Overview and Scope
Silicone refers to a polymer produced from siloxane and used in the manufacturing of lubricants and synthetic rubber. They are characterized by their thermal stability, hydrophobic nature, and physiological inertness. Silicone (except resins) is widely used in the medical industry to manufacture surgical implants and dental impression materials.
Sizing and Forecast
The silicone market size has grown rapidly in recent years. It will grow from <b>$21.21 billion in 2023 to $24.8 billion in 2024 at a compound annual growth rate (CAGR) of 16.9%. </b> The growth in the historic period can be attributed to growing industrial applications, demand for electronics and electricals, construction boom, growing healthcare sector, growing automotive industry.
The silicone market size is expected to see rapid growth in the next few years. It will grow to <b>$43.47 billion in 2028 at a compound annual growth rate (CAGR) of 15.1%. </b> The growth in the forecast period can be attributed to growing renewable energy, demand for electrification of vehicles, demand for smart and green buildings, growing pharmaceuticals and biotechnology, . Major trends in the forecast period include silicone recycling, silicone 3d printing, bio-based silicones, silicone in healthcare wearables, silicone in cosmetics.
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Segmentation & Regional Insights
The silicone (except resins) market covered in this report is segmented –
1) By Product Type: Elastomers, Fluids, Gels, Other Product Types
2) By Application: Construction, Transportation, Electrical & Electronics, Textiles, Personal Care & Pharmaceuticals, Other Applications
3) By End User: Industrial, Electronics, Machinery, Aerospace, Medical
<b>Asia-Pacific</b> was the largest region in the silicone market in 2023. <b>North America</b> was the second-largest region in the global silicone market. The regions covered in the silicone (except resins) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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Major Driver Impacting Market Growth
The growth in automobile sector is expected to propel the growth of the silicon (except resins) market going forward. The automobile sector refers to a group of businesses and institutions engaged in the creation, production, marketing, and sale of vehicles. Silicones are used in the manufacturing of engine gaskets, seals, and hoses. These components need to withstand high temperatures, pressure, and exposure to various chemicals, making silicones ideal due to their heat resistance and durability. For instance, in March 2022, according to a report published by the European Automobile Manufacturers' Association (ACEA), the main lobbying and standards group for the automobile industry in the European Union, sales of passenger cars in the US increased by 5.5% from 2020 to 11.9 million units in 2021. Over 6.3 million passenger cars were produced in US auto facilities in 2021, an increase of 3.1% from 2020. Chinese automakers produced 20.7 million vehicles in 2021, an increase of 7.1%. In 2021, the total number of cars produced worldwide climbed by 2.7% to 63.2 million. Therefore, the growth in the automobile sector is driving the growth of the silicon (except resins) market.
Key Industry Players
Major companies operating in the silicone market include <b> Wacker-Chemie GmbH, CSL Silicones, Specialty Silicone Products Incorporated, Evonik Industries AG, Kaneka Corporation, Dow Corning Corporation, Momentive, Elkem ASA, Gelest Inc., BASF SE, Emerald Performance Materials LLC, Shin-Etsu Chemical Co. Ltd., Siltech Corporation, ICM Products Inc., CHT Group, Primasil Silicones, 3M, Nusil Technology LLC, Allergan plc, Ashland Inc., Arkema S.A., Silteq Limited, KCC Corporation, Sivance, Zhejiang Xinan Chemical Industrial Group Co. Ltd., Reiss Manufacturing Inc., Saint-Gobain, Silicone Solutions, Dow Silicones Corporation, Momentive Performance Materials Inc. </b>
The silicone (except resins) market report table of contents includes:
1. Executive Summary
2.Silicone (except Resins) Market Characteristics
3.Silicone (except Resins) Market Trends And Strategies
4.Silicone (except Resins) Market analysis
5.Silicone (except Resins) Market Size And Growth
6.Silicone (except Resins) Segmentation
7.Silicone (except Resins) Regional And Country Analysis
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27.Silicone (except Resins) Competitive Landscape And Company Profiles
28.Silicone (except Resins) Key Mergers And Acquisitions
29.Silicone (except Resins) Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Wacker-Chemie GmbH
- CSL Silicones
- Specialty Silicone Products Incorporated
- Evonik Industries AG
- Kaneka Corporation
- Dow Corning Corporation
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