Global Silicone Market by End-use (Construction, Transportation, Electronics), by Product (Fluids, Elastomers, Gels, Resins) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global silicone market was valued at USD 14.4 Billion in 2020. It is projected to grow at a compound annual rate (CAGR of 4.3%) between 2021 and 2028. Market growth is expected to be driven by the growing demand for silicone in many end-user industries, including construction, personal care and industrial process. Silicone's properties such as chemical stability, versatility and high resistance against temperature will drive demand in these end-user markets. The demand for silicone is expected to rise due to the increasing use of silicone-based products on the emerging market like electronics, renewable energy and electric cars over the forecast period.

Silicones can be divided into three types based on their grades: industrial, medical, and food-grade. Prices will vary depending on how the product is manufactured, the types of additives or catalysts used to enhance properties, as well as the various government regulations regarding the use of raw materials and the final product.

Over the forecast period, the rising demand for specialty products in end-use sectors, combined with increasing government regulation across the value chain (raw material, manufacturing process and distribution of different grades of silicone products to end-use applications) is expected to have an impact on the price of silicone in various industries.

Over the next few years, overall industrial growth will be driven by increasing demand for lightweight parts and increased research and development to create new products. The use of lighter materials to reduce the automobile's weight is increasing, which in turn results in a lower fuel consumption. Silicone fluids' high thermal stability is expected to increase industrial growth over the next few years.

Over the forecast period, silicone demand will rise due to the increasing use of silicone in textiles and paper as well as leather packaging, labels, airbags, and paper. Silicone is used in the above applications as an adhesive, solvent, wetting agent, anti-foaming and adhesive agent. Silicones are used in many textile manufacturing processes, such as the production of yarns and the final product. Silicones are used to soften the yarn or fabric and provide foam control, lubrication, and softening. They can also be used to coat the product with hydrophobic coatings. The segment's growth is expected to be positive due to the increasing use of conductive silicon rubber in anti-slip textile processing. This rubber has excellent electrical and chemical resistance.

The demand for apparel will increase, which is expected to lead to an increase in silicone consumption for various stages of fabric processing. The forecast period will also see an increase in demand for technical textiles due to their wide use in many applications, including chemical, manufacturing and medical.

End-use Insights

The silicone market's largest segment, the industrial process segment, accounted for more than 25% of the total revenue in 2020. The predicted rise in demand for silicone is due to rising demand for lubricants for offshore drilling, industrial coatings (paint additives) and antifoaming.

Silicone is used in paints and coatings to improve performance. It provides various components with greater durability and resistance to chemicals and corrosion. This reduces maintenance costs and unplanned maintenance of industrial infrastructure and machinery.

Construction is the second largest application segment in terms of revenue and will see a 4.0% CAGR from 2021-2028. Because of their high strength and moisture resistance, silicones are widely used in the construction and building industry. Silicones can be used in residential and commercial constructions. They are suitable for glass, concrete and marble as well as steel and aluminum. The world is experiencing an increase in construction and infrastructure development due to rising population and rapid urbanization. China, for instance, planned to invest USD 142.0 billion in 26 infrastructure-related projects in 2019. These factors will significantly increase the demand for silicones in construction over the forecast period.

Product Insights

Elastomers dominated the market, accounting for more than 41.0% of the total revenue in 2020. Silicone elastomers consist of vulcanized silicone-based polymers made with a mixture of linear polymers and crosslinker. Reinforcing agents and a catalyst are also used. These elastomers are classified according to the type of basic straight chain molecule and the temperature at which they were processed. Elastomers will be in high demand due to the increasing demand for lightweight parts for automobiles that help reduce emissions and fuel consumption.

HTV silicone elastomers have seen a significant increase in their use in electric vehicle manufacturing over the last few years. This is due to their light, robust performance, resistance to corrosion, efficiency, and lightweight. The components of HTV silicone rubber elastomers also provide durability, enhanced vehicle economy, and extend the life span of electric vehicles. This will fuel demand for HTV silicone rubber elastomers for electric vehicles, particularly for passenger and commercial vehicles, over the forecast period.

