The global silicone polymer market was valued at US$ 13,800.00 million in 2020, according to Silicone Polymer Market Report, by Type (Elastomers, Fluids, Resins, Gels, and Others), by End-Use Industry (Industrial Process, Building & Construction, Transportation, Personal Care & Consumer Products, Electrical & Electronics, Pharmaceutical, Energy, and Others (Automobiles etc.)), and by Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa), published by Coherent Market Insights.
The global silicone polymer market is expected to surpass US$ 19,329.78 million by 2028, exhibiting a CAGR of 5.1% during the forecast period (2021-2028). Increasing demand for silicone polymers in various industrial process application segment such as lubricants in offshore drilling, industrial coatings (paint additives), and antifoaming is expected to drive the demand for silicone polymers over the forecast period.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/silicone-polymer-market-5017
Browse 50 market data tables* and 40 figures* on "Silicone Polymer Market” - Global Forecast to 2028.
Key Trends and Analysis of the Global Silicone Polymer Market:
- Among region, Asia Pacific region is leading the market with 42.3% of market share in 2020, and is expected to retain its dominance during forecast period. The large market share of the region is mainly attributed to the presence of several large, medium, and small-sized market players in the region. The major market players are shifting their manufacturing facilities to Asia Pacific region from Europe and North America due to easy availability of raw materials, cheap labors, and others, which in turn is expected to boost the market during forecast period.
- The penetration of silicone polymer has increased considerably in the electric vehicle industry over the past few years owing to their lightweight, robust performance, high resistance to corrosion, and efficiency
Key Takeaways of the Market:
- Among product, elastomers segment held highest market share of 39.80% in 2020, and is expected to retain its dominance during forecast period. Elastomers are vulcanized silicone-based polymers that are made with a combination of linear polymers, cross linker, reinforcing agents, and a catalyst. Elastomer silicone types are used in various applications such as paints & coatings, electrical vehicles, textiles, construction, electronics, and others.
- Players operating in the global silicone polymer market include Dow Inc, Elkay Chemicals Pvt. Ltd., Elkem ASA, Evonik Industries AG, Gelest Inc., Innospec Inc, KCC Corporation, Reiss Manufacturing Inc., Shin-Etsu Chemical Co., Ltd., Siltech Corporation Inc., Supreme Silicones, and Wacker Chemie AG. These players are adopting various organic and inorganic growth strategies such as new product launches, expansion, collaboration, joint ventures, strategic alliances, and others to increase their product portfolio and business operations.
Global Silicone Polymer Market - Impact of Coronavirus (COVID-19) Pandemic
- Several countries across the globe resorted to lockdowns to flatten the curve of the infection. The lockdowns have resulted in shutting of businesses and ceasing of almost all economic activities. The virus impacted major producers of silicone polymer, and the entire ecosystem of silicone polymer including raw materials suppliers, formulators, distributors, and retailers. The virus outbreak in China and the gradual spread across the globe has upset the supply chains across the globe. The shortages in silicone polymer had severe impact on planting, crop development, and harvest later this year, which can lead to food crisis. According to Coherent Market Insights’ analysis, the gap in the demand-supply will lead to irrational prices for silicone polymer.
