Silicone Polymer MarketSize and Trends

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.

Figure 1. Global Silicone Polymer Market Revenue Share (%), By Region, 2020

Among region, Asia Pacific held highest market share of 42.3% in 2020, and is expected to retain its dominance during forecast period. The expanding construction sector in various countries such as China, Japan, India, Vietnam, Thailand, Australia, and others is expected to augment the silicone polymer demand over the forecast period. The increasing supportive measures such as tax breaks, incentives, and subsidies undertaken by several governments is expected to boost the growth of the construction sector in the region, which in turn is expected to boost the product demand during forecast period.

Market Trends

Growing demand for silicone polymer in medical applications owing to their low toxicity, low risk of unfavourable biological reactions is expected to boost the market growth during the forecast period. Moreover, the increasing demand for lightweight automobile parts and growing research and development activities to develop new and innovative products is expected to propel overall industrial growth over the forecast period. Furthermore, companies are focused on adopting aggressive marketing strategies to expand its market footprints along with enhancing customer base through developing new distribution channel is expected to grow the premium potting mix market during the forecast period.

Figure 2. Global Silicone Polymer Market Revenue Share (%), By End-Use Industry, 2020

On the basis of end-use industry, in 2020, the industrial process end use industry segment held 25.0% market share. The increasing demand for silicone polymers in various industrial process such as offshore drilling, paper making, leather packaging, labels, and airbags, industrial coatings, and antifoaming is expected to drive the demand for silicone polymer over the forecast period.