The silicone market size was valued at USD 15.96 billion in 2022 and it is expected to be worth around USD 30.99 billion by 2032 with a compound annual growth rate (CAGR) of 6.9% over the forecast period 2023 to 2032.
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Key Takeaways:
Growth Factors
With the rapid development in the automotive sector, silicone polymers are extensively used as greasing material for lubricating the brakes; insulating material at the electric joints to prevent sparks, in the manufacturing of automotive engine and many others. Such widescale utility of silicone polymers in the automotive industry is expected to drive the growth of the silicone market.
In the construction sector, the silicone polymers are used as sealants, coatings and adhesive that helps in enhancing the efficiency and longevity of construction work. This feature is anticipated to drive the growth of the silicone market. Furthermore, the silicone polymers find its application in diverse sectors such as electronics, machinery, medical, aerospace and many others and this is estimated to boost the growth of the silicone market.
Silicone polymers are used to manufacture different lightweight materials. There is a huge demand for lightweight materials in the automobile and aerospace industries and therefore this attribute is expected to fuel the growth of the silicone market. Moreover, the continuous research and developmental activities are conducted in order to develop new and innovative products using the silicone polymers and this factor is expected to drive the growth of the silicone market.
Furthermore, the silicone fluids are used in various home and personal care products because of their biocompatible, versatile, conditioning benefits, low surface tension and high permeability properties. This attribute is expected to drive the growth of the silicone market. Also, with the enhancement of technology the silicone polymers are used in the manufacture of antimicrobial silicone elastomers for the healthcare industry and this factor is expected to drive the growth of the silicone market.
Scope of the Silicone Market Report
| Report Highlights | Details |
| Market Size in 2023 | USD 17.00 Billion |
| Market Size by 2032 | USD 30.99 Billion |
| Growth Rate from 2023 to 2032 | CAGR of 6.9% |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | Product, Application |
| Regional Scope | North America, APAC, Europe, Latin America, MEAN, Rest of the World |
| Companies Mentioned | Shin-Etsu Chemical Co. Ltd., Wacker Chemie AG, Evonik Industries AG, Elkay Chemicals Pvt. Ltd., Supreme Silicones, Dow Inc., KCC Corporation, Elkem ASA, Silchem Inc., Specialty Silicone Products Inc. |
Product Insights
On the basis of Product, the silicone market is divided into fluids, gels, resins, elastomers and others. The elastomers segment is estimated to lead market in 2022. These elastomers are made up of a combination of linear polymers, crosslinker, reinforcing agents, and a catalyst that possess the property of viscosity and elasticity which is used in the manufacture of light weight components. In the recent years, there have been an increase in demand for the lightweight automobile parts, that help in improving the fuel efficiency and reducing the carbon emissions and this is expected to drive the growth of the silicone market.
Also, the increase in demand of HTV silicone elastomers in the manufacture of electric vehicles due to its lucrative properties such as lightweight, high resistance to corrosion, robust performance efficiency, durability, improved vehicle economy and others are expected to boost the growth of the silicone market.
The fluid segment is also estimated to grow at 4.5% CAGR in the upcoming years. Silicon fluids have excellent thermos-oxidative resistance in operations. They are clear, odorless, and transparent liquids. These silicon fluids are used in cosmetics, personal care products and others and the rising demand of cosmetics across the globe is expected to drive the growth of the silicone market.
Application Insights
The industrial sector witnessing highest CAGR during the forecast period. In the industrial sector, silicone is extensively being used in the drilling operations, paint adhesives, antifoaming and many others. In the manufacture of paint adhesives, the silicone is being widely used in enhancing the performance of the paints by providing various properties to the paints such as durability, resistance to chemicals, corrosion and thermal resistance. This reduces the periodic maintenance cost. All these attributes of silicon polymers are expected to drive the growth of the silicone market.
The construction sector is also projected to grow at 4.2% CAGR in the upcoming years owing to the extensive use of silicones in the construction of buildings because of its moisture resistant and high strength properties. Silicones are also used in the manufacturing of glass, marble, steel, aluminum, polymers and others. All these attributes expected to drive the growth of the silicone market.
Geographical Coverage
Based on the geographical area, the silicone market is segmented into North America, Europe, Asia Pacific, and the LAMEA. The Asia-Pacific region has accounted highest market share in 2022. The presence of large, medium and small market players in the region boosts the market growth. Furthermore, the availability of the raw material, cheap labor and abundant end use opportunities such as transportation, personal care, aerospace, electronics, energy, healthcare and others in this region is expected to drive the growth of the silicone market.
Europe is estimated to witness a significant market share growing at 3.5% CAGR in the upcoming years.The surge in the construction activities where the silicone polymers are widely used is expected to fuel the silicone market in this region. Moreover, the use of silicone in the healthcare and renewableenergy sector is anticipated to drive the growth of the silicone market.
Key Companies Profiled
The global silicone market is characterized by the presence of various small and big players. The major market player includes Shin-Etsu Chemical Co. Ltd., Wacker Chemie AG, Evonik Industries AG, Elkay Chemicals Pvt. Ltd., Supreme Silicones, Dow Inc., KCC Corporation, Elkem ASA, Silchem Inc., Specialty Silicone Products Inc. and others. As the market is competitive in nature, the players are indulged in raising their competitive share by means of continuous innovation and improving the efficiency of operations by the drones.
Segments Covered in the Report
By Product
By Application
By Geography
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