The global silicone market size is estimated to grow from USD 14.0 billion in 2020 to USD 23.3 billion by 2025, at a CAGR of 10.7% during the forecast period. The market is projected to witness decent growth in the near future, owing to the rising demand from various end-use industries. The increasing demand for personal care and cosmetic products, particularly in APAC, is expected to boost the demand for silicone in the personal care industry.
APAC is estimated to be the leading silicone market during the forecast period. The growth in this region can be attributed to the rapidly increasing demand for silicone from the end-use industries, especially electronics, building & construction, personal care & consumer products, and transportation. Moreover, several silicone manufacturers, such as Wacker Chemie AG (Germany) and Shin-Etsu Chemical Co. Ltd., (Japan) are setting up or expanding their manufacturing facilities in this region to leverage low manufacturing and labor costs and high demand from end-use industries, thereby boosting the demand for silicone in the region.
The Dow Chemical Company (US), Wacker Chemie AG (Germany), Shin-Etsu Chemical Co. Ltd., (Japan), Elkem ASA (Norway), Momentive (US), KCC Corporation (South Korea), Evonik Industries AG (Germany), Gelest Inc. (US), and Innospec Inc. (US), are the leading silicone manufacturers, globally. These companies adopted expansion, new product development, joint venture, and merger & acquisition as their key growth strategies between 2015 and 2020 to earn a competitive advantage in the silicone market.
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The Dow Chemical Company (US) is one of the leading players 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 investment plans to meet the demand for silicone and drive innovation. The low capital intensity, high return-on-investment in its upstream and downstream silicone franchise will accelerate innovation and support the global customer demand. This will further boost high growth in markets, such as high-performance buildings, home and personal care, electrical and industrial, consumer goods and components assembly.
Wacker Chemie AG (Germany) is another major player in the silicone market. In July 2019, the company launched new silicone additives for thermoplastic polyurethanes (TPUs) under the brand name, Genioplast Pellet 345 during the K 2019 event in Dusseldorf, Germany. In June 2019, the company expanded its silicone elastomer production in China with an annual capacity of 7,000 metric tons. This expansion will support Wacker’s future growth path in China and improve the availability of HCR (High Consistency Rubber) in the APAC region.
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