Silicones Market Size was valued at USD 10.3 billion in 2022. The silicones 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).The rising use of silicones in a variety of automobile components, as well as rising demand for silicones in the electronics and semiconductor industries are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The market CAGR for silicones market is predicted to expand as the application scope in numerous end-use industries expands. silicones 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.
Silicones 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 silicones 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 silicones in automotive coatings.
Furthermore, silicones 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.
The silicones 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. silicones elastomers are vulcanized silicones-based polymers composed of cross linkers, reinforcing agents, linear polymers, and a catalyst. These elastomers are categorised as high-temperature vulcanizing (HTV), liquid silicones 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) silicones 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 silicones rubber at room temperature has good thermal and dielectric characteristics.
Figure1:Â Silicones Market, by Type, 2022 & 2032 ( USD billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The silicones 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. silicones 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. silicones 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.
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.
Figure 2: SILICONESÂ MARKET SHARE BY REGION 2022 (%)Â 
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe’s silicones 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 silicones market held the largest market share, and the UK silicones market was the fastest-growing market in the European region
The North America silicones 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 silicones market held the largest market share, and the Indian silicones 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.
Leading market players are extensively investing in research and development in order to extend their product lines, which will help the silicones 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 silicones industry must provide cost-effective products.
Manufacturing locally to reduce operational costs is one of the primary business strategies adopted by manufacturers in the silicones industry to serve clients and expand the market sector. In recent years, the silicones industry has provided some of the most significant benefits to medicine. Major silicones market players such as KCC Corporation (South Korea), GELEST, INC. (U.S.), NuSil Technology LLC (U.S.), Specialty silicones 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 silicones rubber sheet series for use in electric vehicle (EV) components. These thermal interface silicones materials can be employed as heat dissipation measures for electric car component components with growing high voltage needs.
Elkem is a manufacturer of silicones, 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 silicones products for the MedTech and Pharma markets.
BASF SE (Germany)
Elkem silicones (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)
In December 2020, Wacker Chemie AG has launched new silicones 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 silicones sealant suppliers with goods made from bio-based methanol. Some of the major participants in the silicones market
In September 2022, In York, South Carolina, Elkem establishes a new specialized plant for making high purity medical silicones. This new 18,000-square-foot facility has ISO-certified Class 7 and Class 8 clean rooms and is designed to produce high purity silicones products for the MedTech and Pharma markets.
In October 2019, Dow has announced the availability of new liquid silicones 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.
Silicones Market Type Outlook
Resins
Fluids
Gels
Elastomer
Silicones Market Application Outlook
Building & construction
Personal care & consumer products
Automotive & transportation
Medical & healthcare
Industrial process
Silicones Regional Outlook
| Report Attribute/Metric | Details |
| Market Size2022 | 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 | Â Dow Corning Corporation (U.S.), Wacker Chemie AG (Germany), Shin-Etsu Chemical Co., Ltd. (Japan), Momentive (U S.), Elkem silicones (Norway), Evenik Industries (Germany), KCC Corporation (South Korea), GELEST, INC. (U.S.), NuSil Technology LLC (U.S.), Specialty silicones 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. |
Silicones Market Highlights:
Frequently Asked Questions (FAQ) :
The silicones market size was valued at USD 10.3 Billion in 2022
The 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 market
The key players in the market are KCC Corporation (South Korea), GELEST, INC. (U.S.), NuSil Technology LLC (U.S.), Specialty silicones Products, Inc. (U.S.).
The elastomers silicones category dominated the market in 2022
The industrial process had the largest share in the market
Team Lead - Research Anshula mandaokar holds an academic degree in chemical engineering and has been contributing to the field for more than 5 years. she has expertise in market research and business consulting and serves as a team lead for a reputed market research firm under the chemicals and materials domain spectrum. she has worked on multiple projects, generating explicit results in a quick turnaround time. her understanding of data interpretation justifies her role as a leader.
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