Silicone Market Research Report – Global Forecast till 2030

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

ID: MRFR/CnM/5980-HCR | February 2021 | Region: Global | 140 pages

Silicone Market

Silicone Market is projected to be worth USD 31 Billion by 2030, registering a CAGR of 8.0% during the forecast period (2021 - 2030).

Segmentation

By Type Elastomers Fluids Gels and Resins
By End-use Industry Building & Construction Automotive &Transportation Electrical & Electronics

Key Players

  • Wacker Chemie AG
  • Momentive performance materials Inc
  • The Dow chemical company
  • Shin-Etsu chemical Corporation limited
  • Elkem ASA
  • Evonik Industries AG
  • KCC corporation
  • Silchem Inc
  • Speciality silicone products Inc

Drivers

  • Silicone Market in many industries is one of the main factors that boost the market value
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Silicone Market Overview


The Silicone Market has reached USD of 16.7 million in 2021. It is expected to reach the value of 23.4 billion by the year 2026 with a CAGR of 7.0% 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, clarity. In addition to this, there is there are also some extra qualities like they have a long-lasting nature and also has the high strength even to bear the 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


Crucial Market drivers

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 market growth opportunities

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.


The market restraints

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 market challenge

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 product


  1. Gels

  2. Elastomers – liquid silicone rubber, high temperature vulcanized, room temperature vulcanized

  3. Fluids – straight silicone fluids and modified silicone fluids

  4. Resins – emulsions and adhesives

  5. Others

  6. The elastomers are the leading product in the market because of their special feature.


By application


  1. Elastomeric components

  2. Conditioning agents

  3. Binders

  4. Surfactants

  5. Others


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


By end-users


  1. Automotive and transportation

  2. Electronics

  3. Healthcare

  4. Constructional sector

  5. Energy

  6. Consumer goods

  7. Personal care

  8. Industrial processes


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


By region

North America



  1. US

  2. Canada


Latin America



  1. Mexico

  2. Brazil

  3. Peru

  4. Chile

  5. Others


Western Europe



  1. Germany

  2. UK

  3. France

  4. Spain

  5. Italy

  6. Nordic countries

  7. Belgium

  8. Netherlands

  9. Luxembourg


Eastern Europe



  1. Poland

  2. Russia


Asia Pacific



  1. India

  2. Japan

  3. China

  4. ASEAN

  5. Australia

  6. New Zealand


The Middle East and Africa



  1. GCC

  2. Southern Africa

  3. North 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



  1. Wacker Chemie AG

  2. Momentive performance materials Inc

  3. The Dow chemical company

  4. Shin-Etsu chemical Corporation limited

  5. Elkem ASA

  6. Evonik Industries AG

  7. KCC corporation

  8. Silchem Inc

  9. Speciality silicone products Inc

  10. Elkay chemical private limited. 


Recent developments


Jan 2022 B9Creations, based in South Dakota, provides professional additive manufacturing solutions for various applications to consumers and licensed dealers in nearly 70 countries. The 3D printer and materials company recently announced the addition of new medical-grade silicone material to its existing array of biocompatible 3D printing materials. BioRes – Silicone, a novel elastomeric resin, has a high rip resistance, surface polish, and precision and is ISO 90993-certified for up to 30 days of skin contact. The new material is well-matched with the B9 Core 5 Series Med XL – 405 and 385 3D printers and other photopolymer resin-based 3D printer platforms.

Jan 2022 DOW recently announced Luxsense Silicone Synthetic Leather, the world's first high-end silicone-based synthetic leather material. It was designed to meet the needs of specific transportation seating and interiors, as well as fashion, wearable technology, furniture, and consumer electronics. Dow has produced a synthetic leather substitute that provides comfort and luxury while still being environmentally friendly. This announcement supports the company's goal of reducing net yearly carbon dioxide emissions by another 15% by 2020, approximately 30% by 2030, and reaching carbon neutrality by 2050.



Report Scope:
Report Attribute/Metric Details
  Market Size   2027: Significant Value
  CAGR   Substantial Value
  Base Year   2019
  Forecast Period   2020-2030
  Historical Data   2018
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   By type, applications, end-use industry, and region.
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   DowDupont (US), BASF SE (Germany), Wacker Chemie AG (Germany), Shin-Etsu Chemical Co., Ltd. (Japan), Elkem ASA (Norway), Evonik (Germany), Momentive Performance Materials Inc. (US), KCC CORPORATION (South Korea), Zhejiang Xin'an Chemical Group Co., Ltd. (China), MESGO S.p.A. (Italy), and GELEST, INC. (US)
  Key Market Opportunities   Rising awareness and use of liquid silicon rubber in manufacturing is likely to be an opportunity for the silicone market.
  Key Market Drivers   Owing to a rising trend in various applications to use environment-friendly or green products.


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Frequently Asked Questions (FAQ) :

Silicone Market is predicted to grow at Significant through forecast period of 2022-2030.

The forecast period for Silicone Market research report is 2022-2030.

Global Silicone Market is dominated by APAC region.

Increase the demand for Industrial cleaning sector

The prominent players operating in the Silicone Market include