Global Silicones Market - 2024-2031

Overview

Global Silicones Market reached US$ 18.9 billion in 2023 and is expected to reach US$ 34.6 billion by 2031, growing with a CAGR of 7.8% during the forecast period 2024-2031.

Silicones has a unique physical property which makes them different from other synthetic polymers. Its ability to withstand in high temperatures makes them durable and long-lasting. Due to these factors, there is growth in the silicone market. Silicones find extensive applications in automotive manufacturing, including as sealants, gaskets, adhesives, lubricants and thermal management materials.

In December 2022, in China, the securities regulator approved the launch of industrial silicon futures and options contracts on the Guangzhou Futures Exchange, a new exchange focusing on new energy materials. China, is the world's largest silicon producer, with an annual capacity of about 5 million Tons. The launch of this contract is highly anticipated, as it could have significant implications for the solar panel and silicone industries.

In 2023, Asia-Pacific is expected to hold about 30% of the global silicones market. Asia-Pacific such as India, Japan and China is one of the largest regions for the growth and development of silicones. Furthermore, China possesses the world's greatest electronics manufacturing base. As reported by ZVEI Dia Elektroindustrie, China's electronics sector was valued at around US$ 2,430 million in 2020 and it is expected to grow by 11% and 8% year on year in 2021 and 2022, creating a large demand for silicone.

Dynamics

Enhancing Durability and Energy Efficiency in Construction

Silicone in the construction industry contributes to improving building durability. Silicone-based sealants and coatings provide effective weatherproofing which prevents water infiltration and reduces the risk of moisture-related damage. The enhances the longevity of buildings and reduces the need for frequent repairs and maintenance. Silicones offer higher thermal stability and provide resistance from UV radiations and make an excellent choice for energy-efficient constructions.

For instance, on 26 Dec 2022, Dow implemented a sustainable solution for the production of silicones in which they focus on achieving carbon neutrality. It utilize low-carbon raw materials and renewable resources in their production process, which significantly reduces the manufacturing footprint of silicon metal. The not only reduce their environmental impacts but leads there sustainability in materials industry.

Rising Demand for Wearable Devices in Healthcare Sector

Biocompatible materials used silicones, as it offers a wide range of formulations with different physical properties, that includes flexibility and elasticity. Due to advancements in properties, it has various applications in healthcare such as medical tubing, catheters, wound dressings and prosthetics. Silicones are well known for their durability and resistance.

For instance, on 26 July 2022, silicone materials were used in wearable devices in healthcare sector. Wearable device helps to monitor patient's health conditions. Silicone technology is a key material used in the fabrication. The material used in development for wearable device follows specific rules and regulations as these materials used for long-term implantation. SilbionTM materials provide solutions that includes liquid silicone rubber which is highly consistent in nature.

High Cost and Low Surface Energy

Silicone products are high in cost when compared to traditional materials used in industry. The production and raw material which is cost associated processes. Silicone materials when exposed to chemicals and solvents this substance degrades the performance of silicone materials. The risk of contamination is there when proper quality control measures are not followed.

Due to its low surface energy materials like polypropylene or polyethylene silicones have difficulty in forming strong bonds. The extraction of raw materials is still challenging. Silicones are derived from silicon which is created from quartz and quartz is a non-renewable resource. The manufacturing process of silicones consumes energy which generates greenhouse gases that impact the environment.

Segment Analysis

The global silicones market is segmented based on product, end-user and region.

Advancement Of Silicone Elastomers in Medical Applications

Medical is expected to be the fastest growing segment with 1/3rd of the market during the forecast period 2024-2031. Silicones are commonly used to manufacture flexible tubing and hoses for medical applications. The products are often transparent, inert and resistant to chemical reactions, making them suitable for use in fluid transfer, peristaltic pumping systems and medical devices.

