Silicone Market by Product Type (Elastomers, Fluids, Resins, Gels & Other Products), End-Use Type (Industrial Process, Building & Construction, Personal Care & Consumer Products, Transportation, Electronics, Medical & Healthcare, Energy, and Others), and Region (North America [The USA, Canada, and Mexico], Europe [Germany, France, The UK, Russia, and Rest of Europe], Asia-Pacific [China, Japan, South Korea, India, and Rest of Asia-Pacific], and Rest of the World [Brazil, Saudi Arabia, and Others]).
Silicone Market by Product Type (Elastomers, Fluids, Resins, Gels & Other Products), End-Use Type (Industrial Process, Building & Construction, Personal Care & Consumer Products, Transportation, Electronics, Medical & Healthcare, Energy, and Others), and Region ...
"The global 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 is a synthetic compound made up of repeating units of siloxane, whose molecules are made up of chains that are 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.
Silicone Market Report Overview
Market Size in 2021
USD 16.1 billion
Market Size in 2028
USD 23.73 billion
CAGR (2022-2028)
5.7%
Base Year of Study
2021
Trend Period
2016-2020
Forecast Period
2022-2028
Silicone is highly demanded due to its extensive usage in various industries, such as industrial processes, 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 a rise in demand for electronics, semiconductors, and consumer goods globally, a rise in construction activities, and properties like chemical stability, versatility, and high resistance to temperature. Due to its biocompatibility and endurance, silicone is being used increasingly in pharmaceutical, medical device, and implant applications. Rising adoption of silicone coatings, adhesives, and sealants in buildings for energy efficiency and weatherproofing.
The COVID-19 outbreak posed significant challenges across verticals worldwide. It impacted the growth of the silicone market negatively as supply disruptions affected product availability in the market.
Elkem Silicones opens a new medical silicone production facility. The company designed its facility to produce silicone materials that meet the requirements of 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.
Zhejiang Xinan Chemical Industrial Group Co., Ltd.
Note: The above list does not necessarily include all the top players in the market.
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Segment Analysis
Product Trends
"The elastomers segmentaccounted for the largest market share."
Based on the product type, the market is segmented as elastomers, fluids, resins, gels & other products. The elastomers segment accounted for more than 40.0% of the 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.
End-Use Trends
"The industrial process segmentaccounted for the largest market share."
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 20% market share in 2021 and is expected to remain dominant in the market owing to a 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.
Regional Trends
"Asia-Pacific accounted for the largest market share."
In terms of regions, Asia-Pacific accounted for more than 40% of the 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.
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 market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market.
What deliverables will you get in this report?
Key questions this report answers
Relevant contents in the report
How big is the sales opportunity?
In-depth analysis of the Silicone Market
How lucrative is the future?
Market forecast and trend data and emerging trends
Which regions offer the best sales opportunities?
Global, regional and country level historical data and forecasts
Which are the most attractive market segments?
Market segment analysis and forecast
Which are the top players and their market positioning?
Porter’s five forces analysis, PEST analysis, Life cycle analysis
What are the factors affecting the market?
Drivers & challenges
Will I get the information on my specific requirement?
10% free customization
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)
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
Research Methodology
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s silicone market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulating growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a 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 books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.
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)
Competitive Benchmarking
Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances
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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.
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.