Silicone Market Research Report – Global Forecast till 2032

Silicone Market Research Report Information By Type (Resins, Fluids, Gels And Elastomer), By Application (Building & Construction, Personal Care & Consumer Products, Automotive & Transportation, Medical & Healthcare And Industrial Process) And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) –Market Forecast Till 2032

ID: MRFR/CnM/5980-HCR | 140 Pages | Author: Chitranshi Jaiswal | March 2024         

Silicone Market Speak to Analyst Request a Free Sample

Global Silicone Market Overview


Silicone Market Size was valued at USD 10.3 billion in 2022. The silicone industry is projected to grow from USD 10.7 Billion in 2023 to USD 15.1 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.40% during the forecast period (2023 - 2032). Rising use of silicone in a variety of automobile components, as well as rising demand for silicone in the electronics and semiconductor industries are the key market drivers enhancing the market growth.


Silicone Market Overview


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Silicone Market Trends



  • Increasing Demand from Various End-Use Industries Drives Market Growth


The market CAGR for silicone market is predicted to expand as the application scope in numerous end-use industries expands. Silicone is used in a wide variety of electronic applications in the electronics industry, including protecting insulators from salt air damage, moisture-proofing boards, modifying semiconductor encapsulating materials, and protecting the ends of heating element wires in printed circuit boards (PCBs), semiconductors, electronic control units (CUs), LED devices, and others.


Silicone are widely employed in a variety of industrial processes, including antifoaming agents and lubricants in offshore drilling and paper manufacturing, industrial coatings, and paint additives. Increased durability, chemical resistance, and corrosion and thermal resistance are driving up the demand for silicone in coating applications.


In addition, automotive, oil and gas, marine, aerospace, and electronics are just a few of the industries that use industrial coatings. Self-driving cars and increased demand for electric vehicles are supporting the rise of the automotive industry, which is expected to generate lucrative prospects for silicone in automotive coatings.


Furthermore, silicone are commonly found in personal care and cosmetic products like creams, shampoos, foundations, eyeshadows, and blushes. This, combined with individuals' growing concern about their physical appearance, is one of the major factors driving market growth. It can also be attributed to product benefits such as increasing product longevity and protecting the skin from chemical exposure and other environmental damages by forming a skin barrier.


Silicone Market Segment Insights


Silicone Type Insights


The silicone market segmentation, based on type includes resins, fluids, gels and elastomer.  In 2022, the elastomers category dominated the market, accounting for more than 41.0% of market value. Silicone elastomers are vulcanized silicone-based polymers composed of cross linkers, reinforcing agents, linear polymers, and a catalyst. These elastomers are categorised as high-temperature vulcanizing (HTV), liquid silicone rubber (LSR), and room-temperature vulcanizing (RTV) based on the processing temperature and the type of basic straight-chain monomer used. Room temperature vulcanized (RTV) silicone rubber is a two-component system that comes in soft to medium hardness levels. It adheres to and releases from most surfaces aggressively and can be cured at room temperature without heating. Vulcanized silicone rubber at room temperature has good thermal and dielectric characteristics.


Figure1:  Silicone Market, by Type, 2022&2032 (USD billion)


Silicones Market, by Type


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Silicone Application Insights


The silicone market segmentation, based on application, includes building & construction, personal care & consumer products, automotive & transportation medical & healthcare, industrial process. In 2022, the industrial process segment led the market, accounting for more than 25.0% of worldwide revenue. Silicone are widely employed in a variety of industrial processes, including antifoaming agents and lubricants in offshore drilling and paper manufacture, industrial coatings, and paint additives. Silicone is used in paints and coatings to improve performance by providing different components with better durability, thermal resistance, and corrosion and chemical resistance, hence lowering unplanned repair or maintenance expenses for industrial infrastructure and machinery.


For instance, in October 2019, Zakum Development Company (ZADCO) partners intend to increase production from 750,000 to 1,000,000 barrels per day. The expansion is scheduled to be finished by 2024.


