Silicone Market Size, Share | Trends Analysis Report, 2032

Silicone Market Insights

Zion Market Research has published a report on the global Silicone Market, estimating its value at USD 19.62 Billion in 2023, with projections indicating that it will reach USD 32.86 Billion by 2032. The market is expected to expand at a compound annual growth rate (CAGR) of 5.9% over the forecast period 2024-2032.

The report explores the factors fueling market growth, the hitches that could hamper this expansion, and the opportunities that may arise in the Silicone Market industry. Additionally, it offers a detailed analysis of how these elements will affect market demand dynamics and market performance throughout the forecast period.

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Silicone is a polymer consisting of synthetic compounds. Silicone is manufactured using reduction process on the commercial basis. Moreover, silicone resins, gels, fluids, elastomer and others are some forms of silicone. Silicone is heat resistant, therefore used in thermal and electrical insulation, lubricants, sealants, cooking utensils, adhesives and medicine among others.

Silicone Market: Overview   

The silicone market is probably going to ascertain noteworthy development within the years to return. The market is majorly boosted by the rising demand for building & construction everywhere on the planet. The emerging and growing automotive & chemical sectors, particularly in the Asia Pacific area, are predicted to boom the need for the silicone market within the coming years. On the other hand, the unstable costs of raw materials (such as silicon metal and methyl chloride) required for the assembly of silicone are probably going to hinder the silicone market growth.

The altering dynamics of R&D and various activities for product enhancement undertaken by the main players are predicted to unlock growth avenues for the silicone market within the years to return. For instance, in March 2018, Wacker Chemie AG started a replacement facility for functional silicone fluids near Kolkata in Amtala India. the power features a yearly capacity of quite 6,000 Metric Tons. The diversification by Wacker is the answer to the increasing regional requirement demand for specialty silicones for utilization within the care, textile, agrochemical, and versatile & rigid polyfoam industries. The investment for the power stands at around €6 Million, boosting the worldwide silicone market.

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COVID-19 Impact Analysis:

The COVID-19 pandemic had an extraordinary impact on several industries. The automotive market is adversely impacted due to the temporary closure of assembly plants across the world. Within the second quarter of 2020, automotive sales were down by almost 40% worldwide, especially in Europe, impacting the general Silicone demand.

Moreover, trade restrictions across national and international boundaries and other trade limitations have affected the industry's global supply chain, leading to lower sales activity. The demand for building glass also witnessed a huge drop owing to the slowdown of the development industry. However, the world markets are slowly opening to their full potential, and theirs a surge in demand for Silicone.

Silicone Market: Growth Factors

The growing demand for silicone in various end-user industries including construction, personal care, industrial processes, and consumer goods is expected to drive market growth. Properties like chemical stability, versatility, and high resistance to temperature are expected to drive the demand for silicone in the aforementioned end-user industries. The increasing applications within the field of transportation are creating immense demand for Silicone. 

Additionally, the emergence of energy-conservation initiatives, such as eco-friendly structures and green buildings, globally is anticipated to offer promising growth prospects to the market.

The global silicone market is primarily driven by growing demand for building & construction industry across the globe. Moreover, surging chemical and automotive industries are likely to trigger the demand for silicone in the years to come. Moreover, mounting demand for silicone from medical and personal care industry is likely to drive the market of silicone further in the near future. However, the high cost of raw materials such as methyl chloride and silicone metal for the production of silicone is expected to impede the growth of silicone market. Nonetheless, rapidly growing demand for silicone from emerging economies coupled with ongoing research & development for product development is likely to open growth opportunities for the market in the near future.

Silicone Market: Report Scope

Silicone Market: Segmentation Analysis

Based on the product, the global silicone included in this study is resins, elastomers, gels, fluids and others. The key applications, of the global silicone market are bifurcated into textile, building & construction, paper, chemical industry, plastics, automotive & transportation, electrical & electronics, medical & personal care and other applications. 

Based on the type, the global silicone market is bifurcated into resins, elastomer, gels, fluids and others. The elastomer was the largest segment of silicone market in 2015. It accounted for significant share of the total market in 2015. This growth was attributed to the large use of silicone as sealants in building and construction industry across the globe. Silicone elastomer provides protective glaze, high adhesive, and strength. Furthermore, fluid is the fastest growing segment of silicone market over the years to come. It is expected to register a growing CAGR of 5.7% within the forecast period. Usage of silicone gel and resins is also significant.

A host of silicone applications across a wide range of industries includes textile, building & construction, paper, chemical industry, plastics, automotive & transportation, electrical & electronics, medical & personal care and others. Building and construction emerged as a leading application of the globe silicone market in 2015. It is considered as the fastest growing segment over the years to come.  Moreover, the chemical was the second largest segment and is expected to remain competitive with the presence of a large number of vendors. Automotive & transportation is a major application that is estimated to grow at a strong CAGR of 6.1% within the forecast period due to the increasing automotive trends in industry.

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Silicone Market: Regional Analysis

Asia Pacific area ruled the silicone market with the biggest share of silicone usage all over the world in 2023. China was the biggest market amongst Asian nations, owing to a huge number of users. Asia Pacific was chased by North America and Europe in the same time frame.

In addition to this, the U.S. and Europe are expected to see moderate development for the silicone market in the years to come due to the huge share in the development of silicone. The Middle East & Africa and Latin America will display decent development in the coming years in the silicone market.

Request Free SampleSilicone Market: Competitive Analysis

Some of the major players in the global Silicone market include:

• Bluestar Silicones
• BASF SE
• Emerald Performance Materials LLC
• Momentive Performance Materials Inc.
• Zhejiang Xinan Chemical Industry Group Co. Ltd
• Shin-Etsu Chemical Company
• Specialty Silicone Products Inc
• Nusil Technology
• Wacker Chemie AG
• The DOW Corning Corporation
• Rogers Corporation
• Kaneka Corporation
• Jiangsu Hongda New Material Co. Ltd. 

The global Silicone market is segmented as follows:  

By Product

• Resins
• Elastomers
• Gels
• Fluids  
• Others

By Application 

• Chemicals
• Plastics
• Paper
• Building & Construction
• Automotive & Transportation
• Textile
• Medical & Personal Care
• Electrical & Electronics
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa