Silicone Market Size, Share, Growth Report 2030

Market Overview   

The global Silicone Market accounted for USD 19.17 Billion in 2020 and is expected to reach USD 25.83 Billion by 2028, growing at a CAGR of 3.7% from 2021 to 2028.    

The silicone market is probably going to ascertain noteworthy development within the years to return. The market is majorly boosted by the rising demand for building & construction everywhere on the planet. The emerging and growing automotive & chemical sectors, particularly in the Asia Pacific area, are predicted to boom the need for the silicone market within the coming years. On the opposite hand, the unstable costs of raw materials (such as silicon metal and methyl chloride) required for the assembly of silicone are probably going to hinder the silicone market growth.

The altering dynamics of R&D and various activities for product enhancement undertaken by the main players are predicted to unlock growth avenues for the silicone market within the years to return. For instance, in March 2018, Wacker Chemie AG started a replacement facility for functional silicone fluids near Kolkata in Amtala in India. the power features a yearly capacity of quite 6,000 Metric Tons. The diversification by Wacker is the answer to increasing regional requirement demand for specialty silicones for utilization within the care, textile, agrochemical, and versatile & rigid polyfoam industries. The investment for the power stands around €6 Million, boosting the worldwide silicone market.

COVID-19 Impact Analysis:

The COVID-19 pandemic had an extraordinary impact on several industries. The automotive market is adversely impacted due to the temporary closure of assembly plants across the world. Within the second quarter of 2020, automotive sales were down by almost 40% worldwide, especially in Europe, impacting the general Silicone demand. Moreover, trade restrictions across national and international boundaries and other trade limitations have affected the industry's global supply chain, leading to lower sales activity. The demand for building glass also witnessed a huge drop owing to the slowdown of the development industry. However, the world markets are slowly opening to their full potential, and theirs a surge in demand for Silicone.

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Growth Factors

The growing demand for silicone in various end-user industries including construction, personal care, industrial process, and consumer goods is expected to drive market growth. Properties like chemical stability, versatility, and high resistance to temperature are expected to drive the demand for silicone in the aforementioned end-user industries. The increasing applications within the field of transportation are creating immense demand for Silicone.  Additionally, the emergence of energy-conservation initiatives, such as eco-friendly structures and green buildings, globally is anticipated to offer promising growth prospects to the market.

Report Scope:

Segment Analysis Preview

Based on product, the global silicone included in this study is resins, elastomers, gels, fluids and others. The key applications, the global silicone market are bifurcated into textile, building & construction, paper, chemical industry, plastics, automotive & transportation, electrical & electronics, medical & personal care and other applications. 

Regional Analysis Preview

Asia Pacific area ruled the silicone market with the biggest share of silicone usage all over the world in 2019. China was the biggest market amongst Asian nations, owing to a huge number of users. Asia Pacific was chased by North America and Europe in the same time frame. In addition to this, the U.S. and Europe are expected to see moderate development for silicone market in the years to come due to the huge share in development of silicone. The Middle East & Africa and Latin America will display decent development in the coming years in the silicone market.

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Key Market Players & Competitive Landscape

Some of the key manufacturers included in the study are Bluestar Silicones, BASF SE, Emerald Performance Materials LLC, Momentive Performance Materials Inc., Zhejiang Xinan Chemical Industry Group Co. Ltd, Shin-Etsu Chemical Company, Specialty Silicone Products Inc, Nusil Technology, Wacker Chemie AG, The DOW Corning Corporation, Rogers Corporation, Kaneka Corporation and Jiangsu Hongda New Material Co. Ltd.

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The global Silicone market is segmented as follows:  

By Product

• Resins
• Elastomers
• Gels
• Fluids  
• Others

By Application 

• Chemicals
• Plastics
• Paper
• Building & construction
• Automotive & transportation
• Textile
• Medical & personal care
• Electrical & electronics
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa