The global silicone market was valued at $18.8 billion in 2022 and is projected to reach $39.4 billion by 2032, growing at a CAGR of 7.7% from 2023 to 2032.
Silicone is a synthetic polymer primarily composed of silicon, oxygen, carbon, and hydrogen atoms. It is renowned for its unique combination of properties that make it highly versatile and useful in a wide range of applications. One of silicone's defining characteristics is its exceptional temperature resistance. It withstands extreme heat & cold and remains stable & flexible over a broad temperature range, from as low as -40°C (-40°F) to as high as 230°C (446°F). This property makes silicone ideal for use in baking molds, kitchen utensils, and even aerospace applications.
Environmental compliance is the key reason for the increased adoption of water-based coatings. Compared to traditional solvent-based resins, water-based silicone resins significantly reduce emissions of volatile organic compounds (VOCs). Some of the advantages of waterborne coatings are that they are ideal primers, as they possess high resistance to heat and abrasion, and offer superior adhesion as well as low toxicity and flammability, due to low volatile organic compounds (VOCs). Furthermore, water-based coatings are cost-effective as compared to solvent-based coatings, thereby resulting in their higher adoption. The pot life of waterborne coatings is longer, and unused coatings are preserved in a sealed container for future use. Moreover, waterborne coatings offer several advantages as compared to solvent-borne coatings, which results in an increase in adoption at a higher rate, thereby fueling the demand for silicone. The use of silicones in water-based coatings comes under the following categories:
Silicone, renowned for its unique properties like flexibility, durability, and excellent resistance to temperature extremes, has become a crucial component in this sector. In food and beverage packaging, silicone is primarily used for producing gaskets, seals, and coatings due to its non-reactive nature, making it a safe and reliable material for ensuring product integrity. It offers an excellent barrier against moisture, oxygen, and other contaminants, thereby extending the shelf life of food products and preserving their freshness. Silicone's resistance to extreme temperatures also makes it ideal for sealing applications in both hot-fill and cold-fill processes.
Furthermore, as consumers become increasingly concerned about the safety and sustainability of packaging materials, silicone's food-grade status, and its eco-friendly characteristics, such as recyclability and low environmental impact, make it a preferred choice. This aligns with the broader industry trend toward sustainable packaging solutions. Thus, the increasing demand from the food and beverage packaging industry offers lucrative opportunities for the silicone market.
The silicone market is segmented on the basis of type, end-user industry, and region. By type, the market is divided into elastomers, fluids, resins, gels, and others. On the basis of the end-user industry, it is categorized into building & construction, medical, transportation, personal care & consumer goods, energy, electrical & electronics, paper, textile, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The major players operating in the global silicone market are Dow Inc., Wacker Chemie AG, Momentive Performance Materials, Evonik Industries AG, KANEKA CORPORATION, Arkema, BASF SE, Shin-Etsu Chemical Co., Ltd., Elkem ASA, and KCC Silicone Corporation.
Other players include Avantor, Inc., Siltech Corporation, Gelest, Inc., Saint-Gobain Performance Plastics, 3M, Specialty Silicone Products, Inc., Applied Silicone Corporation, CHT Germany GmbH, ACC Silicones Ltd., Silicone Engineering Ltd.
Silicone is a synthetic polymer primarily composed of silicon, oxygen, carbon, and hydrogen atoms. It is renowned for its unique combination of properties that make it highly versatile and useful in a wide range of applications. One of silicone's defining characteristics is its exceptional temperature resistance. It withstands extreme heat & cold and remains stable & flexible over a broad temperature range, from as low as -40°C (-40°F) to as high as 230°C (446°F). This property makes silicone ideal for use in baking molds, kitchen utensils, and even aerospace applications.
Environmental compliance is the key reason for the increased adoption of water-based coatings. Compared to traditional solvent-based resins, water-based silicone resins significantly reduce emissions of volatile organic compounds (VOCs). Some of the advantages of waterborne coatings are that they are ideal primers, as they possess high resistance to heat and abrasion, and offer superior adhesion as well as low toxicity and flammability, due to low volatile organic compounds (VOCs). Furthermore, water-based coatings are cost-effective as compared to solvent-based coatings, thereby resulting in their higher adoption. The pot life of waterborne coatings is longer, and unused coatings are preserved in a sealed container for future use. Moreover, waterborne coatings offer several advantages as compared to solvent-borne coatings, which results in an increase in adoption at a higher rate, thereby fueling the demand for silicone. The use of silicones in water-based coatings comes under the following categories:
- Silicone additives in which a small amount (< 1%) of silicone is used.