Silicone Regional Insights


By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. In 2022, Asia Pacific dominated the market, accounting for more than 44.0% of market revenue. The existence of various small, medium, and major market participants in the region is linked to the region's large market share.


Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.


Figure2:  SILICONES MARKET SHARE BY REGION 2022 (%)


SILICONES MARKET SHARE BY REGION


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Europe’s silicone market accounts for the second-largest market share, the rise in EU financing and supportive measures (such as incentives, subsidies, and tax breaks) implemented by numerous governments are projected to enhance the expansion of the region's building sector. Further, the German silicone market held the largest market share, and the UK silicone market was the fastest-growing market in the European region.


The North America Silicone Market Is expected to grow at the fastest CAGR from 2023 to 2032. This is because of its high demand in plastics and composites, chemicals, paints and coatings, and food and beverages. Moreover, China’s silicone market held the largest market share, and the Indian silicone market was the fastest-growing market in the North American region.


The Indian government has launched schemes such as '100 smart cities' and 'Housing for All by 2022' to push the Indian residential industry.


Silicone Key Market Players & Competitive Insights


Leading market players are extensively investing in research and development in order to extend their product lines, which will help the silicone market grow even more. Market participants are also engaging in a number of strategic initiatives to grow their worldwide presence, with significant market developments including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the silicone industry must provide cost-effective products.


Manufacturing locally to reduce operational costs is one of the primary business strategies adopted by manufacturers in the silicone industry to serve clients and expand the market sector. In recent years, the silicone industry has provided some of the most significant benefits to medicine. Major silicone market players such as KCC Corporation (South Korea), GELEST, INC. (U.S.), NuSil Technology LLC (U.S.), Specialty Silicone Products, Inc. (U.S.), and others are seeking to raise market demand by investing in research and development operations.


Shin-Etsu Chemical Co., Ltd. is Japan's largest chemical corporation, ranking ninth in the Forbes 2000 for the chemical sector. Shin-Etsu dominates the polyvinyl chloride, semiconductor silicon, and photomask substrate markets. In 2011, 2012, 2013, and 2014, the company was designated one of Thomson Reuters' Top 100 Innovators. The name "Shin-Etsu" is derived from the Shin'etsu Region, where the firm founded the first chemical plant as Shin-Etsu Nitrogen Fertilizer in 1926, while the corporation is now based in Tokyo and has manufacturing facilities in 14 countries across the world. In April 2022, Shin-Etsu Chemical Co., Ltd. has announced the creation of a novel thermal interface silicone rubber sheet series for use in electric vehicle (EV) components. These thermal interface silicone materials can be employed as heat dissipation measures for electric car component components with growing high voltage needs.


Elkem is a manufacturer of silicone, silicon, foundry alloys, carbon and microsilica, and other materials. Elkem was formed in 1904 and now employs over 7,000 people across 30 production facilities worldwide [citation needed]. Elkem's operating profit is NOK 33.7 billion [citation needed]. In 2021, Elkem will be accountable for 2.52 million tonnes of scope 1 emissions. Elkem is traded on the Oslo Stock Exchange under the ticker symbol ELK. Sam Eyde (1866 - 1940), an industrial entrepreneur, founded Elkem in 1904. Det Norske Aktieselskap för Elektrokemisk Industri (Elektrokemisk) was his business's name, and his ambition was to develop an international industry company based on Norwegian natural resources. Elkem purchased a ferroalloy mill in 1917 and began producing the Söderberg. In October 2022, Elkem ASA has announced the launch of a new specialist facility on Timberland Court. The new 18,000-square-foot facility will manufacture high-purity medical silicone products for the MedTech and Pharma markets.


Key Companies in the silicone market include



  • BASF SE (Germany)

  • Elkem Silicone (Norway)

  • Evonik Industries (Germany)

  • GELEST INC. (U.S.)

