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Silicone Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The silicone market was valued at over USD 15,000 million in 2021, and the market is projected to register a CAGR of greater than 6. 5% during the forecast period (2022-2027). The COVID-19 pandemic has hampered the silicone market.
New York, June 21, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Silicone Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06288096/?utm_source=GNW
Due to nationwide lockdowns, strict social distancing, and disruption in the global supply chain, most factories and industries were completely shut down globally, which negatively impacted the building and construction, thus declining the demand for silicone. However, the rise in demand from the healthcare, personal care, and consumer products sectors due to increasing awareness of health and hygiene has stimulated the demand for silicone.
Over the medium term, the major factors driving the silicone market’s growth are the increasing demand from the construction and electronics industries. On the flip side, the adverse health impact of silicone is likely to hinder the growth of the market.
Rising awareness and use of liquid silicon rubber in manufacturing is likely to be an opportunity for the silicone market over the forecast period.
Asia-Pacific is expected to dominate the market among other regions, supported by the growing construction industry in the region.
Key Market Trends
Increasing Usage in the Construction Industry
In the construction industry, silicones are used in structural glazing and weatherproofing while contributing to the energy efficiency of buildings. They also help improve in-shop productivity, reduce material waste, extend building life, and reduce lifecycle costs.
Additionally, silicones are used to seal joints and openings in various applications in construction (including attaching glass, metal, or other panel materials) in a building’s metal framing system, roofing, flashing penetrations and terminations, building material expansion joints, and interior perimeters of doors, and baseboards and moldings.
Residential construction has also been increasing in India, as the country is likely to witness an investment of around USD 1.3 trillion in housing over the next seven years, during which it is likely to witness the construction of 60 million new homes. In FY21, the infrastructure activities accounted for a 13% share of the total FDI inflows of USD 81.72 billion, which will boost the market studied.
The total construction output in the United States is estimated to be USD 1625.88 billion in November 2021. Furthermore, the non-residential construction in the United States was estimated at USD 820.538 billion, which shows an increase of 3.4% as compared to the same period last year.
According to Eurostat, the French construction industry grew by 47% year-on-year (Y-o-Y) in Q2 2021, preceded by Y-o-Y growth of 10% in Q1 2021. This improvement is due to the ongoing recovery in the country’s economy and an increase in the construction of residential and non-residential buildings.?
Due to all the aforementioned factors, the market is expected to witness strong growth post-recovery during the forecast period.
The Asia-Pacific Region is Expected to Dominate the Market
Asia-Pacific is the major consumer of silicone, accounting for the largest share. The growing market in China, India, and Japan has been one of the prominent reasons for the growth of the Asia-Pacific silicone market over the years.
China is amid a construction mega-boom. According to the National Bureau of Statistics of China, in 2021, the construction output in China was valued at approximately CNY 29.31 trillion.
Moreover, China has the world’s largest electronics production base. According to ZVEI Dia Elektroindustrie, China’s electronics industry was valued at about USD 2,430 million in 2020, and it is forecasted to register 11% and 8% Y-o-Y in 2021 and 2022, thus providing a huge market for silicone.
The total production value of the electronics industry in Japan was around JPY 9.96 trillion in 2020, which was 96.6% of the production value compared to the last year. However, the electronics industry production till August 2021 increased to JPY 7.193 trillion, which was 113.4% of the first eight months’ value in 2020, thereby increasing the consumption of silicone in the region.
Furthermore, the Asia-Pacific region is the largest automotive manufacturing hub, registering almost 60% production share of the world. According to OICA, in the first nine months of 2021, the total production of vehicles stood at 32.67 million units, an increase of 11% compared to the same period last year.
The factors mentioned above may contribute to the increasing demand in the silicone market in the region during the forecast period.
Competitive Landscape
The silicone market is consolidated, with the majority of the share accounted for by key players. Some of the market’s major players (not in any particular order) include Wacker Chemie AG, Dow, Shin-Etsu Chemical Co. Ltd, Evonik Industries AG, and Elkem ASA, among others.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06288096/?utm_source=GNW
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