September 24, 2024
Boston: “According to the latest BCC Research study, the demand for “Silicones: Global Markets” is expected to grow from $17.4 billion in 2024 and is projected to reach $23.3 billion by the end of 2029, at a compound annual growth rate (CAGR) of 6.0% during the forecast period of 2024 to 2029.”
The report provides an in-depth analysis of the global silicone market, focusing on its wide-ranging industrial applications in sectors such as transportation, construction, personal care, energy, healthcare, and electronics. It examines critical parameters evaluated by industries and regulatory bodies, given the ongoing advancements and expansions within these sectors. BCC Research has segmented the silicone market by product form—silicone elastomers, fluids, resins, gels, and others—and by end-use industries, including industrial processes, construction, personal care, transportation, energy, healthcare, and electronics. The report offers detailed market estimations in terms of value (in millions of dollars) and volume (in kilotons), with 2023 as the base year and forecasts extending from 2024 to 2029. Additionally, it covers regional market sizes across Asia-Pacific, Europe, North America, and the Rest of the World (RoW), while discussing market strategies, ESG development, regulatory landscape, key players, and driving forces shaping the industry.
The relevance of this report is underscored by the rapidly growing markets in sectors like construction, transportation, and electronics, all of which are driving a heightened demand for binding and coating substances. This surge is directly elevating the need for silicone products, a critical material in these industries. Moreover, with the rising concerns over pollution and environmental impact, the recycling of silicone has gained importance, opening doors for sustainable silicone products that can help reduce the carbon footprint. This shift not only creates new opportunities for businesses to enter the market but also highlights the essential role of silicone in the continued expansion of global industries.
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The following factors drive the global market for silicones:
Surge in the Construction and Automotive Industries: Silicones are heavily used in construction for their sealants, adhesives, and coatings because they are durable and withstand harsh weather conditions. In the automotive sector, silicones are crucial for making gaskets, hoses, and other parts that need to handle hot temperatures and tough environments. As these industries expand, the demand for silicones naturally increases.
Increasing Demand for Silicone in Energy and Electronics Industries: In the energy sector, silicones are important for renewable technologies like solar panels and wind turbines, where they provide essential insulation and protection. For electronics, silicones are used to encase and protect delicate components, ensuring devices are reliable and long-lasting.
Growing Silicone Usage in Healthcare and Medical Applications: The healthcare industry relies on silicones for many uses, such as in medical devices, implants, and prosthetics, thanks to their compatibility with the human body and their flexibility. They are also used in wound care products and drug delivery systems, which help improve patient outcomes.
Rise of Silicone Recycling: With increasing environmental concerns, recycling silicones is becoming more common. This helps to minimize waste and reduce the environmental impact of silicone production. This trend is driven by stricter regulations and a growing emphasis on sustainability among manufacturers and consumers.
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Report Synopsis
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Report Metrics |
Details |
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Base year considered |
2023 |
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Forecast Period considered |
2024-2029 |
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Base year market size |
$16.5 billion |
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Market Size Forecast |
$23.3 billion |
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Growth rate |
CAGR of 6.0% for the forecast period of 2024-2029 |
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Segment Covered |
Product Form, End User, and Region |
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Regions covered |
North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
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Countries covered |
China, India, Japan, the U.S., Canada, Mexico, Germany, Spain, and France |
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Key Market Drivers |
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Key Interesting Facts About the global market for silicones:
The global market for silicones report includes in-depth data and analysis addressing the following important queries:
1. What is the projected market size and growth rate of the market?
2. What are the key factors driving the growth of the market?
3. What segments are covered in the market?
4. By end-user, which segment will dominate the market by the end of 2029?
The construction segment silicone market will continue to dominate the market by the end of 2029.
5. Which region has the highest market share in the market?
Some of the Key Market Players Are:
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Global Markets for Adhesives & Sealants or Joining and Fastening: This report provides a comprehensive overview of the global adhesives and sealants market, emphasizing their critical role across various industries including transportation, woodworking, packaging, construction, medical and healthcare, and consumer goods. With growing industrialization driving demand, advancements in adhesive and sealant technologies, such as hot melt, solvent-based, and silicone formulations, are crucial. The market analysis includes segmentation by type, technology, chemicals, curing techniques, and end-use sectors, forecasting market growth from 2024 to 2029 across key regions like Asia-Pacific, Europe, North America, and the Rest of the World (RoW). Key players, market strategies, and environmental, social, and governance (ESG) considerations also feature prominently in this assessment of the market landscape.
Elastomers: Applications and Global Markets: This report provides comprehensive insights into the global elastomers industry, detailing the several types of elastomers, such as thermosets and thermoplastics, and the processes associated with them, including injection molding, extrusion, adhesive, and coating. It also examines the key end-use industries that rely on elastomers, such as automotive, industrial, medical, consumer goods, and building and construction. The report offers market estimates based on manufacturers' total revenues, with projected revenue values presented in constant U.S. dollars. Additionally, the market is segmented by region, covering North America, Europe, Asia-Pacific (APAC), and the Rest of the World (RoW).
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Silicones: Global Markets( AVM207B )
Publish Date: Aug 2024
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