The silicone polymer market is driven by its diverse range of applications in various industries such as construction, healthcare, personal care, automotive, and electronics. The increasing demand for silicone-based products in these sectors, owing to their unique properties like high temperature stability, chemical resistance, and water repellency, is expected to drive market growth. Additionally, the growing adoption of silicone polymer in the production of electric vehicles, electronic gadgets, and medical implants is projected to further fuel market growth. However, factors such as volatile raw material prices and environmental concerns related to the disposal of silicone products may hinder market growth. The Asia Pacific region is expected to dominate the market due to the presence of numerous manufacturing facilities and high demand from end-use industries.
The global Silicone Polymer Market was valued at US$ 13,800.00 Mn in 2020, and is expected to reach US$ 19,329.78 Mn by 2028, exhibiting a CAGR of 5.1% during the forecast period.
Market Players in the Silicone Polymer Industry:
1. Dow Inc.
Dow Inc. is a US-based multinational materials science company that produces a wide range of chemical and plastic products. The company was founded in 2019, after the separation from its parent company, DowDuPont Inc. Dow Inc. operates in more than 160 countries worldwide. In recent development, on February 15, 2023, Dow Inc. announced the launch of a new line of silicone polymer products for use in the automotive industry.
2. Elkay Chemicals Pvt. Ltd.
Elkay Chemicals Pvt. Ltd. is an India-based company that produces and sells a wide range of chemical products, including silicone polymers. The company was founded in 1982 and operates in several countries worldwide. In recent development, on January 10, 2023, Elkay Chemicals Pvt. Ltd. announced the launch of a new line of silicone polymer products for use in the construction industry.
3. Elkem ASA
Elkem ASA is a Norway-based company that produces and sells a range of specialty silicone and silicon-based products. The company was founded in 1904 and operates in more than 50 countries worldwide. In recent development, on March 20, 2023, Elkem ASA announced the acquisition of a US-based silicone polymer producer, expanding its global presence in the industry.
4. Evonik Industries AG
Evonik Industries AG is a Germany-based multinational specialty chemicals company that produces a range of products, including silicone polymers. The company was founded in 2007 and operates in more than 100 countries worldwide. In recent development, on February 28, 2023, Evonik Industries AG announced the launch of a new silicone polymer product line for use in the cosmetics industry.
5. Gelest Inc.
Gelest Inc. is a US-based company that produces and sells a range of specialty silicone and organic materials. The company was founded in 1991 and operates in several countries worldwide. In recent development, on March 15, 2023, Gelest Inc. announced the expansion of its silicone polymer product line for use in the electronics industry.
6. Innospec Inc.
Innospec Inc. is a US-based company that produces and sells a range of specialty chemicals, including silicone polymers. The company was founded in 1938 and operates in several countries worldwide. In recent development, on January 25, 2023, Innospec Inc. announced the launch of a new line of silicone polymer products for use in the personal care industry.
7. KCC Corporation
KCC Corporation is a South Korea-based company that produces and sells a range of chemical and construction materials, including silicone polymers. The company was founded in 1958 and operates in several countries worldwide. In recent development, on February 1, 2023, KCC Corporation announced the launch of a new line of silicone polymer products for use in the automotive industry.
8. Reiss Manufacturing Inc.
Reiss Manufacturing Inc. is a US-based company that produces and sells a range of silicone and rubber products, including silicone polymers. The company was founded in 1947 and operates in several countries worldwide. In recent development, on January 15, 2023, Reiss Manufacturing Inc. announced the expansion of its silicone polymer product line for use in the healthcare industry.
9. Shin-Etsu Chemical Co., Ltd.
Shin-Etsu Chemical Co., Ltd. is a Japan-based company that produces and sells a range of chemical and electronic materials, including silicone polymers. The company was founded in 1926 and operates in more than 30 countries worldwide. In recent development, on March 10, 2023, Shin-Etsu Chemical Co., Ltd. announced the expansion of its silicone polymer production capacity at its plant in Thailand, to meet growing demand in the region.
10. Siltech Corporation Inc.
Siltech Corporation Inc. is a Canada-based company that produces and sells a range of silicone-based specialty chemicals. The company was founded in 1989 and operates in several countries worldwide. In recent development, on February 1, 2023, Siltech Corporation Inc. announced the launch of a new line of silicone polymer products for use in the coatings and adhesives industry.
11. Supreme Silicones
Supreme Silicones is an India-based company that produces and sells a range of silicone-based products, including silicone polymers. The company was founded in 1989 and operates in several countries worldwide. In recent development, on January 20, 2023, Supreme Silicones announced the launch of a new line of silicone polymer products for use in the healthcare industry.
*Definition- Silicone polymer refers to a synthetic material made of repeating silicon-oxygen (Si-O) units, which possesses unique properties like high temperature stability, chemical resistance, and water repellency