Fluids is the second largest segment. It is expected to see a revenue-based CAGR (or 4.2%) between 2021 and 2028. Silicone fluids can be transparent, clear, and odorless and are resistant to heat and oxidation at temperatures between -60 and 300 degrees. These products also have superior shear stability and low volatility. They also exhibit high water repellency. Over the forecast period, the rising demand for cosmetics due to increasing awareness about personal care and growing use of the product as an additive to paints and coatings will fuel the market.

Regional Insights

Asia Pacific was the dominant market, accounting for over 44.0% of the total revenue in 2020. Large-, medium- and small-sized market players are responsible for the large market share in the region. Over the forecast period, the region will see a significant increase in silicone production due to market players shifting production from North America and Europe to Asia.

Europe was the second largest market in 2020. It is expected to experience a revenue-based CAGR (or 3.4%) between 2021 and 2028. The forecast period will see an increase in product demand due to the expanding construction industry in many countries, including Russia, Germany, Spain and France. The region's construction industry is expected to grow due to increased funding from the EU and supportive measures such as tax breaks, incentives and subsidies taken by many governments. The market will grow due to the increasing use of silicone in the healthcare industry for aesthetic implants, and in renewable energy for applications in solar panels or windmills.

The global lockdown that was imposed by governments to stop the spread of COVID-19 in various parts of the world has resulted in a decrease of silicone consumption. Due to restrictions on movement and operations, many government-imposed restrictions, end-use industries such as construction and automotive are seeing a sharp drop in demand and production. However, production should resume with no restrictions and the demand for silicone will grow again.

Market Share Insights & Key Companies

With the presence of large manufacturing companies around the world, the market is highly fragmented. The technology used to produce silicone and the quality products are the main factors that determine market players. Major market players tend to adopt marketing strategies like mergers and acquisitions, innovative products and production capacity expansions.

Wacker Chemie AG, a distributor for specialty chemicals and ingredients, formed a partnership in August 2020 with H.M. Royal to distribute SILPURAN (a Liquid Silicone Rubber LSR and High Consistency Rubber HCR) specifically for medical applications. The partnership will allow the company to better serve the medical industry. The following are some of the most prominent players in Silicone Market:

• Shin-Etsu Chemical Co. Ltd.

• Wacker Chemie AG

• Evonik Industries AG

• Elkay Chemicals Pvt. Ltd.

• Supreme Silicones

• Dow Inc.

• KCC Corporation

• Elkem ASA

• Silchem Inc.

• Specialty Silicone Products, Inc.

Up Market Research published a new report titled “Silicone Market research report which is segmented by End-use (Construction, Transportation, Electronics), by Product (Fluids, Elastomers, Gels, Resins), By Players/Companies Silchem Inc, Specialty Silicone Products Inc, Dow Inc, Elkem ASA, Elkay Chemicals Pvt Ltd, Wacker Chemie AG, KCC Corporation, Supreme Silicones, Evonik Industries AG, Shin-Etsu Chemical Co Ltd”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Silicone Market Report Segments:

The market is segmented by End-use (Construction, Transportation, Electronics), by Product (Fluids, Elastomers, Gels, Resins).

Silicone Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Silicone Market

Overview of the regional outlook of the Silicone Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Silicone Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Silicone Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Construction

                2. Transportation

                3. Electronics

                1. Fluids

                2. Elastomers

                3. Gels

                4. Resins

8. Market scenario by region, sub-region, and country.
9. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
10. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
11. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Silicone Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

How you may use our products:

• Correctly Positioning New Products
• Market Entry Strategies
• Business Expansion Strategies
• Consumer Insights
• Understanding Competition Scenario
• Product & Brand Management
• Channel & Customer Management
• Identifying Appropriate Advertising Appeals

Reasons to Purchase the Silicone Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.