- Silicone polymers whereby silicones constitute around 30-50% of the coating binder.
- 100% silicone coatings in which the entire coating binder is silicone.
- Aqueous water repellents
Silicone, renowned for its unique properties like flexibility, durability, and excellent resistance to temperature extremes, has become a crucial component in this sector. In food and beverage packaging, silicone is primarily used for producing gaskets, seals, and coatings due to its non-reactive nature, making it a safe and reliable material for ensuring product integrity. It offers an excellent barrier against moisture, oxygen, and other contaminants, thereby extending the shelf life of food products and preserving their freshness. Silicone's resistance to extreme temperatures also makes it ideal for sealing applications in both hot-fill and cold-fill processes.
Furthermore, as consumers become increasingly concerned about the safety and sustainability of packaging materials, silicone's food-grade status, and its eco-friendly characteristics, such as recyclability and low environmental impact, make it a preferred choice. This aligns with the broader industry trend toward sustainable packaging solutions. Thus, the increasing demand from the food and beverage packaging industry offers lucrative opportunities for the silicone market.
The silicone market is segmented on the basis of type, end-user industry, and region. By type, the market is divided into elastomers, fluids, resins, gels, and others. On the basis of the end-user industry, it is categorized into building & construction, medical, transportation, personal care & consumer goods, energy, electrical & electronics, paper, textile, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The major players operating in the global silicone market are Dow Inc., Wacker Chemie AG, Momentive Performance Materials, Evonik Industries AG, KANEKA CORPORATION, Arkema, BASF SE, Shin-Etsu Chemical Co., Ltd., Elkem ASA, and KCC Silicone Corporation.
Other players include Avantor, Inc., Siltech Corporation, Gelest, Inc., Saint-Gobain Performance Plastics, 3M, Specialty Silicone Products, Inc., Applied Silicone Corporation, CHT Germany GmbH, ACC Silicones Ltd., Silicone Engineering Ltd.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the silicone market analysis from 2022 to 2032 to identify the prevailing silicone market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the silicone market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global silicone market trends, key players, market segments, application areas, and market growth strategies.
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- Manufacturing Capacity
- End user preferences and pain points
- Product Benchmarking / Product specification and applications
- Product Life Cycles
- Senario Analysis & Growth Trend Comparision
- Supply Chain Analysis & Vendor Margins
- Upcoming/New Entrant by Regions
- Technology Trend Analysis
- Go To Market Strategy
- Market share analysis of players by products/segments
- New Product Development/ Product Matrix of Key Players
- Regulatory Guidelines
- Additional company profiles with specific to client's interest
- Additional country or region analysis- market size and forecast
- Expanded list for Company Profiles
- Import Export Analysis/Data
- Key player details (including location, contact details, supplier/vendor network etc. in excel format)
- List of customers/consumers/raw material suppliers- value chain analysis
- Market share analysis of players at global/region/country level
- Product Consumption Analysis
- SWOT Analysis
- Volume Market Size and Forecast
Key Market Segments
By Type
- Elastomers
- Type
- High temperature vulcanized
- Liquid silicone rubber
- Room temperature vulcanized
- Fluids
- Type
- Straight silicone fluids
- Modified silicone fluids
- Resins
- Type
- Methyl silicone resins
- Phenyl silicone resins
- Methylphenyl Silicone Resins
- Others
- Gels
- Others
By End User Industry
- Others
- Building and Construction
- Medical
- Transportation
- Personal Care and Consumer Goods
- Energy
- Electricals and Electronics
- Paper
- Textile
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
- Key Market Players
- Dow Inc.
- Wacker Chemie AG
- Evonik Industries AG
- KANEKA CORPORATION
- Arkema
- BASF SE
- Elkem ASA
- KCC Silicone Corporation
- Momentive
- Shin-Etsu Chemical Co., Ltd.
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: SILICONE MARKET, BY TYPE
CHAPTER 5: SILICONE MARKET, BY END USER INDUSTRY
CHAPTER 6: SILICONE MARKET, BY REGION
CHAPTER 7: COMPETITIVE LANDSCAPE
CHAPTER 8: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, the silicone market was valued at $18.8 billion in 2022, and is estimated to reach $39.4 billion by 2032, growing at a CAGR of 7.7% from 2023 to 2032.Silicone is a versatile class of synthetic polymer characterized by a backbone of alternating silicon (Si) and oxygen (O) atoms, with organic groups attached to the silicon atoms. This unique chemical structure imparts silicone with a remarkable range of properties, making it a valuable material in various industries. Silicone exhibits excellent thermal stability, low toxicity, and resistance to moisture, UV radiation, and extreme temperatures, both hot and cold. It is also known for its flexibility, electrical insulating properties, and biocompatibility. Due to these attributes, silicone finds applications in diverse fields, such as healthcare, automotive, electronics, construction, cosmetics, and more.
