APAC Silicone Market Size
| 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 |
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 Market Trends
This section covers the major market trends shaping the APAC Silicone Market according to our research experts:
Strong Demand from the Electronics Industry
- In the electronics industry, silicone is used in the manufacture of connectors, seals, gaskets, and other components that are subjected to high temperatures and harsh environments. It is also used in electrical components, such as circuit boards and wiring harnesses, as an insulator. It is also used to make electronic device protective covers and provide a waterproof seal for electronic components. Additionally, the product is used to make printed circuit boards and other electronic components.
- The Japanese electronics industry is one of the world's largest. According to the Japan Electronics and Information Technology Industries Association (JEITA), Japan produced 10% of the world's electronics by 2021. Domestic production of electronics increased 11% year on year to more than USD 80 billion in 2021.
- The electronics industry in South Korea is among the most advanced in the world. It is a major producer of consumer electronics, semiconductors, and other electronic components on a global scale. Some of the world's largest electronics companies, such as Samsung and LG, are headquartered in South Korea. South Korea produced USD 200.77 billion in 2021, up 25% from the previous year, according to the Korea International Trade Association (KITA).
- India, a prominent manufacturing hub, accounted USD 67 billion in 2021 for domestic electronics production. According to the India Brand Equity Foundation (IBEF). India's electronics sector accounts for approximately 3.4% of the country's GDP. Over the next six years, the government has committed nearly USD 17 billion to four PLI Schemes: Semiconductor and Design, Smartphones, IT Hardware, and Components.
- Overall, it is anticipated that the region's market for silicone would be driven by the expanding electronics industry over the forecast period.
China to Dominate the Market
- China is anticipated to dominate the Asia-Pacific market owing to its massive growth in the transportation, building materials, and electronics sectors. In the transportation industry, silicone is used in engines, transmissions, brakes, and other automotive systems, as well as gaskets, seals, and hoses.
- Mobile phone manufacturing employs silicone in a number of different ways. It is employed in the construction of the phone's case as well as in sealing and safeguarding inside parts like the battery and display. Additionally, silicone is utilized to create gaskets and seals that preserve the phone dust- and are waterproof. The buttons and other tactile parts of the phone are also made of silicone.
- China is the world's largest mobile manufacturing country, accounting for more than 30% of global production in 2022. According to the China Academy of Information and Communications Technology, China's mobile phone manufacturing capacity is expected to exceed 1.5 billion units by 2022, while domestic mobile phone shipments were 354.7 million units in 2021.
- The battery is shielded by silicone against short circuits and other electrical dangers. Additionally, with a high melting point, silicone is perfect for applications requiring high temperatures. In addition, silicone resists corrosion and can sustain high temperatures, making it a perfect material for use in the production of lithium-ion batteries.
- According to the China Association of Automobile Manufacturers (CAAM), 47 Chinese power battery companies produced 186.0 GWh in 2021, an increase of 182.3% year on year. The increase in production was primarily due to China's rapid growth in new energy vehicles (NEVs). By the end of the third quarter of 2022, China had produced 4.71 million NEVs and domestic sales exceeded 1.5 million units in 2021, representing a year-on-year increase of more than 80%. This expansion was fueled by government policies and subsidies, as well as the consumer demand for NEVs.
- Considering the aforementioned factors, the Chinese silicone market is anticipated to rise steadily over the forecast period.
APAC Silicone Industry Overview
The Asia-Pacific silicone market is consolidated, some of the major players in the market include DOW CHEMICAL SILICONES KOREA LTD (SOUTH KOREA), DIC Corporation, Elkem ASA, KCC Corporation, Shin-Etsu Chemical Co., Ltd., Wacker Chemie AG, and others.
APAC Silicone Market Leaders
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Mitsubishi chemical holdings corporation
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DIC Corporation
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Elkem ASA
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KCC Corporation
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Shin-Etsu Chemical Co., Ltd.
*Disclaimer: Major Players sorted in no particular order
APAC Silicone Market News
- November 2022: Dow Chemical Company released SILASTIC LCF 9600 M Textile Printing Ink, a silicone ink for printing on fabrics, specifically highly elastic garments. The ink is expected to meet higher performance requirements for ink chemistries in highly elastic sportswear, such as durability, elongation, and usability.
- April 2022: A novel line of silicone rubber sheets with a thermal interface was created by Shin-Etsu Chemical Co. Ltd for use in electric car parts (EV). These silicone thermal interface materials can be employed as heat dissipation methods for electric car component parts with the rising high voltage needs.
APAC Silicone Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Rising Application in Automotive Sector
4.1.2 Increasing Usage in Healthcare Industry
4.1.3 Other Drivers
4.2 Restraints
4.2.1 Government Regulation
4.2.2 Geopolitical Impact
4.3 Industry Value-Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value)
5.1 By Technology
5.1.1 Elastomers
5.1.2 Fluids
5.2 By End User
5.2.1 Transportation
5.2.2 Construction Materials
5.2.3 Electronics
5.2.4 Healthcare
5.2.5 Industrial Processes
5.2.6 Personal care and Consumer Products
5.2.7 Other End Users
5.3 By Geography
5.3.1 China
5.3.2 India
5.3.3 Japan
5.3.4 South Korea
5.3.5 ASEAN Countries
5.3.6 Rest of Asia-Pacific
6. COMPETITIVE LANDSCAPE
6.1 Mergers, Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)**/Ranking Analysis
6.3 Strategies Adopted by the Leading Players
6.4 Company Profiles
6.4.1 DOW CHEMICAL SILICONES KOREA LTD
6.4.2 DyStar Singapore Pte Ltd
6.4.3 DIC Corporation
6.4.4 Elkem ASA
6.4.5 KCC Corporation
6.4.6 Mitsubishi chemical holdings corporation
6.4.7 Shin-Etsu Chemical Co.
6.4.8 Jiangsu Mingzhu Silicone Rubber Material Co. ltd
6.4.9 Wynca Group
6.4.10 Wacker Chemie AG
6.4.11 Zhejiang Sucon Silicone Co. Ltd
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Rising Potential Demand for Electro Active Polymers (EAP)
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 |
APAC Silicone Market Research 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.
What years does this Asia-Pacific Silicone Market cover?
The report covers the Asia-Pacific Silicone Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Asia-Pacific Silicone Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Asia-Pacific Silicone Industry Report
Statistics for the 2024 Asia-Pacific Silicone market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Asia-Pacific Silicone analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Asia-Pacific Silicone Report Snapshots
