Silicone fabrics market worth $5.5 billion by 2026, growing at a CAGR of 6.8 percent
Northbrook, IL – The global silicone fabrics market size is projected to grow from$4.0 billion in 2021 to $5.5 billion by 2026, at a CAGR of 6.8 percent between 2020 and 2026 according to Markets and Markets. Factors such as stringent government regulations regarding passenger safety in automotive, growth of manufacturing industries, increasing demand for protective clothing, and growing adoption in the upholstery and furniture industry are driving the silicone fabrics market. Moreover, the increasing demand for superior quality, high performance and durable fabrics in consumer goods manufacturing is expected to offer opportunities for silicone fabrics manufacturers.
By base fabric, the fiberglass segment accounted for the largest share in the overall silicone fabrics market. This growth can be attributed to the low cost, high performance, suitability to several industrial applications, and strong resistance to heat, water and UV supports for the growth of the silicone coated fiberglass fabrics market. Similarly, the polyamide segment is mainly driven by increasing demand for airbags across the globe. Also, it is supported by the stringent government regulation in developed as well as developing countries.
The industrial fabric segment led the overall silicone fabrics market in 2020, both in terms of value and volume. It is used across several industrial applications such as conveyor belts, insulation, gaskets, hoses and heat shields, among others. With the growth of the manufacturing industry across the globe, the demand for silicone fabrics is increasing steadily.
APAC is projected to have the largest share in the global silicone fabrics market, in terms of both value and volume, from 2021 to 2026. The APAC silicone fabrics market is driven by the thriving demand from the manufacturing industry, automotive and fabrication industry. The APAC silicone fabrics market has been witnessing consistent growth due to increasing automotive as well as airbag production in the region, growth of the manufacturing sector, and double-digit growth of the healthcare and medical sector. Due to the COVID-19 pandemic, the economic growth of several countries such as India, ASEAN and other countries has been declining owing to disruption of the supply chain, declining demand for industrial product, the suspension of manufacturing facilities, and declining oil and gas prices. The demand for silicone fabrics is therefore expected to decrease in several end-use industries in 2020.
The silicon coated market is dominated by large players such as Elkem (U.S.), 3M Company (U.S.), Auburn Manufacturing Inc. (U.S.), Nott Company (U.S.), Mid-Mountain Materials, Inc. (U.S.), Newtex Industries, Inc. (U.S.), Precision Coating & Coated Fabrics (U.S.), Trelleborg AB (Sweden), Compagnie de Saint-Gobain S.A. (France) and Serge Ferrari Group (France). Expansions, acquisitions, joint ventures and new product developments are some of the major strategies adopted by these key players to enhance their positions in the silicon coated fabric market.