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    Silicone Market Report

    Silicone Market Report
    Report code - SRAM647 Delivery - 2 Weeks
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    Silicone Market Size, Share, Trend, Forecast, & Industry Analysis: 2022-2028
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    Market Insights

    The Silicone Market is projected to grow from USD 16.1 billion in 2021 to USD 23.73 billion by 2028 at a CAGR of around 5.7% during the forecast period of 2022-2028.

    Silicone-Market-Size-Chart

    What is silicone?

    Silicone is a synthetic compound made up of repeating units of siloxane, whose molecules are made up of chains that made of alternating silicone and oxygen atoms, combined with hydrogen, carbon, and other elements. Silicone is also known as polysiloxanes, which are used in adhesives, lubricants, sealants, medicine, electrical insulation, cooking utensils, and thermal insulation. Silicone is found in different forms, such as silicone rubber, silicone grease, silicone resin, silicone caulk and silicone oil.

    Market Drivers-

    Silicone is highly demanded due to its extensive usage in various industries, such as industrial process, building & construction, personal care & consumer products and many more, which is the key driver of the market. Other major factors driving the market growth are growth in demand for electronics, semiconductors, and consumer goods across the globe, rise in construction activities, properties like chemical stability, versatility, and high resistance to temperature.

    COVID-19 Impact on Silicone Market

    The covid-19 outbreak posed significant challenges across verticals worldwide. It impacted the growth of the silicone market negatively as supply disruptions affected the product availability in the market. 

    Silicone-Market-Snapshot

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    Key Players

    Some of the major silicone manufacturers are-

    • CHT Group
    • C S L Silicones Inc.
    • Kaneka Corporation
    • Primasil Silicones Limited
    • Reiss Manufacturing Inc.
    • Silicone Engineering Ltd.
    • Silicone Solutions
    • Siltech Corporation
    • SiVance, LLC
    • Zhejiang Xinan Chemical Industrial Group Co., Ltd.

    Segment Analysis

    By Product Type

    Based on the product type, the market is segmented as elastomers, fluids, resins, and gels & other products. The elastomers segment accounted for more than 40.0% of market share in 2021 and is expected to remain dominant during the forecast period, as they are extensively used in different products, such as cooking, food storage products, baking, electronics, electrical insulation, medical devices, and garments.

    By End-Use Type

    Based on the end-use type, the silicone market is segmented as industrial process, building & construction, personal care & consumer products, transportation, electronics, medical & healthcare, energy, and others. The industrial process segment accounted for more than 23.0% market share in 2021 and is expected to remain dominant in the market owing to surge in demand for silicone material in various applications, such as industrial coating, lubrication, paper production, anti-foaming agents in drilling, and paint additives. Silicone is also used in industrial sealing solutions.

    Silicone-Market-Share-Analysis

    By Region

    In terms of regions, Asia-Pacific accounted for more than 42% of market share in 2021 and is estimated to be the largest market for silicone during the forecast period. The region’s market is mainly supported by increase in demand for silicone in various end-use industries, such as industrial process, building & construction, electronics, etc. In addition, some of the manufacturers of silicone are expanding their facilities in this region, which is further propelling the growth of the market. China and India are the major growth engines of the Asia-Pacific region. North America and Europe are also expected to offer considerable growth opportunities during the forecast period.

    Silicone-Market-by-Region

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    Scope & Segmentation

    This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.

    Report - Features

    Market Segmentation

    3

    Regions Covered

    4

    Countries/Sub-Regions Covered

    17

    No. of Figures & Tables

    >120

    Company Profiles

    10

     

    The silicone market is segmented into the following categories. 

     By Product Type:

    • Elastomers
    • Fluids
    • Resins
    • Gels & Other Products

    By End-Use Type:

    • Industrial Process
    • Building & Construction
    • Personal Care & Consumer Products
    • Transportation
    • Electronics
    • Medical & Healthcare
    • Energy
    • Others

    By Region:

    • North America (Country Analysis: the USA, Canada, and Mexico) 
    • Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
    • Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
    • Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

    Research Methodology

    This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.

    Report Features

    This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

    • Market structure: Overview, industry life cycle analysis, supply chain analysis
    • Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
    • Market trend and forecast analysis
    • Market segment trend and forecast
    • Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
    • Attractive market segments and associated growth opportunities
    • Emerging trends
    • Strategic growth opportunities for the existing and new players
    • Key success factors

    Silicone Market Features

    Market Size in 2021

    USD 16.1 billion

    Market Size in 2028

    USD 23.73 billion

    Market Growth (2022-2028)

    5.7% CAGR

    Base Year of Study

    2021

    Trend Period

    2016-2020

    Forecast Period

    2022-2028

    Segments Covered

    by Product Type (Elastomers, Fluids, Resins, and Gels & Other Products)

    by End-Use Type (Industrial Process, Building & Construction, Personal Care & Consumer Products, Transportation, Electronics, Medical & Healthcare, Energy, and Others)

    by Region (North America, Europe, Asia-Pacific, and Rest of the World)

    Top Companies in 2022

    • CHT Group
    • C S L Silicones Inc.
    • Kaneka Corporation
    • Primasil Silicones Limited
    • Reiss Manufacturing Inc.
    • Silicone Engineering Ltd.
    • Silicone Solutions
    • Siltech Corporation
    • SiVance, LLC
    • Zhejiang Xinan Chemical Industrial Group Co., Ltd.

    Dominant Region

    Asia-Pacific is estimated to remain the largest market during the forecast period.

    Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to 3 players)
    • SWOT analysis of key players (up to 3 players)

    Market Segmentation

    • Current market segmentation of any one of the product types by end-use industry type.  

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.

    Recent Developments

    Oct 4: Elkem Silicones opens new medical silicone production facility

    The company designed its facility to produce silicone materials that meet the requirements in the medtech and pharma markets. The 18,000-square-foot site includes state-of-the-art, ISO-certified Class 7 and Class 8 clean rooms. One quality management system controls operations at the site. It meets the requirements of ISO 9001, ISO 13485 and IPEC Good Manufacturing Practice (GMP) guidelines.

    Frequently Asked Questions (FAQs)

    The silicone market is expected to witness an impressive growth of 5.7% CAGR in the foreseeable future.

    The Silicone Market size is USD 16.1 billion in 2021.

    CHT Group, C S L Silicones Inc., Kaneka Corporation, Primasil Silicones Limited, Reiss Manufacturing Inc., Silicone Engineering Ltd., Silicone Solutions, Siltech Corporation, SiVance, LLC, Zhejiang Xinan Chemical Industrial Group Co., Ltd. are among the key players in the market.

    Asia-pacific is expected to be the largest silicone market during the forecast period of 2022-28.

    The elastomers segment is expected to remain dominant product type in the coming five years.

    Growth in demand for electronics, semiconductors, and consumer goods across the globe, rise in construction activities, properties like chemical stability, versatility, and high resistance to temperature are some of the factors driving the growth of the market.

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