Global Silicone Except Resins Market Trends 2024, Forecast To 2033

The silicone market has witnessed rapid expansion, surging from $21.21 billion in 2023 to $24.8 billion in 2024, showcasing an impressive compound annual growth rate (CAGR) of 16.9%. The growth in the historic period is attributed to the escalating demand for electronics and electricals, a construction boom, the flourishing healthcare sector, and the expanding automotive industry, all contributing to a diversified range of industrial applications. Forecasts suggest continued rapid growth, with the market projected to reach $43.47 billion by 2028, maintaining a robust CAGR of 15.1%. This growth is underpinned by increasing demand for renewable energy, the electrification of vehicles, the push for smart and green building initiatives, and the expanding realms of pharmaceuticals and biotechnology. Significant trends in the forecast period include a focus on silicone recycling, advancements in silicone 3D printing, the emergence of bio-based silicones, integration of silicone in healthcare wearables, and a growing role of silicone in the cosmetics industry.