Silicone Market

Dow Chemical Company (US) and Wacker Chemie AG (Germany) are the Major Player in the Silicone Market

The global silicone market size is estimated to grow from USD 20.4 billion in 2019 to USD 28.6 billion by 2024, at a CAGR of 7.0% 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.

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 2019 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.

Related Reports:

Silicone Market by Type (Elastomers, Fluids, Resins, Gels), End-use Industry (Industrial Process, Building & Construction, Personal Care & Consumer Products, Transportation, Electronics, Medical & Healthcare, Energy), Region - Global Forecast to 2024

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Report Code
CH 1170
RI Published ON
11/19/2012
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