What Has Been the Growth of the Silicone Market So Far?
The silicone market has seen considerable growth due to a variety of factors.
• The scale of the silicone market has experienced a rapid increase in recent years. It is projected to expand from $24.65 billion in 2024 to $28.73 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 16.6%.
The increment observed during the historical interval can be associated with sectors such as construction and building, the automotive industry, electrical and electronics, and healthcare and medical devices.
What Are the Future Growth Projections for the Silicone Market?
The silicone market is expected to maintain its strong growth trajectory in upcoming years.
• The scale of the silicone market is predicted to experience brisk expansion in the coming years, ballooning to a value of $50.05 billion by 2029, growing at a compounded annual growth rate (CAGR) of 14.9%.
Factors propelling the growth during the prediction period include the demand for green and sustainable materials, advances in renewable energy infrastructure and electronics, and the rise of consumer and industrial 3D printing. The market trends to watch out for during the forecast period are bio-compatible silicones, hybrid silicone materials, sustainable production approaches, high-efficiency thermal management and advanced functional silicones.
What Are The Core Factors Supporting Growth In The Silicone Market?
The expansion of the automotive industry is anticipated to fuel the growth of the silicon (excluding resins) market in the future. The term "automotive sector" refers to a collection of companies and institutions involved in the design, manufacture, advertising, and distribution of vehicles. Silicones, used in the production of engine gaskets, seals, and hosing, have to endure high heat, pressure, and contact with a range of chemicals. Their heat resistance and durability make them perfect for these tasks. For example, the National Automobile Dealers Association (NADA), a trade group based in the United States, reported 13.7 million new light-vehicle sales in the country in January 2023. In 2023, they predict 14.6 million new light-vehicle sales, marking a 6.6% increase over 2022 forecasts. Therefore, the surge in automotive industry activity is influencing the growth of the silicon market.
What Are The Major Segments Within The Global Silicone Market?
The silicone market covered in this report is segmented –
1) By Product Type: Elastomers, Fluids, Gels, Other Product Types
2) By Application: Construction, Transportation, Electrical And Electronics, Textiles, Personal Care And Pharmaceuticals, Other Applications
3) By End User: Industrial, Electronics, Machinery, Aerospace, Medical
Subsegments:
1) By Elastomers: Solid Silicone Elastomers, Liquid Silicone Rubber (LSR), High-Temperature Silicone Elastomers
2) By Fluids: Silicone Oils, Silicone Greases, Silicone Emulsions
3) By Gels: Medical Grade Silicones, Cosmetic And Personal Care Silicones, Industrial Silicones
4) By Other Product Types: Silicone Resins, Silicone Sealants, Silicone Adhesives, Silicone Coatings
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How Are New Trends Impacting The Size Of The Silicone Market?
Leading organizations in the silicon market are honing in on crafting innovative products such as silicon resin binders, offering enhanced binding qualities for use in robust, high-performance applications. Created from silicone polymers, these silicone resin binders deliver superior heat resistance, water repellence, and chemical steadiness. They generate long-lasting protective barriers, safeguarding surfaces from UV radiation, extreme heat, and dampness. For example, Wacker, a German chemical powerhouse, introduced two new silicone resin binders, SILRES M 51 E and SILRES IC 900 in April of 2023. These binders are custom-made for industrial coatings capable of withstanding temperatures reaching 600°C while effectively binding to metals like steel and aluminum. Given their heat stability, they are ideally suited for industrial coatings in high-temperature settings such as chemical factories and piping systems.
Who Are the Key Players In The Silicone Market?
Major companies operating in the silicone (except resins) market include:
• Wacker-Chemie AG
• CSL Silicones Inc.
• Specialty Silicone Products Inc.
• Evonik Industries AG
• Kaneka Corporation
• Dow Corning Corporation
• Momentive Performance Materials Inc.
• Elkem ASA
• Gelest Inc.
• BASF SE
• Emerald Performance Materials LLC
• Shin-Etsu Chemical Co.Ltd.
• Siltech Corporation Inc.
• ICM Products Inc.
• CHT Group
• Primasil Silicones Ltd.
• 3M Company
• Nusil Technology LLC
• Allergan plc
• Ashland Inc.
• Arkema Inc.
• Silteq Limited
• KCC Corporation
• SiVance LLC
• Zhejiang Xinan Chemical Industrial Group Co. Ltd.
• Reiss Manufacturing Inc.
• Compagnie de Saint-Gobain SA
• Silicone Solutions
• Dow Chemical Company
• Covestro AG
• Huntsman Corporation
• Eastman Chemical Company
• Mitsui Chemicals Inc.
• DIC Corporation
What Is The Most Dominant Region In The Silicone Market?
Asia-Pacific was the largest region in the silicone market in 2023. North America was the second-largest region in the global silicone market. The regions covered in the silicone market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
