PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1829986
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1829986
The silicone market was valued at USD 24,502.4 million in 2024 and is projected to reach USD 33,246.3 million by 2030, growing at a CAGR of 5.2% during the forecast period. Demand in silicones is increasing due to their flexibility, strength, and applications in the various industries. They are increasingly used in construction in sealants & adhesives and coatings to withstand increasing urbanization and infrastructure. The automotive industry is including silicones in lightweight parts, gaskets, and insulators for the manufacture of electric vehicles. In cosmetics and personal care, silicones can impart a soft, non-tacky texture and smooth feeling to a product, which contributes to their popularity with consumers.
Scope of the Report | |
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Years Considered for the Study | 2021-2030 |
Base Year | 2024 |
Forecast Period | 2025-2030 |
Units Considered | Value (USD Million), Volume (Thousand Ton) |
Segments | Type, End-use Industry, and Region |
Regions covered | North America, Europe, Asia Pacific, Middle East & Africa, South America |
Silicones are used in thermal management, insulation, and medical applications in the electronics and healthcare industries. Sustainability trends also come into play since silicones are durable, degradation-resistant, and eliminate the need to engage in maintenance. In general, fast industrialization, rapid technological development, and the demands of end users who want high-performance and reliable materials are the potential growth drivers.
By type, fluid segment to account for second-largest market share during forecast period
The fluid segment of the silicone market is expected to hold second-largest share due to the extent to which it has been adopted in various industries. Silicone fluids, e.g., polydimethylsiloxane (PDMS) oils, are prized because of their low surface tensions combined with excellent lubricity and their high thermal stability. Silicone fluids are commonly used in the personal care and cosmetics industry as skin creams, deodorants, and hair care, to improve spread ability, sensory feel, and smoothness. Silicone fluids are used as lubricants in the industrial sector, as release agents and hydraulic fluids, as well as anti-foaming agents to ensure the efficiency of machinery used and the quality of their products. Silicone fluids are also used in the electronics industry as cooling and insulating air gaps on sensitive electronics, particularly high-performance parts. There is also increasing demand for the medical-grade silicones such as fluid-based formulations in tubing, coatings, and drug delivery systems that also drive the market. Stability and long lifespan also add to their attractiveness since silicone fluids perform well in extreme heat and are not affected by most chemicals. On the whole, the fluid segment is one of the key contributors to the global silicone market during the forecast period, due to its versatility, functional efficiency, and applications across industries.
By end-use industry, industrial process segment to account for second-largest market share during the forecast period
By end-use industry, the industrial process segment is expected to hold the second-largest share in the silicone market during the forecast period, owing to the wide applicability of this material and the operational benefits that it offers due to its use in industrial processes. Silicones have superior thermal stability, chemical resistance, and good lubrication properties in manufacturing processes. They find applications in the automotive and aerospace industries as sealants, coatings, and fluids to optimize the effectiveness of machinery and increase component life. In the electronics and electrical sector, silicones are used as insulators, thermal interface compounds and provide protective coatings, guaranteeing dependability in high heat and in stress environments. The construction/building industry also uses silicones to make sealants, adhesives, and anti-foaming products in construction processes related to the durability of infrastructure. Moreover, the current focus on environmental sustainability and operational efficiency in industrial firms has led to an augmented integration of silicones in operational optimization, maintenance operations, as well as in terms of the productivity of products. The industrial process segment is expected to support silicone growth over the forecast period due to its versatility across a variety of process environments, and regulatory approvals in key applications where their performance is critical to the process.
Asia Pacific to account for largest market share during forecast period
Asia Pacific is expected to command the largest share of the silicone industry over the forecast period with industrialization, urbanization, and consumer demand in various industries increasing at a rapid rate. Countries like China, Japan, South Korea, and India have been the main contributors and the growth in automotive, electronics, personal care, and construction business is also expanding. In the automotive industry, there has been an increase in the use of silicone sealants, gaskets, and fluids because of the trend toward adopting electric vehicles and lightweight parts. Silicone is also used extensively in the electronics industry in thermal management of heat sensitive hardware, to insulate and protect sensitive electronics. In personal care and cosmetics, increasing disposable income and changing customer trends are promoting the use of silicone-based formulations, such as hair and skin care products. Also, silicone sealants, adhesives, and coatings are assisted by government infrastructure projects and initiatives along with construction in the region. Silicones also substantiate their dominance in the region based on the availability of raw materials, cost advantages, and major custom silicone production companies in the region. Hence, robust industrial growth, technology usage, and a wide array of end-use applications are expected to make the Asia Pacific region the largest and the fastest-growing silicone market during the forecast period.
Wacker Chemie AG (Germany), Shin-Etsu Chemical Co., Ltd. (Japan), Elkem ASA (Norway), DOW (US), Momentive Performance Materials, Inc. (US), Gelest Inc. (US), Evonik Industries AG (Germany), Innospec Inc. (US), Specialty Silicone Products, Inc. (US), and Hesheng Silicon Industry Co., Ltd. (China) are some of the key players in the silicone market.
Research Coverage
The market study examines the silicone market across various segments. It aims to estimate the market size and growth potential in different segments based on type, end-use industry, and region. The study also features an in-depth competitive analysis of key market players, including their company profiles, product and business offering insights, recent developments, and key growth strategies to enhance their market positions.
Key Benefits of Buying the Report
The report is designed to help market leaders and new entrants approximate the revenue figures of the overall silicone market, along with its segments and subsegments. It aims to assist stakeholders in understanding the competitive landscape, gaining insights to strengthen their business positions, and developing effective go-to-market strategies. Additionally, the report seeks to provide stakeholders with a pulse on the market by offering information on key drivers, challenges, and opportunities.
Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the silicone market.