Global Silicone Market Size - Statistics Insights Forecasts to 2032

Global Silicone Market Size, Share, and COVID-19 Impact, By Product (Fluids, Gels, Resins, Elastomers), By End-use (Electronics, Transportation, Construction, Healthcare, Industrial Processes, Energy), by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032.

 

Global Silicone Market Insights Forecasts to 2032

• The Global Silicone Market Size was valued at USD 22.6 Billion in 2022.
• The market is growing at a CAGR of 7.2% from 2022 to 2032
• The Worldwide Silicone Market Size is expected to reach USD 34.9 Billion by 2032
• North America is expected to grow the fastest during the forecast period

 

The Global Silicone Market Size is expected to reach USD 34.9 Billion by 2032, at a CAGR of 7.2% during the forecast period 2022 to 2032.

 

A synthetic polymer comprised of silicon, oxygen, carbon, and hydrogen atoms is known as silicone. It is a flexible substance renowned for its exceptional qualities, which make it helpful in a variety of applications.  Silicone is crucial to the electronic device industry, where demand has been rising continuously. Silicone is a great material for electronic components like seals, gaskets, and thermal management solutions because of its outstanding electrical insulating qualities, high-temperature resistance, and flexibility.

 

COVID-19 Impact on the Global Silicone Market

The pandemic disrupted silicone supply networks, global industry, and consumer demand for a range of goods and commodities. During the pandemic, there was an upsurge in the demand for medical-grade silicone products as a result of the increased need for medical supplies such tubing, ventilator parts, and other medical supplies. As a result, the market for medical silicone saw expansion and increased production. As a result of lockdowns and other limitations, the construction and automobile industries had difficulties during the pandemic. This in turn has an effect on the demand for items made of silicone that are used in these industries. The pandemic disrupted the world's supply chain, which had an impact on the cost and availability of the raw ingredients needed to make silicone. This in turn had an impact on the silicone market as a whole.

 

Key Market Drivers

The need for silicone in various electronic components and thermal management systems is driven by the growing use of electronic devices, including smartphones, tablets, and wearables. Silicone is a favoured material for medical equipment such catheters, wound dressings, and prostheses due to its biocompatibility and adaptability. The ageing of the world's population and improvements in medical technology are factors in the increased demand for silicone in healthcare applications. In the automotive industry, silicone is widely utilised for gaskets, seals, adhesives, and other purposes. The need for silicone-based goods is anticipated to increase as the automotive sector continues to expand and change, notably with the rising use of electric vehicles and cutting-edge driver assistance systems. Construction projects require silicone-based sealants and adhesives for weatherproofing and joint sealing. The need for silicone in the construction industry is continuing to grow as urbanisation and infrastructure development take place all over the world. Silicone-based solutions are used to increase insulation, decrease energy consumption, and increase building durability, helping green construction initiatives, with a focus on energy-efficient and sustainable building practises. 

 

Key Market Challenges

Raw ingredients needed to make silicone might vary in cost and availability depending on the state of the market. This may have an effect on the profitability and total cost of manufacturing for silicone producers. Other materials, such as organic polymers or thermoplastics, that offer comparable qualities or advantages compete with silicone. The particular application and budgetary factors frequently influence the material choice. Although silicone is renowned for its strength and long lifespan, managing silicone-based goods' end-of-life can be difficult. Environmental issues arise because silicone product disposal and recycling procedures are not as well established as those for some other materials. Particularly in industries like healthcare and applications involving food contact, the silicone business is subject to a number of laws and standards. Due to ingrained habits or a desire for different materials, the adoption of silicone-based solutions may be slower in some industries.

 

Market Segmentation

Product Insights

Elastomers segment is dominating the market over the forecast period

On the basis of product, the global silicone market is segmented into Fluids, Gels, Resins, Elastomers. Among these, the elastomers segment is dominating the market over the forecast period. In the automotive industry, silicone elastomers are frequently utilised for gaskets, seals, and vibration-dampening parts. The use of silicone elastomers in battery seals and thermal management solutions has further bolstered the segment's growth due to the automotive industry's continuing expansion and rising demand for electric vehicles. Due to their biocompatibility, silicone elastomers are perfect for use in medical applications such implanted devices, catheters, and medical tubing. The elastomers market in the healthcare industry has grown as a result of the ageing global population and the rising demand for cutting-edge medical gadgets.

 

End Use Insights

Industrial process segment holds the highest market share over the forecast period

Based on the end use, the global silicone market is segmented into Electronics, Transportation, Construction, Healthcare, Industrial Processes, Energy. Among these, the industrial process segment holds the highest market share over the forecast period. Due to their distinctive qualities and adaptability, silicone-based goods and materials are frequently employed in a variety of industrial processes. In industrial machinery and equipment, silicone-based lubricants and greases are frequently used to decrease friction, stop wear and tear, and offer smooth operation. They are particularly desired in applications that call for a broad operating temperature range and material compatibility. Automotive, aerospace, and consumer products are just a few of the industries that employ silicone rubber for mold-making and casting. Silicone moulds are favoured in mass manufacturing processes because they provide good detail reproduction and can endure many castings.

 

 

Recent Market Developments

• In October 2021, in Zhenjiang, China, Evonik Industries AG and joint venture partner Wynca have opened a fumed silica factory. This facility is anticipated to meet the local demand for industrial applications, silicones, and coatings.

 

List of Key Companies

• 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.

 

Market Segment

This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global Silicone Market based on the below-mentioned segments:

 

Silicone Market, Product Analysis

• Fluids
• Gels
• Resins
• Elastomers

 

Silicone Market, End Use Analysis

• Electronics
• Transportation
• Construction
• Healthcare
• Industrial Processes
• Energy

 

FAQs

1. What is the market size of Silicone Market?

The global Silicone Market is expected to grow from USD 22.6 Billion in 2022 to USD 34.9 Billion by 2032, at a CAGR of 7.2% during the forecast period 2022-2032.

 

2. Who are the key market players of Silicone Market?

Some of the key market players of 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.

 

3. Which segment hold the largest market share?

Elastomers segment holds the largest market share is going to continue its dominance.

 

4. Which region is dominating the Silicone Market?

Asia Pacific is dominating the Silicone Market with the highest market share.