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(Medical-NewsWire.com, September 14, 2022 ) The global "Silicone Market size is projected to grow from USD 16.7 billion in 2021 to USD 23.4. billion by 2026, at a Compound Annual Growth Rate (CAGR) of 7.0% during the forecast year. The market is projected to witness decent growth in the near future, owing to the rising demand from various end-use industries. The increasing demand for personal care and cosmetic products, particularly in APAC, is expected to boost the demand for silicone in the personal care industry.
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COVID-19 impact on the global silicone market
Due to COVID-19 pandemic, several government had imposed lockdown to prevent the spread of virus owing to which several manufacturer had suspended the manufacturing operations. The manufacturer suspended the operation not only because of government restriction but also due to lowered demand, supply chain disruption, and for safety of employees. Several Tier I and II suppliers such as the Dow Chemical Company (US), Shin-Etsu Chemical Co. Ltd., (Japan), Wacker Chemie AG (Germany), Elkem ASA (Norway), KCC Corporation (South Korea) and Momentive (US), among others had suspended the production of silicone during the COVID-19 pandemic. Moreover, due to supply chain disruption, the raw material prices were increased which, in turn, had resulted into increase in the price of silicones.
By end-use industry, the industrial process segment is estimated to lead the silicone market in2020, in terms of value & volume.
The industrial process is the largest end-use industry for silicone in 2020 in terms of value and volume. Silicones are extensively used in numerous industrial processes. In industrial processes, they are widely used in a plethora of applications such as lubricants, anti-foaming agents in offshore drilling and paper production, industrial coatings, and paint additives. Silicones have become highly popular due to their high-performance characteristics and are replacing other conventional materials in several industrial applications.
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Browse in-depth TOC on "Silicone Market”
209 - Market Data Tables
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The APAC region is projected to account for the largest share in the silicone market during the forecast period.
The APAC region is projected to lead the silicone market in terms of both value and volume from 2021 to 2026. The growth in this region can be attributed to the rapidly increasing demand for silicone from the end-use industries, especially electronics, building & construction, personal care & consumer products, and transportation. Moreover, several silicone manufacturers, such as Wacker Chemie AG (Germany) and Shin-Etsu Chemical Co. Ltd., (Japan) are setting up or expanding their manufacturing facilities in this region to leverage low manufacturing and labor costs and high demand from end-use industries, thereby boosting the demand for silicone in the region.
The Dow Chemical Company (US), Wacker Chemie AG (Germany), Shin-Etsu Chemical Co. Ltd. (Japan), Elkem ASA (Norway), Momentive (US), KCC Corporation (South Korea), Evonik Industries AG (Germany), Gelest Inc. (US), and Innospec Inc. (US), are the leading silicone manufacturers, globally.
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