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According to the new market research report "The silicone market by type (elastomers, fluids, resins, gels), end-use industries (industrial processes, construction and construction, personal care and consumer products, transportation, electronics, medical and healthcare , Energy), Regional-Global Forecast to 2025", the scale is expected to grow from USD 14 billion in 2020 to USD 23.3 billion in 2025, with a compound annual growth rate of 10.7% during the forecast period. The main factors driving the silicone industry include the superiority of the material and its high demand in different end-use industries, such as construction and construction, personal care and consumer products, transportation and electronics.

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The silicone market has been subdivided into elastomers, liquids, resins, gels, and other products based on types. Among these types, the elastomer segment accounted for the largest market share in 2019, and may see significant growth during the forecast period. The growth of this segment is due to its increasing use in a variety of products, including voltage line insulators, cooking, baking and food storage products: underwear, sportswear and footwear; electronics; medical equipment and implants ; And family spacers and O-rings. The physiological inertness of silicone elastomer makes it suitable for use in the healthcare industry, especially blood transfusion and artificial heart valves and various prosthetic devices.

As electronic chips, semiconductors, printed circuit boards (PCBs) and electronic control units (ECU), LED equipment, and various information and communication technology (ICT) equipment such as mobile phones, computers, and tablets continue to increase demand for silicone materials, the electronic terminal industry The field is developing rapidly. In addition, the trend of increasing miniaturization in the electronics industry forces electronic component manufacturers to produce smaller components, which require higher heat resistance to reduce the probability of failure and ensure reliability.

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It is estimated that the global silicone market will grow from USD 14 billion in 2020 to USD 23.3 billion in 2025, with a compound annual growth rate of 10.7% during the forecast period. Due to increased demand from various end-use industries, the market is expected to show good growth in the near future. The increasing demand for personal care and cosmetics, especially in the Asia-Pacific region, is expected to drive the demand for silicone in the personal care industry.

The Dow Chemical Company (USA), Wacker Chemie AG (Germany), New Esson Chemical Co., Ltd. (Japan), Elkham ASA (Norway), Movable (USA), KCC (Korea), Evonik Industrial Joint Stock Company (Germany), Gelest Company (USA) and Innospec (USA) are the world's leading silicone manufacturers. These companies regard expansion, new product development, joint ventures and mergers and acquisitions as their main growth strategies from 2015 to 2020 to gain a competitive advantage in the silicone market.

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The Dow Chemical Company (USA) is one of the leading companies in the silicone market. The company has been focusing on organic strategies such as expansion and new product development to maintain its leading position in the market. For example, in September 2018, The Dow Chemical Company announced an investment plan to meet the demand for silica gel and promote innovation. The low capital intensity and high return on investment of its upstream and downstream silica gel franchise will accelerate innovation and support global customer needs. This will further promote high growth in markets such as high-performance construction, home and personal care, electrical and industrial, consumer goods and component assembly.

Wacker Chemie AG (Germany) is another major player in the silicone market. In July 2019, during the K 2019 event in Dusseldorf, Germany, the company launched a new thermoplastic polyurethane (TPO) silicone additive called Genioplast Pellet 345. In June 2019, the company expanded its silicone elastomer production in China with an annual production capacity of 7,000 metric tons. This expansion will support Wacker's future growth path in China and increase the availability of HCR (High Consistency Rubber) in the Asia-Pacific region.

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