Silicone Market Size, Share & Industry Analysis, By Product (Elastomers, Fluids, Resins, Gels), By End-Use (Automotive, Aerospace, Medical, Personal Care, Construction, Cookware, Electronics, Others), and Regional Forecast, 2024-2032

The global silicone market will derive growth from the increasing applications of the product across the world. Silicone is a high performance polymer that comprises of siloxanes. It is prepared by hydrolysis of dimethyldichlorosilane. Silicone exhibits various properties like low chemical reactivity, low toxicity, low thermal conductivity, and thermal stability. It can be formulated to be electrically conductive or insulative thus making it suitable for electrical applications. It is water repellent in nature and resistant to oxygen, ozone, and UV rays leading it to wide usage in construction and automotive industries. It is highly antimicrobial and biocompatible.

In the rapidly growing automotive business, silicone is applied as lubricant for brake components and in insulation of spark plug wires to prevent sparks and misfires. Silicone sheets are used to make gaskets of automotive engines and silicone rubber as air bag sealant.  Automotive silicones help reduce the overall vehicular weight thereby reducing harmful emissions and enhancing the fuel efficiency. Increasing automobiles production along with stringent environmental regulations for harmful emissions may drive the overall automotive silicones market demand.

However, high production cost due to high processing and raw material costs may hinder the overall silicone industry growth.

SILICONE MARKET Segmentation ANALYSIS:

By product, the market is segmented into elastomers, fluids, resins, and gels. Based on end use, the silicone market is segmented into automotive, aerospace, medical, personal care, construction, cookware, electronics and others.

From a geographical standpoint, the silicone market is categorized into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.

Key Players Covered:

• BASF SA


• The Dow Chemical Company


• Wacker Chemie AG


• Evonik Industries


• Gelest Inc.


• Innospec


• Elkem


• Siltech Corporation


• Others

Key Insights

• Key Emerging Trends – For Major Countries


• Key Developments: Mergers, Acquisition, Partnership, etc.


• Latest Technological Advancement


• Insights on Regulatory Scenario


• Porters Five Forces Analysis

Regional SILICONE MARKET ANALYSIS:

Asia Pacific to Emerge Dominant; Increasing Product Use in Electronics Industry to Aid Growth

The global silicone market has been categorized into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. Asia-Pacific was the largest silicone market in 2018, attributed to the growing electronic market demand in China, India, Japan, and South Korea. Additionally, rapidly growing automotive and personal care sector in Asia Pacific are anticipated to fuel the demand of silicone in this region. Europe is a hub of automotive manufacturing companies in Germany UK, Italy and France shall boost the market demand. Latin America and Middle East & Africa are projected to register a comparatively higher CAGR by the end of the forecast period.

Segmentation

Silicone Industry Developments

• In December 2019, Elkem ASA acquired Polysil, a Chinese silicone elastomers and resins company. This acquisition will enhance the product portfolio and gain strong positions in food grade and baby food silicones industries, also silicone products for the medical and electronics markets.


• In December 2019, Elkem Silicones inaugurated a new manufacturing line for the silicones rubber in China, at the company’s Xinghuo site. With this new production line, it will strengthen company’s production and expand its business in the rubber industry.