Global Silicone Market: Information by Type (Elastomers, Fluids, Gels and Resins) End-use Industry (Building & Construction, Automotive &Transportation, Electrical & Electronics) and Region (Asia-Pacific, North America, Europe, Latin America and others) - Forecast till 2030

Silicone Market Overview

The Silicone Market has reached USD 16.7 million in 2021. It is expected to reach a value of USD 31 billion by the year 2030 with a CAGR of 8.0% during the forecast period.

The silicone material has some special features like they have resilience, adhesion, di-electricity, foam control, UV stability, discharge safety, radiation, and clarity. In addition to this, there is there are also some extra qualities like they have a long-lasting nature and also has high strength even to bear exceed 100-degree heat. As this silicone material is non-toxic it is also used in the food preservation industry.

COVID Analysis

The spread of the pandemic across the world has created drastic changes in all the industries of the market. To avoid the spread of the pandemic many governments have implemented the lockdown which reduced the positive cases and also slowed the spread of the virus. People were advised to follow the social distancing, and also advised staying at their house. So that there won't be the spread of the virus. The spread of the virus across the world has created the whole world to stay shut. Many factories and industries were completely shut due to the spread of the pandemic.

There was a huge loss in both the small and large companies. So the industries are expected to get their position after things get normal. To talk about the Silicone Market, due to the needs in the healthcare centre and for personal care, the Silicone Market Growth was gradual when compared to other industries.

Market Dynamics

The use of the Silicone Market in many industries is one of the main factors that boost the market value. some of the industries where the use of the silicone market is needed are the voltage line insulators, cooking, baking, food storage products, undergarments, sportswear, footwear, electronic, medical devices, implants, automotive, household gaskets, aerospace and even in the constructional works.

The secondary driver which boosts the market is the increase in the demand for the products that are necessary for the construction industry like they are also used in buildings such as sealing highways, building expansion joints, weatherproofing of joints, electric wiring in ceiling and the walls.

The important growth opportunity for increasing the Silicone Market Size is the strategies and the development provided by the key players. Due to the increase in the demand after the post-pandemic situation, the key players are open to expanding their business and also they are also interested in using the new strategies to develop the users. Then secondly the rise of the industrial and the constructional sector in the Asia Pacific region is also one of the main growth factors that increase the Silicone Market Share.

Due to the pandemic many industries were at a great loss. Many sectors and factories are shut down. So there was a lack of transportation and lack of raw materials have caused the restraints to the growth of the Silicone Market Revenue. In addition to this, the fluctuation in the cost of the raw materials because of the unavailability of the raw materials during the lockdown is also one of the hindrances that are faced by the Silicone Market.

The challenge in the growth of the Silicone Market is that there are some restrictions to the use of hazardous substances, the act of Dodd-Frank and the US government's international traffic in arms rules are some of the regulations that the manufacturers must abide by to produce the silicone rubber for the healthcare sector. To complete all these requirements and getting the proper approval for the procedure takes a lot of time, this is one of the challenges which is faced by the Silicone Market.

Cumulative growth analysis

The overall growth analysis of the Silicone Industry is somewhat good before the spread of the pandemic. But later on, the increase in the demand for growth in the healthcare sector has made the Silicone Market steady.

And also some regions supports the Silicone Market Growth. They are inducing the demand by developing the construction and the industrial sector.

Value chain analysis

The growth of the Silicone Market will be raised in the forecast period. This is because of the growth of the need in using silicone products in many industries. The main source for the growth of Silicone products is the need for silicone products as the raw materials for many sectors. Some are the aerospace, construction, health care industry, personal care sector. But it is expected that the growth will be tremendous in the forecasting period because of the demand created for the silicone products.

Market segment overview

By application

The binders are the important segment that is expected to grow in the forecasting period.

It is expected that the industrial processes will lead the market in the forecasting period.

North America

Latin America

Western Europe

Eastern Europe

Asia Pacific

The Middle East and Africa

Competitive landscape

The Silicone Market across the globe is fairly fragmented, there are several small, large and medium-sized key players occupying the market. due to the increase in the adoption of silicone in many industries, there is a demand for silicone products. So the key players are using many mergers, acquisitions, strategic agreements and contracts, developing the market by introducing various products to the market. only the major key players are ruling the market even after the spread of the pandemic.

Regional analysis

Asia Pacific region is calculated with the largest market because of holding the dominating shares of the Silicone Market. The demand for silicone because of the immediate urbanization, industrialisation in the region is also one of the main reasons for the growth. other factors that boost the growth of the Asia Pacific region in the Silicone Market is the growth of the construction sectors, electronics, automotive and mechanical sectors.

North America is ruling as the second largest market share in the Silicone Market. The major drivers which pave the way for the growth of the Silicone Market Value are chemicals, automotive products are the major key drivers for the growth.

The European market follows North America, because of the demand for the silicone products to boost the demand for automotive OEMs.

Key players

Recent developments