Silicone Market Share Competitive Landscape

Vijay Ovhal
Vijay Ovhal 5/3/2023 5:12:52 AM

Silicone Market Share, Competitive Landscape, Industry
Overview, Report and Forecast 2023 – 2030

The silicone market is speculated to grow massively by 2030
owing to rising product penetration in the construction and healthcare
industries. In addition, mounting awareness of the advantageous properties of
silicone is likely to further augment market growth over the forecast period.

Silicone is a siloxane-based polymer that has multiple
benefits, such as thermal stability, low toxicity, repelling water, UV light
& oxygen resistance, good insulation, high gas permeability, and so on. Due
to these properties, silicone is widely used in sealants, medicines,
insulations, lubricants, and molds.

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In the initial days of the COVID-19 outbreak, the industry
witnessed a huge decline in demand specifically due to lockdowns and
disruptions in the global supply chain. However, amidst the lockdown,
increasing focus on hygienic habits among people, along with government
protocols on protection from external infections, boosted silicone market
growth.

Recently, major industry players have been focusing on
forming strategic alliances to expand their business presence in the industry.
For instance, in May 2022, Wacker Chemie AG, a German chemical company,
announced its plan to increase its global silicone rubber production capacity
to meet the growing uptake of silicone rubber across the globe. In line with
this move, it earmarked over €100*million ($104.4 million) for its HCR and LSR
production facilities.

The silicone market has been bifurcated in terms of
application, product, and region. With regards to application, the silicone
industry has been segmented into electronics, transportation, industrial
process, construction, personal care & consumer goods, healthcare, and
others.

The electronics application segment is expected to witness
substantial growth at a CAGR of over 6.5% through the assessment period.
Silicone products are used extensively in the electronics sector due to their
properties like thermal conductivity, ability to withstand high & low
temperatures, flame retardance, and superior electrical insulation.

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The silicone market share from the healthcare application
segment is estimated to expand significantly to exceed $1.2 billion in revenue
by the end of 2030. This growth is attributed to the medical applications of
silicone, such as extracorporeal equipment in kidney dialysis, finger and foot
joints, drains, catheters, contact lenses, shunts, and implants, among others.

The personal care & consumer goods application segment
is slated to register a valuation of approximately $5 billion by the end of the
analysis period driven by numerous benefits of silicone in personal care.
Silicone gives skin preparations a luxurious texture and adds exquisite
softness and shine to hair care products, which is likely to promote segmental
uptake.

In the regional landscape, the silicone industry in Latin
America is poised to grow at a CAGR of nearly 6% over the study timeframe as
silicone is widely used in the LATAM region. Meanwhile, the Middle East &
Africa silicone market is anticipated to register around $1.5 billion in
revenue by the end of 2030 on account of huge investment in offshore
exploration in the MEA oil & gas industry.

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Vijay Ovhal
Written by

Vijay Ovhal

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