomers with desirable features such as low-temperature flexibility and oil- and flame-resistance are suitable for high-purity applications in medical and food industries. The global silicones market is dominated by a few big companies, including Dow Corning, Momentive Performance Materials, and Wacker Chemie. Shin-Etsu Chemical and Bluestar are the other important companies. High M&A activity in the market has led to the development of a small and consolidated group of leading companies.

As stated by the new market research report on Silicones, Asia-Pacific represents the largest market worldwide. The region also ranks as the fastest growing market with a CAGR of 7.8% over the analysis period led by the dominance of China in the field of electronics and construction, semiconductor manufacturing prowess of South Korea and Taiwan, and emerging new opportunities in the expanding healthcare sector.

Major players covered in the report include Arkema S.A., China National Chemical Corporation, Bluestar Silicones International, Dow Corning Corporation, Evonik Industries AG, Milliken & Company, Momentive Performance Materials Inc., NuSil Technology LLC, Shin-Etsu Chemical Co., Ltd., and Wacker Chemie AG, among others.

The research report titled "Silicones: A Global Strategic Business Report" announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, growth drivers, mergers and acquisitions, and other strategic industry activities of major companies worldwide. The report provides market estimates and projections for geographic markets, such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, South Korea, and Rest of Asia-Pacific), Latin America, and Rest of World. End-use application segments analyzed in the report include Chemical, Automotive, Construction, Electronics/Electrical, Healthcare, Plastics, and Others (includes Paper & Textiles Sectors). Product segments analyzed for the US and Chinese markets include silicone fluids, silicone elastomers, and silicone resins & gels.  

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