PUBLISHER: The Business Research Company | PRODUCT CODE: 1387761
PUBLISHER: The Business Research Company | PRODUCT CODE: 1387761
“Silicone Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on silicone market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for silicone? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The silicone market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Silicone is a polymer derived from siloxane and is commonly used in the production of lubricants and synthetic rubber. It is known for its distinct properties, including thermal stability, hydrophobic characteristics, and physiological inertness.
The primary product categories of silicone include elastomers, fluids, gels, and other related products. Elastomers are polymers that exhibit both viscosity and elasticity, making them viscoelastic in nature. Silicone products have a wide range of applications, spanning industries such as construction, transportation, electrical and electronics, textiles, personal care, pharmaceuticals, and various other sectors. They are utilized in diverse industrial applications, including electronics, machinery, aerospace, and the medical field.
The silicone market research report is one of a series of new reports from The Business Research Company that provides silicone market statistics, including silicone industry global market size, regional shares, competitors with a silicone market share, detailed silicone market segments, market trends and opportunities, and any further data you may need to thrive in the silicone industry. This silicone market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The silicone (except resins) market size has grown rapidly in recent years. It will grow from $98.77 billion in 2023 to $108.87 billion in 2024 at a compound annual growth rate (CAGR) of 10.2%. The growth observed during the historical period can be attributed to factors such as the construction and building sector, the automotive industry, the electrical and electronics industry, and the healthcare and medical devices sector, all of which contributed to the increased demand for silicone-based products.
The silicone (except resins) market size is expected to see strong growth in the next few years. It will grow to $156.12 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. The anticipated growth in the forecast period can be attributed to various factors, including the adoption of green and sustainable materials, the development of renewable energy infrastructure, advancements in electronics and the rollout of 5G technology, and the increasing use of silicone materials in consumer and industrial 3D printing. Major trends expected in the forecast period include the use of bio-compatible silicones, the development of silicone hybrid materials, the implementation of sustainable manufacturing practices, and the utilization of high-performance thermal management and advanced functional silicones.
The silicon (excluding resins) market is poised for growth, primarily driven by the expansion of the automotive sector. Silicones play a crucial role in the manufacturing of engine gaskets, seals, and hoses used in vehicles. Their ability to withstand high temperatures, pressure, and exposure to various chemicals makes them ideal for automotive applications. For instance, in March 2022, the European Automobile Manufacturers' Association (ACEA) reported a 5.5% increase in US passenger car sales in 2021, with over 6.3 million cars produced domestically. Chinese automakers also contributed to this growth by producing 20.7 million vehicles in 2021. Globally, car production rose by 2.7% to reach 63.2 million units. Therefore, the automotive sector's growth is a significant driver of the silicon market (excluding resins).
The increasing demand for electronic devices is expected to fuel the growth of the broader silicon market. Silicon plays a pivotal role in the semiconductor industry, enabling the creation of various electronic components and integrated circuits (ICs) that form the foundation of modern electronics. For example, in March 2023, a report by Cybercrew revealed that the percentage of UK households using smartphones reached 91.43% in 2021, with projections indicating a rise to 93.8% in 2026. This highlights the sustained growth in electronic device usage. Consequently, the demand for electronic devices is a key driver for the silicon market.
The rising raw material prices, compounded by manufacturing facility shutdowns due to environmental factors and sustainability policies, are anticipated to hinder the silicone market's growth. The limited availability of raw silicone has led to increased pressure on manufacturers to raise the prices of silicone materials. This trend is exemplified by companies like Wacker Chemie AG, Elkem Silicones, Shin-Etsu Chemical Co., and Momentive Performance Materials Inc., which increased silicone elastomer prices by 10% to 30% due to rising raw material and energy costs. Thus, fluctuating raw material prices pose challenges to the silicone market.
Leading companies operating in the silicon market are actively innovating new products. One such innovation is the introduction of heat-stable hardeners that cater to various industries, including coatings, adhesives, and sealants. For example, in August 2021, Evonik Industries launched a Heat Stable Hardener that cures at room temperature, offering energy and cost savings. It is designed for applications requiring high-temperature resistance, making it ideal for surfaces exposed to elevated temperatures.
Major companies are developing silicone resins to address specific applications, including 3D printing of custom-made products such as dental tools, hearing aids, and medical equipment. Silicone resins are prized for their non-cytotoxic nature, high transparency, and adjustable mechanical properties, making them versatile for numerous applications. For instance, in August 2021, Australia's CSIRO introduced a family of silicone resins suitable for 3D printing in healthcare and other industries.
In October 2021, Rogers Corporation bolstered its presence in the silicon market by acquiring Silicone Engineering Ltd., a UK-based producer of silicone material solutions. This strategic move enhances Rogers' advanced silicones platform and positions it to provide advanced solutions with a European Center of Excellence.
Major companies operating in the silicone (except resins) market include Wacker-Chemie AG, CSL Silicones Inc., Specialty Silicone Products Inc., Evonik Industries AG, Kaneka Corporation, Dow Corning Corporation, Momentive Performance Materials Inc., Elkem ASA, Gelest Inc., BASF SE, Emerald Performance Materials LLC, Shin-Etsu Chemical Co., Ltd., Siltech Corporation Inc., ICM Products Inc., CHT Group, Primasil Silicones Ltd., 3M Company, Nusil Technology LLC, Allergan PLC, Ashland Inc., Arkema Inc., Silteq Limited, KCC Corporation, SiVance LLC, Zhejiang Xinan Chemical Industrial Group Co. Ltd., Reiss Manufacturing Inc., Compagnie de Saint-Gobain SA, Silicone Solutions, Dow Chemical Company, Covestro AG, Huntsman Corporation, Eastman Chemical Company, Mitsui Chemicals Inc., DIC Corporation
Asia-Pacific was the largest region in the silicone market in 2023. North America was the second-largest region in the global silicone market. The regions covered in the silicone market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The countries covered in the silicone market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The silicone market consists of the sales of emulsion, oil, caulk, grease, resin, foam, and solid silicones. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.