Silicone Market Size, Share, Trend, Forecast, & Industry Analysis: 2022-2028
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Silicone Market Size, Share, Trend, Forecast, & Industry Analysis: 2022-2028
The Silicone Market is Segmented 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), and by Region (North America, Europe, Asia-Pacific, and Rest of the World)
The Silicone Market is Segmented 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), and by Region ...
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.
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.
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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.
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.
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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.
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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.
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.