On 16 May 2023, Teknor Apex launched medalist thermoplastic elastomers for medical applications. It's a cost-effective and easy-to-process material when compared with liquid silicones. The thermoplastic elastomers offer flexibility and rubber-like elasticity which makes them suitable to use in drug delivery and gas supply. The cost-effectiveness and ease of processing offered by Medalist TPEs compared to liquid silicones are significant advantages for manufacturers in the medical industry.

Geographical Penetration

Rising Innovations and Infrastructure Devemopment in Asia-Pacific

Asia-Pacific is the fastest-growing region in the global silicones market covering about 30% of the market. U.S. is the world's largest and most powerful economy. The region witnessed significant growth in the silicone market as the countries are major exporters of silicone-based products. As growth in population contributed to a rapid increment of silicones globally. As the population grows the demand for automotive, electronics and personal care products increases which boost the demand of silicones market.

For instance, on 1 Nov 2022, Dow chemical company, India develops a silicone ink called silastic lcf 9600 m which is a textile printing ink base designed for high elastic garments such as cotton fabrics. It provides high elongation, soft low tack and prevents from harmful substance such as polyvinyl chloride and solvents.

Competitive Landscape

The major global players in the market include Wacker Chemie AG, Shin-Etsu Chemical Co. Ltd, Elkem ASA, The Dow Chemical Company, NuSil Technology LLC, Evonik Industries AG, KCC Corporation, Momentive Performance Materials, Inc., Gelest, Inc and Saint-Gobain.

COVID-19 Impact Analysis

Due to rise in COVID it affects the supply chain management of raw materials and components required for silicones production and also impacts overall production and distribution of silicones. Many industries, such as automotive, electronics and transport, experienced a decline in demand during the pandemic due to economic uncertainties and lockdown measures. As silicones are widely used in these sectors, the reduced demand hinders the growth of the silicone market.

During COVID there is a shift in demand as consumer focuses on essential applications, such as automotive and construction. The led to increased demand for silicones in these specific sectors. Rise in pandemic highlighted the need for sustainable and eco-friendly technologies. The pandemic brought a shift in consumer behavior and preferences, which lead to shifts in the demand for specific silicone applications. For example, there was increased demand for silicone-based personal protective equipment like masks, gloves and medical devices.

Russia-Ukraine War Impact

Government policies and trade affected the growth of the silicone market. Economic instability and cost fluctuation affected the overall demand of the silicone market. Due to conflict, there is a limitation and trade restriction that limits the supply chain management of silicones between countries. As the global economics and political landscape continues to involve, companies in the silicone industries.

For instance, on 25 February 2022, Due to war there is a shortage of semiconductors, which was worse at mid of 2022, both Russia and Ukraine are a supplier of components that are used for the production of semiconductors. Ukraine is a significant source for supplying raw materials that include semiconductor-grade neon which is used for semiconductor manufacturing. Silicones used as a raw material of semiconductors.

By Product

• Elastomers
• Adhesives
• Sealants
• Resins
• Others

By End-User

• Construction
• Automotive & Transport
• Consumer care
• Medical
• Plastics & Composites
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• On 17 April 2023, General Silicones, a leading manufacturer of silicone products with 50 years of experience, introduced its latest innovation, the Compo-SiL SL silicone vegan leather product series. The new series is designed to cater to manufacturers of consumer products like bags, backpacks, shoes, wallets, belts, book bindings and covers who are seeking vegan leather supplies with factory-applied fabric lining.
• In October 2022, Elkem ASA declared the launch of their new specialized facility at Timberland Court. The new 18,000-square-foot facility will manufacture high-purity medical silicone products for the MedTech and Pharma markets.
• In April 2022, Shin-Etsu Chemical Co., Ltd. revealed that it was developing a novel thermal interface silicone rubber sheet series for use in electric vehicle components. The thermal interface silicone materials are able to dissipate heat in component sections of electric vehicles with growing voltage needs.

Why Purchase the Report?

• To visualize the global silicones market segmentation based on product, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of silicones market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global silicones market report would provide approximately 54 tables, 47 figures and 185 pages.

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies