Market Size of Asia-Pacific Silicone Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 4.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
APAC Silicone Market Analysis
The Asia-Pacific silicone market is expected to register a CAGR of over 4% during the forecast period.
The silicone market was significantly impacted by the COVID-19 pandemic. Due to the global lockdown imposed by various governments in response to the pandemic, there has been a decrease in the demand for silicone products from a variety of end-user sectors. Due to this, there was a decline in the production and sales of silicone products, which had an impact on the market expansion. However, the market rebounded back in 2021 as a result of the rising demand for silicone products across the automotive, building, electronics, and medical industries.
- Over the short term, the demand for silicone products in the automotive industry is anticipated to grow in response to the growing desire for lightweight and fuel-efficient vehicles. Furthermore, the region's expanding construction sector is anticipated to fuel the demand for silicone products.
- However, the high cost of silicone goods and the strict rules enforced by regional governments are predicted to hinder the market expansion.
- Nevertheless, the growing demand for medical devices and equipment is expected to drive the demand for silicone products in the region.
- China is expected to dominate the European market during the forecast period.
APAC Silicone Industry Segmentation
Silicones, also known as poly-siloxanes, are synthetic polymers consisting of reoccurring siloxane monomers, which are a chain of silicon and oxygen atoms alternately coupled with carbon, hydrogen, and other elements. The silicone market is segmented by technology, end user, and geography. By technology, the market is segmented into elastomers and fluids. By end user, the market is segmented into transportation, construction materials, electronics, healthcare, industrial processes, personal care and consumer products, and other end users. By geography, the market is segmented into China, India, Japan, South Korea, ASEAN Countries, and Rest of Asia-Pacific. The report covers the market sizes and forecasts for the silicone market in four countries across major regions. For each segment, the market sizing and forecasts have been provided on the basis of volume (kilotons).
| By Technology | |
| Elastomers | |
| Fluids |
| By End User | |
| Transportation | |
| Construction Materials | |
| Electronics | |
| Healthcare | |
| Industrial Processes | |
| Personal care and Consumer Products | |
| Other End Users |
| By Geography | |
| China | |
| India | |
| Japan | |
| South Korea | |
| ASEAN Countries | |
| Rest of Asia-Pacific |
Asia-Pacific Silicone Market Size Summary
The Asia-Pacific silicone market is poised for growth, driven by increasing demand across various sectors such as automotive, construction, electronics, and medical industries. The market experienced a setback due to the COVID-19 pandemic, which led to a decline in production and sales as demand from end-user sectors decreased. However, the market has shown resilience and is expected to register a steady growth rate during the forecast period. The automotive industry, in particular, is anticipated to see a rise in demand for silicone products due to the growing need for lightweight and fuel-efficient vehicles. Additionally, the expanding construction sector in the region is expected to further boost the demand for silicone products. Despite challenges such as high costs and stringent regulations, the increasing demand for medical devices and equipment is expected to drive market growth.
China is expected to dominate the Asia-Pacific silicone market, supported by its robust growth in the transportation, building materials, and electronics sectors. The country's significant role in mobile phone manufacturing and its advancements in the automotive industry, particularly with new energy vehicles, contribute to this dominance. The electronics industry in Japan and South Korea also plays a crucial role, with both countries being major producers of electronic components and devices. The region's market is further bolstered by the presence of key players such as DOW CHEMICAL SILICONES KOREA LTD, DIC Corporation, Elkem ASA, KCC Corporation, and Shin-Etsu Chemical Co., Ltd. Innovations in silicone applications, such as those by Dow Chemical Company and Shin-Etsu Chemical Co. Ltd, are expected to enhance the market's growth prospects over the forecast period.
Asia-Pacific Silicone Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Rising Application in Automotive Sector
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1.1.2 Increasing Usage in Healthcare Industry
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1.1.3 Other Drivers
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1.2 Restraints
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1.2.1 Government Regulation
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1.2.2 Geopolitical Impact
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1.3 Industry Value-Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Buyers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION (Market Size in Value)
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2.1 By Technology
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2.1.1 Elastomers
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2.1.2 Fluids
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2.2 By End User
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2.2.1 Transportation
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2.2.2 Construction Materials
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2.2.3 Electronics
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2.2.4 Healthcare
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2.2.5 Industrial Processes
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2.2.6 Personal care and Consumer Products
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2.2.7 Other End Users
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2.3 By Geography
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2.3.1 China
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2.3.2 India
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2.3.3 Japan
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2.3.4 South Korea
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2.3.5 ASEAN Countries
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2.3.6 Rest of Asia-Pacific
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Asia-Pacific Silicone Market Size FAQs
What is the current Asia-Pacific Silicone Market size?
The Asia-Pacific Silicone Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)
Who are the key players in Asia-Pacific Silicone Market?
Mitsubishi chemical holdings corporation , DIC Corporation , Elkem ASA , KCC Corporation and Shin-Etsu Chemical Co., Ltd. are the major companies operating in the Asia-Pacific Silicone Market.
