The global silicone market is expected to be valued at USD 23.55 Billion in 2027 from USD 16.02 billion in 2019, registering a CAGR of 4.8% through the forecast period. Silicones are high-performance specialty materials mainly comprising polymers and siloxane, a combination of silicon, oxygen, carbon, and hydrogen. The initial phase of silicone production involves a chemical reaction between silicon and methyl chloride to produce silanes, enabling the production of siloxanes, and eventually, silicones. Silicones are lightweight and offer robust resistance to moisture, heat, ultraviolet (UV) radiation, and various harmful chemicals. High durability, strong adhesion, dielectricity, radiation resistance, foam control, hydrophobicity, glossiness, and flexibility are the prominent characteristics of silicones. Hence, silicones’ superior chemical and physical properties make them highly suitable for use in the construction, consumer electronics, personal care, healthcare, and automotive industries.
The global silicone market growth is primarily attributed to the increasing applications of silicone in the aforementioned industries, extensive usage in a wide range of industrial processes, increasing use of liquid silicon rubber in the manufacturing sector, and growing usage in the construction industry for weatherproofing and glazing. The augmenting use of silicone in the manufacture of adhesives and coatings and the rising adoption of anti-microbial silicone elastomers in the healthcare sector for bandage coating, eye lenses, and medical implants, further bolster the growth of this market. The automotive industry widely utilizes silicone for connector seals, wiper blades, gaskets, spark plug boots, turbocharger hoses, and ignition cables.
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Moreover, manufacturers are increasingly focusing on technologically advancing silicone products to enhance their viability and efficiency for industrial uses. For instance, ultra-pure silicone is significantly employed in solar panels, photovoltaic power generation, and nano-electronics. Ultra-pure silicone is a highly processed and the purest form of silicone. It also finds various medical applications, such as respiratory masks, medical tubing and valves, and instrument handles and membranes.
Key findings of the report:
- Based on the product type, the elastomers sub-segment held a significant 44.81% market share by 2019. This segment is expected to maintain its market dominance throughout the forecast timeframe, supported by the ever-increasing usage of silicone elastomers across the automotive, construction, and healthcare industries.
- Based on the raw material type, the silicon sub-segment is estimated to register the highest CAGR of 4.8% over the projected period. The extensive usage of silicon in the electronics and semiconductor sectors is a key factor propelling the growth of this segment. In the molten state, silicon can be easily molded into semi-conductive wafers, which are then used in integrated circuits.
- The Asia Pacific region is poised to account for the highest revenue share in the global silicone market in the forthcoming years. Rapid industrialization, especially in developing countries like India and China, a significant rise in construction activities, the expanding automotive industry, and the growing consumption of silicone in the pharmaceutical and electronics industries fuel the regional market growth.
- The key industry participants include Dow Corning Corp., Evonik Industries AG, Kemira Oyj, Hutchinson, CSL Silicones Incorporated, Silchem, Inc., RUSNANO, Wacker Chemie GmbH, Shin-Etsu, Quantum Silicones, and Silteq Ltd.
- In November 2020, Elkem Silicones, a global leader in silicone technology, showcased its new range of innovative silicone technologies and products at the China International Import Expo (CIIE), 2020.
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For the purpose of this study, the global silicone market has been segmented on the basis of product type, raw material, application, and region:
By Product Type (Volume, Kilo Tons; and Revenue, USD Million; 2017-2027)
By Raw Material (Volume, Kilo Tons; and Revenue, USD Million; 2017-2027)
By Application (Volume, Kilo Tons; and Revenue, USD Million; 2017-2027)
- Industrial processes
- Electrical & Electronics
- Building & Construction
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By Region (Volume, Kilo Tons; and Revenue, USD Million; 2017-2027)
• Rest of Europe
• South Korea
• Rest of Asia Pacific
• Rest of Latin America
Middle East & Africa
• Saudi Arabia
• Rest of Middle East & Africa
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