The rise in demand in construction and infrastructure is poised to be a pivotal driver for the silicone market. Silicone-based products, such as sealants, adhesives, coatings, and insulating materials, play a crucial role in enhancing the durability, energy efficiency, and overall performance of buildings and infrastructure. These materials are favored for their exceptional weather resistance, versatility, and long-lasting properties. As urbanization continues to surge, particularly in emerging economies, the need for robust construction and infrastructure solutions grows exponentially. Silicone sealants and adhesives, for instance, are extensively used for sealing gaps, joints, and windows in buildings, ensuring airtightness and preventing moisture infiltration. Furthermore, silicone coatings provide protective layers for surfaces against harsh environmental conditions, extending the lifespan of structures. In the context of sustainable construction practices, silicone-based insulating materials contribute to energy efficiency by improving thermal insulation.
Silicon metal is a core raw material used in the production of silicones. Apart from silicone metal, methanol is another compound, which is preferred in production. Silicone product prices are increasing globally, due to the rise in the cost of silicon metal and methanol. Moreover, in China, which is one of the major silicon metal producers, the manufacturing costs are increasing at an alarming rate, due to steep price increases for raw material silica as well as that of the carbon electrodes and coal that are utilized in the production process for silicon metal. An additional factor contributing to rising costs is the stoppage in the operations of plants that are unable to comply with China's environmental regulations. This has hampered the carbon supply, thereby affecting silicon production. For these reasons, the price of silicon metal is anticipated to continue to rise further. Furthermore, the cost of the energy that is essential for the manufacturing of silicones as well as transportation costs and secondary material costs are expected to increase soon, which is anticipated to restrain the growth of the global market.
Silicone, renowned for its unique properties like flexibility, durability, and excellent resistance to temperature extremes, has become a crucial component in this sector. In food and beverage packaging, silicone is primarily used for producing gaskets, seals, and coatings due to its non-reactive nature, making it a safe and reliable material for ensuring product integrity. It offers an excellent barrier against moisture, oxygen, and other contaminants, thereby extending the shelf life of food products and preserving their freshness. Silicone's resistance to extreme temperatures also makes it ideal for sealing applications in both hot-fill and cold-fill processes.
Furthermore, as consumers become increasingly concerned about the safety and sustainability of packaging materials, silicone's food-grade status, and its eco-friendly characteristics, such as recyclability and low environmental impact, make it a preferred choice. This aligns with the broader industry trend toward sustainable packaging solutions. Thus, the increasing demand from the food and beverage packaging industry offers lucrative opportunities for the silicone market.
The silicone market is segmented on the basis of type, end-user industry, and region. By type, the market is divided into elastomers, fluids, resins, gels, and others. On the basis of the end-user industry, it is categorized into building & construction, medical, transportation, personal care & consumer goods, energy, electrical & electronics, paper, textile, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The major players operating in the global silicone market are Dow Inc., Wacker Chemie AG, Momentive Performance Materials, Evonik Industries AG, KANEKA CORPORATION, Arkema, BASF SE, Shin-Etsu Chemical Co., Ltd., Elkem ASA, and KCC Silicone Corporation.
Other players include Avantor, Inc., Siltech Corporation, Gelest, Inc., Saint-Gobain Performance Plastics, 3M, Specialty Silicone Products, Inc., Applied Silicone Corporation, CHT Germany GmbH, ACC Silicones Ltd., Silicone Engineering Ltd.
Key findings of the study
On the basis of type, the elastomers segment is expected to grow at a CAGR of 8.0%, in terms of revenue, during the forecast period.Depending on the end-user Industry, the electricals and electronics segment is expected to grow at a CAGR of 9.1%, in terms of revenue, during the forecast period.
Region-wise, Asia-Pacific garnered the highest share in 2022 in terms of revenue.
Companies Mentioned
- Dow Inc.
- Wacker Chemie AG
- Evonik Industries AG
- KANEKA CORPORATION
- Arkema
- BASF SE
- Elkem ASA
- KCC Silicone Corporation
- Momentive
- Shin-Etsu Chemical Co., Ltd.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 563 |
| Published | October 2023 |
| Forecast Period | 2022 - 2032 |
| Estimated Market Value ( USD | $ 18.8 billion |
| Forecasted Market Value ( USD | $ 39.4 billion |
| Compound Annual Growth Rate | 7.7% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
