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Silicone Market Size to Worth Around US$ 28.4 Billion by 2030

TOKYO and OTTAWA, Sept. 30, 2021 (GLOBE NEWSWIRE) -- The global silicone market size was surpassed at US$ 16.5 billion in 2020. Silicone is high performance polymer materials made up of siloxane. It possesses many beneficial properties such as low chemical reactivity, low toxicity, low thermal conductivity, and thermal stability, water repelling forming watertight seals, microbiological growth resistance, resistance to oxygen, adheres very well with glass, ozone, and ultraviolet light, electrical insulation properties, and high gas permeability. The silicone owing to such beneficial features finds its utility in diverse applications such as construction, automotive, personal care, aerospace, health care, coatings, electronics and many others.

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Crucial factors accountable for market growth are:

  • Extensive use of silicone polymer for manufacturing lightweight materials for the automobile and aerospace industry.
  • The surge in demand for Silicone polymers used as sealants and adhesives in the construction sector provides longevity to the construction work.
  • Silicone polymers possess various beneficial properties that find its utility in diverse sectors such as automotive, personal care, healthcare and many others.
  • Nontoxic nature of silicone rubber that facilitates its utility in the food industry.

Report Scope of the Silicone Market

Report CoverageDetails
Market Size in 2030USD 28.4 Billion
Growth Rate in 2021 to 2030CAGR of 7.2%
Base Year2020
Forecast Period2021 to 2030
Segments CoveredProduct, Application, Region
Companies MentionedShin-Etsu Chemical Co. Ltd., Wacker Chemie AG, Evonik Industries AG, Elkay Chemicals Pvt. Ltd., Supreme Silicones, Dow Inc., KCC Corporation, Elkem ASA, Silchem Inc., Specialty Silicone Products Inc.

Report Highlights

  • Based on end-use, the industrial sector hit 25.5% revenue share in 2020 and witnessing highest CAGR during the forecast period.
  • The use of silicone elastomers in the manufacturing of the automobiles is expected to boost the growth of the silicone market.
  • By Geography, Asia Pacific region is estimated to contribute the largest revenue share 45% in 2020 because of the presence of significant number of silicone market players, availability of raw materials and cheap labor.
  • The adhesive and sealant property offered by the silicone facilitates its utility in the construction sector.
  • Europe is expected to hit 3.5% CAGR in the upcoming years.
  • Based on product, the elastomers segment is accounting for the largest revenue share of 42% in 2020.

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Market Dynamics

Driver

The silicone polymers are versatile in nature and hence find their utility in wide range of industries. They possess unique properties such as low chemical reactivity, low toxicity, low thermal conductivity, thermal stability, water repelling forming watertight seals, microbiological growth resistance, resistance to oxygen, adheres very well with glass, ozone, transparency, radiation resistance, hydrophobicity and many others that facilitates their use in diverse applications. In the automobile sector, the HTV silicone elastomers are used in the manufacture of electric vehicles. Also, in the construction industry the silicone because of its adhesive and sealant property is abundantly used. All these factors are expected to drive the growth of the silicone market.

Restraint

The major restraining factor that will hinder the growth of the silicone market is the presence of strict Government regulation in the use silicone in certain end use industries such as personal care, consumer products, medical and healthcare.

Opportunity

The use of silicone polymer in the health care industry will find huge opportunities during the forecast period owing to its non-toxic and biocompatible properties. Also, the rapid innovation of new products using the silicon polymers will have huge opportunities inmany end use applications.

Challenges

The continuous fluctuation in the prices of raw material such as methyl chloride and silicon metal used in the manufacture of silicone polymers will be a major challenge faced by the silicone producers in the market.

Recent Developments

  • On 18th August 2021 Wacker Chemie AG and Finsterwalder Corporate Group announced that they are planning to build a 35,000 m2 logistics center in Saxony, eastern Germany that will used for storing and shipping silicone products.
  • On 22nd September 2021 Evonik a specialty chemicals company and the Swiss plastics specialist Samaplast have announced that they are developing an osteoconductive PEEK biomaterial for injection molding using high performance silicone polymers.
  • On 25th August 2021 Elkem Silicones organized a conference in Schaumburg to brings together Industry leaders and silicone experts to discuss developments in liquid silicone rubber technology throughout different markets including healthcare, automotive, industrial, electronics, and consumer goods.

The major market player includes Shin-Etsu Chemical Co. Ltd., Wacker Chemie AG, Evonik Industries AG, Elkay Chemicals Pvt. Ltd., Supreme Silicones, Dow Inc., KCC Corporation, Elkem ASA, Silchem Inc., Specialty Silicone Products Inc. and others

Segments Covered in the Report

By Product

  • Fluids
    • Straight Silicone Fluids
    • Modified Silicone Fluids
  • Gels
  • Resins
  • Elastomers
    • High-Temperature Vulcanized (HTV)
    • Liquid Silicone Rubber (LSR)
    • Room Temperature Vulcanized (RTV)
  • Others
    • Adhesives
    • Emulsions

By Application

  • Electronics
  • Transportation
  • Construction
  • Healthcare
  • Personal Care and Consumer goods
  • Energy
  • Industrial Sector
  • Others

By Geography

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • U.K.
    • Germany
    • France
    • Russia
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia-Pacific
  • LAMEA
    • Latin America
    • Middle East
    • Africa

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