According to the Market Statsville Group, the global silicone market size is expected to grow from USD 16.4 billion in 2021 to USD 24.4 billion by 2030, at a CAGR of 5.1% from 2022 to 2030. The growing demand for silicone in various end-user industries, including construction, industrial process, personal care, and consumer goods, is expected to drive market growth. Properties like versatility, chemical stability, and high resistance to temperature are expected to drive the demand for silicone in the aforementioned end-user industries. Moreover, expanding use of silicone-based products in the evolving market such as electronics, renewable energy, and electric vehicles is probable to boost the demand for silicone over the forecast period.
The rising demand for specialized products across end-use industries, coupled with the increasing intervention of government regulatory bodies across the value chain, i.e., raw material, manufacturing process, distribution of various grades of silicone products to their end-use applications, is expected to impact variation in the prices of silicone in various end-use industries in the over the forecast period.
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The increasing demand for lightweight automobile parts and growing research and development activities to develop new and innovative products are expected to propel overall industrial growth over the forecast period. Lightweight materials are progressively being used to reduce automobile weight, which results in decreasing the overall fuel consumption. High thermal stability associated with silicone fluids is estimated to boost industrial growth in the years to come.
The growing application of silicone in paper, labels, leather packaging, textiles, and airbags is expected to propel the demand for silicone over the forecast period. Silicone is used as an adhesive, wetting agent, solvent, and anti-foaming agent in the applications mentioned above. Silicones in the textiles industry are used in numerous processes during fabric manufacturing, including the production of yarns and the finished product. Silicones provide lubrication, foam control, and softening to the yarn or fabric. Furthermore, they are used as hydrophobic coatings on the finished product.
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The study categorizes the silicone market based on product and end-use at the regional and global levels.
Based on product, the global silicone market is divided into fluids, gels, resins, elastomers, and others. In 2021, the elastomers accounted for the largest market share. Silicone elastomers are vulcanized silicone-based polymers that are made with a combination of linear polymers, crosslinker, reinforcing agents, and a catalyst. Based on the type of basic straight-chain molecule and the processing temperature, these elastomers have been further characterized as Liquid Silicone Rubber (LSR), Room Temperature Vulcanization (RTV), and High-Temperature Vulcanizing (HTV). The growing demand for lightweight automobile parts as they help to improve fuel efficiency and reduce emissions is expected to drive the demand for elastomers in the market over the forecast period.
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Asia Pacific accounts for the highest CAGR during the forecast period
Based on the regions, the global silicone market has been segmented across North America, Asia– Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is estimated to hold the highest CAGR in the global silicone market during the forecast period. The region includes the countries such as China, India, Japan, South Korea, Australia, Southeast Asia, and Rest of Asia– Pacific. The growth of the region is primarily due to strong economic growth in the domestic emerging countries such as China, Indonesia, Malaysia, and India.
The silicone market is mildly concentrated in nature with few numbers of global players operating in the market such as:
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The market is significantly fragmented in nature with the presence of big manufacturing players across the globe. The market player competes mainly on the basis of technology used for the production of silicone and the quality of products. Key market players are inclined to adopt marketing strategies such as mergers and acquisitions, new and innovative products, and production capacity expansions.
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