Global Silicone Market Size Insights Forecasts To 2030

• The Global Silicone Market Size was valued at USD 16.3 billion in 2021.
• The market is growing at a CAGR of 7.4% from 2021 to 2030
• The Global Silicone Market Size is expected to reach USD 30.9 billion by 2030
• The Asia Pacific is expected to grow the fastest during the forecast period

The global Silicone market is expected to reach USD 30.9 billion by 2030, at a CAGR of 7.4% during the forecast period 2021 to 2030. The Silicone market has been growing owing to the rise in demand for silicone by different end-user industries such as medical, construction, industrial, and consumer goods.

Report Coverage

This research report categorizes the silicone market based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the silicone market. Recent market developments and competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the silicone market.

Market Overview:

Any of a wide range of fluids, resins, or elastomers based on polymerized siloxanes—substances whose molecules consist of chains built of alternating silicon and oxygen atoms—are referred to as silicone, also known as polysiloxane. Numerous commercial uses, ranging from lubricating greases to electrical-wire insulation and biomedical implants, have been made possible by their chemical inertness, resilience to water and oxidation, and stability at high and low temperatures. Silicones are categorized into three groups based on their grades: medical grade, food grade, and industrial grade. Prices for these grades vary significantly depending on the production method, the catalysts and additives used to enhance specific qualities, and some regulatory rules regarding raw materials and finished product use. Over the forecast period, variations in silicone prices are anticipated in various end-use industries due to the rising demand for specialized products across all end-use sectors and the growing involvement of government regulatory bodies across the value chain, including raw materials, manufacturing processes, and distribution of different grades of silicone products to their end-use applications. Over the projected period, research and development activities to create new and innovative products are predicted to expand along with the need for lightweight automotive components. Progressively more lightweight materials are being used to make lighter cars, which reduces overall fuel consumption. It is predicted that silicone fluids' high thermal stability will accelerate industrial growth in the next years. Over the projected period, the demand for silicone is anticipated to increase due to the increasing use of silicone in airbags, labels, leather packaging, textiles, and other products. Silicone is utilized as a solvent, adhesive, wetting agent, and anti-foaming agent in the abovementioned applications. Silicones are utilized extensively during the production of fabrics, including the creation of yarns and on the finished product, in the textiles sector. Silicones give yarn or fabric lubrication, control over foam, and softening. Additionally, they are applied to finished products as hydrophobic coatings. Due to its excellent electrical and chemical resistance features, conductive silicone rubber is used more frequently in anti-slip processing for textile manufacturing, which is anticipated to affect segment growth during the projected period positively. Increased usage of silicone for use in various phases of fabric processing is anticipated as a result of the growing demand for clothing. Furthermore, over the projection period, there is likely to be an increase in demand for technical textiles due to their use in various applications, including chemical, manufacturing, and medical.

Segmentation Analysis

• In 2021, the Elastomer segment dominated the market with the largest market share of 36% and market revenue of 5.86 billion.

Based on the Type, the silicone market is categorized into elastomers, resins, gels, and fluids. In 2021, the elastomer segment dominated the market with the largest market share of 36% and market revenue of 5.86 billion. The market is expected to develop as silicone elastomers are increasingly used in various industrial applications. The silicone elastomer market is anticipated to increase strength throughout the projected period. Underwear, sportswear, food storage items, footwear, medical equipment, and implants are just a few examples of the enormous range of products that are made using silicone elastomers. Additionally, silicone elastomers are utilized in the production of sealants. The need for silicone elastomers in the healthcare sector has grown dramatically in recent years. This is mostly because of their physiological inertness, which makes them acceptable for use in artificial heart valves, prosthetic devices, and blood transfusions, among other things.

• In 2021, the Industrial process segment accounted for the largest share of the market, with 21% and market revenue of 3.4 billion.

Based on end-users, the Silicone market is categorized into an industrial processes, medical & healthcare, personal care & consumer products, building & construction, transportation, electronics, and energy. In 2021, the industrial process segment dominated the market with the largest market share of 21% and market revenue of 3.4 billion. The key reason for this is the rising demand for silicone in various industrial applications, including industrial coatings, paper production, offshore drilling, additives, and adhesives & sealants. Silicone anti-foams in the oil and gas industry give better extraction rates and use less water. Similar to this, silicone increases pulp quality and increases yields in the paper and pulp sectors. Additionally, silicone-based sealants are gaining popularity in several industrial applications due to their great resilience to temperature, pressure, and corrosion. Silicone is frequently used in industrial coatings because of its great resilience. Additionally, it aids in enhancing the performance of lubricants.

Regional Segment Analysis of the Silicone Market

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Asia Pacific emerged as the largest market for the global Silicone market, with a market share of around 43% and 7.0 billion of the market revenue in 2021.

• Asia Pacific emerged as the largest market for the global Silicone market, with a market share of around 43% and 7.0 billion of the market revenue in 2021. The market for Silicone in the Asia Pacific region has been expanding owing to the increasing rising R&D activities by several small and medium enterprises to develop medical healthcare facilities in the healthcare sector. Throughout the forecast period, silicone production in the region is anticipated to increase as a result of market players moving their production facilities from Europe and North America to Asia due to factors like greater raw material availability, inexpensive labor, and more market penetration opportunities in end-use industries like transportation, construction, industrial process, personal care, and consumer products, electronics, healthcare, and energy.
• The Europe market is expected to grow at the fastest CAGR between 2021 and 2030. Over the projected period, it is anticipated that the growth of the construction industry in nations, including the U.K., Germany, Spain, France, and Russia, will boost product demand. The expansion of the construction industry in the region is anticipated to be boosted by increased funding from the EU along with the supportive actions (such as tax cuts, incentives, and subsidies) implemented by numerous governments. Additionally, the expanding use of silicone in the healthcare industry for cosmetic implants and in the field of renewable energy for solar and wind turbine applications is anticipated to fuel market expansion throughout the projected year.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Global Silicone market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the companies' current news and developments, including product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Market Players:

• Wacker Chemie AG
• Evonik Industries AG
• Gelest Inc.
• Elkay Chemicals Pvt. Ltd.
• Shin-Etsu Chemical Co., Ltd.
• Elkem ASA
• Supreme Silicones
• Dow Inc.
• KCC Corporation
• Silchem Inc.
• Specialty Silicone Products, Inc.
• Momentive Performance Materials

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities
• Consulting And Research Firm
• Venture capitalists
• Third-party knowledge providers
• Value-Added Resellers (VARs)

Recent Development

• In April 2022, Shin-Etsu Chemical created a novel thermal interface silicone rubber sheet series for use in electric car components as the technology for high voltage devices evolves.
• In August 2020, Wacker Chemie AG cooperated with H.M. Royal, a specialty chemical distributor, to sell SILPURAN, a liquid silicone rubber (LSR) and high consistency rubber (HCR) specifically created for medical applications.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2021 to 2030. Spherical Insights has segmented the global silicone market based on the below-mentioned segments:

Global Silicone Market, By Type

• Elastomers
• Resins
• Gels
• Fluids

Global Silicone Market, By End-Users

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

Global Silicone Market, Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of Middle East & Africa