Silicone Market

Silicone Market size reached USD 16.8 billion in 2022 and is estimated to reach USD 26.9 billion in 2030 and the market is estimated to grow at a CAGR of 6.1%.

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Market Dynamic

Key Drivers and Emerging Trends

The increasing demand for silicone across several industries like electronics, healthcare, and transportation globally is a key factor that is proliferating the growth of the global silicone market. Moreover, several enhanced properties of silicone such as good thermal stability, improved flexibility, durability, heat & radiation resistance, and adhesion are the factors that are surging the demand for this type of material in the market across various application areas.

The rising demand for ultra-pure silicone in solar panels and several medical application areas like instrument handles & medical tubing, along with the rising investments by various companies for the development of silicone material with improved features, are some other factors that are likely to propel the market growth during the forecast period. Elkem Silicones launched its SILCOLEASE range for the pressure-sensitive industry, which includes the new members to the widest range of the release coatings.

Restraint in the Silicone Market

The factors which are responsible for hampering the growth of the global silicone market include the various stringent regulatory policies of silicone worldwide. In Europe, all the sensitive applications in which silicones are used, such as medical applications and personal care, are thoroughly regulated by some specific sectoral legislation to certify safety.

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Type – Segment Analysis

Based on the type, the silicone elastomers segment is projected to grow at a higher CAGR during the forecast period. Several advantages provided by silicone elastomers that include durability, versatility, improved quality, good overall mechanical properties, low flammability, and serializability, among others is a major factor that is leading to an upsurge in demand for silicone in the market. In addition to this, the growing adoption of elastomers in the automotive industry and the increasing aim of various companies towards expanding the production of this type are some of the other factors that are driving the market growth. For instance, in 2019, Wacker Chemie AG expanded its silicone elastomer production by launching a new production line at the Zhangjiagang site in China. This production line is expected to speed up the market response, enable shorter lead times, and enhance the overall customer experience.

End-Use Industry – Segment Analysis

On the basis of the end-use industry, the industrial process segment is projected to increase at a higher CAGR over the forecast period. The rising adoption of silicone in the form of lubricants or antifoaming agents across

various areas like paint additives and industrial coatings is a key factor that is bolstering the growth of the market in this segment. Moreover, expansion in the drilling activities in countries such as China and growing natural gas production are the factors that are further increasing the demand for silicone in the market in the upcoming years. The silicone products are used in the oil & gas industry in various areas such as pipeline support gaskets, seals, thermal insulation, and vibration isolation.

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Regional – Segment Analysis

Based on the region, the Asia-Pacific region is expected to rise at a higher CAGR during the forecast period. The rising adoption of silicone across several industry verticals such as transportation, electronics, and building & construction is a key factor that is augmenting the growth of the market in this region. In addition to this, enhancement in the automotive sector across countries like India and China and rapid expansion in the electronics industry in this region are expected to fuel the silicone demand during the forecast period. In 2020, Shin-Etsu Chemical Co., Ltd. planned to invest around USD 1.04 billion for its silicone business. Through this investment, the company planned to expand its production capacity of silicone monomer in Japan and across the world.

Top Market Players

Various notable players operating in the market include Shin-Etsu Chemical Co., Ltd., Wacker Chemie AG, Elkem ASA, Momentive, GELEST, INC., Dow, Evonik Industries AG, KCC CORPORATION, Innospec, and Specialty Silicone Products, Inc., among others.

Key Developments: 

• • In 2019, Elkem ASA acquired Basel Chemie, which is a Korean developer of specialty silicone gels for cosmetics and water repellents for the construction industry. Through this acquisition, the company received access to the leading technology in the attractive end-user silicone segments and offers a solid platform for growth and development in the future.
  • In 2018, Momentive launched the next generation of thermally resistant silicone PSA named as SilGrip PSA810. This is a pressure-sensitive adhesive that is used for the specialty masking and assembly tapes that are utilized in the industrial and electronics market segments.

Segments Covered in the Report:

The global silicone market has been segmented on the basis of type, end-use industry, and regions. Based on the type, the market is segmented into silicone fluids, silicone elastomers, silicone resins, silicone gels, and others. Based on the end-use industry, the market is segmented into building & construction, industrial process, personal care & consumer products, transportation, healthcare, electronics, energy, and others. 

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Key questions answered in this research report:

• • At what pace is the global silicone market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the silicone market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global silicone market?
  • Which type generated maximum revenues in 2021 and identify the most promising type during the forecast period?
  • What are the various end-use industries of the global silicone market, and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Revenues (2022)	USD 16.8 billion
Market Base Year	2022
Market Forecast Period	2023-2030
Base Year & Forecast Units	Revenues (USD Billion)
Market Segment	By Type, By End-Use Industry, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Shin-Etsu Chemical Co., Ltd., Wacker Chemie AG, Elkem ASA, Momentive, GELEST, INC., Dow, Evonik Industries AG, KCC CORPORATION, Innospec, and Specialty Silicone Products, Inc. among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Silicone Market by Type

• • Silicone Fluids
  • Silicone Elastomers
  • Silicone Resins
  • Silicone Gels
  • Others

Global Silicone Market by End-Use Industry

• • Building & Construction
  • Industrial Process
  • Personal Care & Consumer Products
  • Transportation
  • Healthcare
  • Electronics
  • Energy
  • Others

Global Silicone Market by Region

• • North America Silicone Market (Option 1: As a part of the free 25% customization)

    • By Type
    • By End-Use Industry
    • US Market All-Up
    • Canada Market All-Up

  • Europe Silicone Market (Option 2: As a part of the free 25% customization)

    • By Type
    • By End-Use Industry
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Silicone Market (Option 3: As a part of the free 25% customization)

    • By Type
    • By End-Use Industry
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Silicone Market (Option 4: As a part of the free 25% customization)

    • By Type
    • By End-Use Industry
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Silicone Market (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Shin-Etsu Chemical Co., Ltd.
  • Wacker Chemie AG
  • Elkem ASA
  • Momentive
  • GELEST, INC.
  • Dow
  • Evonik Industries AG
  • KCC CORPORATION
  • Innospec
  • Specialty Silicone Products, Inc.