Worldwide Silicone Market is forecast to reach 11.21 Million Tonnes by 2030

Silicone market has shown promising growth in the past five years and is anticipated to achieve a CAGR of 4.55% during the forecast period.
NEW YORK - June 16, 2022 - PRLog -- Silicone Market demand stood at 7.21 Million Tonnes in 2020 and is forecast to reach 11.21 Million Tonnes by 2030, growing at a healthy CAGR of 4.55% during the forecast period owing to its versatile properties like durability, heat resistance, foam control, adhesion, UV stability, discharge safety, transparency, glossiness, radiation resistance, and flexibility. These properties of Silicone make it useful for making seals and gaskets for autoclaves or hot air ovens that are needed to be sterilized at high temperature. Silicone elastomers because of their low toxicity and risk for any adverse biological reactions, have attained acceptance in use for medical as well as food applications.

Silicone is an inert synthetic polymer manufactured by polymerizing siloxanes which are monomers containing silicon atoms connected by oxygen, carbon and hydrogen atoms. The different types of Silicone are elastomers, resins, fluids, and gels. They are utilized in making lubricants, adhesives, medical applications, insulations, and cookware. Due to its versatile properties, Silicones have several end use industries such as building and construction, industrial process, personal care and consumer products, electronics, transportation, medical and healthcare, energy. Surging demand form the construction as well electronics industry is estimated to drive the demand of Silicone for the forecast period.

In 2020, the spread of COVID-19 in major global economies caused nationwide lockdowns which had an impact on a number of industries including Silicone associated industries because the manufacturing plants were not operational coupled with the disruption the demand and supply chain during the lockdowns. However, Due to heavy demand from end use industries such as healthcare, construction, and electronics the market for Silicone was resumed back with full potential after the relaxation in lockdowns. Additionally, increasing use of liquid silicon rubber in Automotive and Medical industries is likely to boost the silicone market over the forecast period.

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Major Players:
  • Dow,
  • Emerald Performance Materials,
  • Evonik Industries AG,
  • Jiangsu Mingzhu Silicone Rubber Material Co., Ltd,  
  • Kaneka Corporation,
  • Shin-Etsu Chemical Co. Ltd,
  • Wynca Group,
  • Hoshine Silicon Industry Co. Ltd,
  • Elkay Chemicals Pvt. Ltd.,
  • Supreme Silicones,
  • Specialty Silicone Products, Inc.

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