  • NuSil Technology LLC (U.S)

  • Shin-Etsu Chemical Co.Ltd. (Japan)

  • Wacker Chemie AG (Germany)

  • Dow Corning Corporation (U.S.)

  • Momentive (U.S.)

  • KCC Corporation (South Korea)


Silicone Industry Developments


In December 2020, Wacker Chemie AG has launched new silicone sealants made from renewable raw resources. It is marketed under the brand name ELASTOSIL eco, and with the introduction of this new product, the company will be able to supply silicone sealant suppliers with goods made from bio-based methanol. Some of the major participants in the silicone market


In September 2022, In York, South Carolina, Elkem establishes a new specialized plant for making high purity medical silicone. This new 18,000-square-foot facility has ISO-certified Class 7 and Class 8 clean rooms and is designed to produce high purity silicone products for the MedTech and Pharma markets.


In October 2019, Dow has announced the availability of new liquid silicone rubber 3D printing materials for use in LAM 3D printing. Its most recent entry into the North American elastomer market provides improved design freedom and process efficiency.


Silicone Market Segmentation


Silicone Market Type Outlook



  • Resins

  • Fluids

  • Gels

  • Elastomer


Silicone Market Application Outlook



  • Building & construction

  • Personal care & consumer products

  • Automotive & transportation

  • Medical & healthcare

  • Industrial process


Silicone Regional Outlook



  • North America

    • US

    • Canada



  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe



  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific



  • Rest of the World

    • Middle East

    • Africa

    • Latin America



Report Scope:

Report Attribute/Metric Details
Market Size 2022 USD 10.3 billion
Market Size 2023 USD 10.7 billion
Market Size 2032 USD 15.1 billion
Compound Annual Growth Rate (CAGR) 4.40% (2023-2032)
Base Year 2022
Market Forecast Period 2023-2032
Historical Data 2018- 2022
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Type, Application and Region
Geographies Covered North America, Europe, Asia Pacific, and the Rest of the World
Countries Covered The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled  Dow Corning Corporation (U.S.), Wacker Chemie AG (Germany), Shin-Etsu Chemical Co., Ltd. (Japan), Momentive (U S.), Elkem Silicone (Norway), Evenik Industries (Germany), KCC Corporation (South Korea), GELEST, INC. (U.S.), NuSil Technology LLC (U.S.), Specialty Silicone Products, Inc. (U.S.), Saint-Gobain Performance Plastics (France), and BASF SE (Germany).
Key Market Opportunities Aluminum-silicon alloys are in high demand.
Key Market Dynamics The world's attention is increasingly focused on alternative energy.




Frequently Asked Questions (FAQ) :

The silicone market size was valued at USD 10.3 Billion in 2022.

The silicone market is projected to grow at a CAGR of 4.40% during the forecast period, 2023-2032.

Asia Pacific had the largest share in the silicone market.

The key players in the market are KCC Corporation (South Korea), GELEST, INC. (U.S.), NuSil Technology LLC (U.S.), Specialty Silicone Products, Inc. (U.S.).

The elastomers silicone category dominated the market in 2022.

The industrial process had the largest share in the silicone market.

Key Questions Answered

  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major players’ financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
Request Free Sample

Why Choose Market Research Future?

  • Vigorous research methodologies for specific market.
  • Knowledge partners across the globe
  • Large network of partner consultants.
  • Ever-increasing/ Escalating data base with quarterly monitoring of various markets
  • Trusted by fortune 500 companies/startups/universities/organizations
  • Large database of 5000+ markets reports.
  • Effective and prompt pre- and post-sales support.
Speak to Analyst
Leading companies partner with us for data-driven Insights.
Client logo Client logo Client logo Client logo Client logo Client logo Client logo Client logo Client logo Client logo

Kindly complete the form below to receive a free sample of this Report

Please fill in Business Email for Quick Response
Invalid