Silicone market expected to reach $32 billion by 2030
Selbyville, Delaware – The silicone market is expected to be worth more than $32 billion by 2030, according to a new research report from Global Market Insights Inc. Increased industrial infrastructure, expansion of the healthcare sector, and automobile production will favor industry expansion.
Personal care and cosmetics have seen substantial growth due to changing lifestyles and increasing product penetration. People are now paying attention to global trends as extreme media exposure finally changes people's preferences, tastes and daily habits. Today, the use of everyday products such as cosmetics and lotions, shampoos and conditioners, deodorants and antiperspirants, and sunscreens has increased significantly.
Many silicone polymers and monomers are used in such personal care and cosmetics. Silicone polymers are colorless, odorless and tasteless in nature and can evaporate at high rates from human skin under normal environmental conditions. It is widely used in hair care, skin care and sunscreen lotions and imparts shine, softness and smoothness.
Some of the key findings of the Silicones Market report include:
Globally, increasing use of silicones in personal care and consumer products will drive market revenue.
The transportation sector is expected to grow steadily over the forecast period owing to the positive outlook for the automotive, marine, aerospace and aerospace industries.
Availability in various forms such as liquid, paste/grease, oil and solid, excellent electrical resistance and heat resistance, low toxicity, water repellency, etc. are some of the key properties for the widespread use of silicon in various applications.
Mergers and acquisitions, expansion of R&D and production facilities, product launches, and joint ventures are key strategies for manufacturers to increase market share.
The silicone market in personal care and consumer products is expected to reach $5 billion by 2030. Excellent flexibility and elasticity as well as antimicrobial properties make silicones ideal for home use. It is most commonly used in detergents, floor cleaners, kitchen utensils, fabric softeners, toys and pet supplies. The growth is likely due to low cost, good stability, corrosion resistance and high strength.
By 2030, the silicone market in the elastomer segment will account for 40% of total revenue. Due to their high dielectric strength and high thermal resistivity, silicone elastomers are cost-effective alternatives for electrical insulation applications. Furthermore, elastomers are inherently hydrophobic and chemically inert to many acids, salts and bases. Elastomers are in high demand for electrical and electronic products used in insulation, coating and packaging applications.
The North American silicone market will have a revenue share of over 20% by 2030, growing at a CAGR of over 5.5%. Growing demand for lightweight automotive parts, thermal and acoustic sealants, antimicrobial sealants, coatings and paints in the region is driving the market. Regional growth is highly dependent on market trends and government regulations related to the automotive, construction and medical industries.