The report "Silicone Market by Type (Elastomers, Resins, Fluids, Gels), End-Use Industry (Industrial Process, Building & Construction, Personal Care & Consumer Products, Transportation, Electronics, Medical & Healthcare, Energy), & Region - Global Forecast to 2030", silicon market is expected to grow from USD 24,502.4 million in 2024 to USD 33,246.3 million by 2030, at a CAGR of 5.2% during the forecast period. The global market research report is a comprehensive analysis of the current silicone market trends, future prospects, and other pivotal factors that drive the market.

Browse in-depth TOC on "Silicone Market"

240 - Tables
50 - Figures
296 - Pages

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Silicones: A category of synthetic polymers consisting of a structural unit of a silicon element and one of oxygen, with carbon and hydrogen usually involved. They feature an exclusive pairing of flexibility, heat resistance, chemical resistance, and water repellency, which makes them very versatile in industries. Silicones are made in a variety of forms such as fluids, elastomers, resins, and gels, each with a specific application in mind. They are broadly applied in personal care, automotive, electronics, construction, and healthcare industries in the form of sealants, adhesives, and lubricants, as well as coatings, medical devices, and cosmetic formulations. They are durable and perform under extreme conditions, which drives demand all over the globe.

By type, elastomers segment to register highest CAGR during forecast period

The elastomers segment of silicone market is projected to report the fastest CAGR during the forecast period as more industries have rising demand in high-performance applications. Silicone elastomers are highly rated because of their superior elasticity, thermal stability, chemical resistance, and biocompatibility, and, therefore, find applications in a variety of end-use sectors. Silicone elastomers are commonly applied in the automotive industry (mostly in gaskets, seals, and parts used to damp vibrations), especially in electric vehicles that necessitate materials that last long, are light in weight, and can resist extreme temperatures. Medical-grade silicone elastomers have applications in healthcare and medical applications in tubing, implant and rapid catheters, and wearable products because they are biocompatible, flexible, and cannot be easily sterilized. Silicone elastomers come in handy in the consumer and personal care segment used in applications in the form of moldable hair and skin care products, soft to touch paint, and flexible applicators. The use of the silicone elastomer-based sealants and adhesives on structural joints, insulation, and protective coatings also continues to grow in the construction industry. The elastomers segment is growing at the fastest rate in the global silicone market owing to the versatility in their usage in particular applications, their reliability in harsher industrial settings, and the emerging applications that are finding their way into the sectors using these elastomers.

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By end-use industry, the medical & healthcare segment to record highest CAGR during forecast period

With the increased demand for high-performance biocompatible materials in healthcare applications, the medical & healthcare segment of the silicone market is expected to grow at the highest CAGR during the forecast period. Silicone has its own special qualities, it is flexible, chemically resistant, thermally stable, non-toxic, and lastly, it is biocompatible, which makes it ideal in medical devices and equipment. It is widely applied in medical tubing, catheters, seals, implants, drug delivery systems, wound care products, and wearable health technology. The rising number of chronic diseases and a growing geriatric population, coupled with rising focus on minimally invasive procedures is fueling demand in silicone-based medical solutions. The initiative to develop healthcare infrastructure in emerging markets and increasing investments in medical technology serve as other stimuli to growth. Medical-grade silicones have regulatory approvals that increase their value and acceptance and their ability to survive sterilization, and extreme conditions support these products. The development of innovations in customized and patient-specific devices, such as flexible implants and soft-touch prosthetics, is generating new opportunities for using silicone. On the whole, technological developments and high in-demand healthcare coupled with the higher performance of silicone places the medical & healthcare segment in the lead in terms of the highest growth rate in the global silicone market over the forecast period.

By region, Asia Pacific to exhibit highest CAGR during forecast period

The Asia Pacific region will experience the highest CAGR in the silicone market, owing to the recent rates of industrialization, adoption rates of all forms of technologies, and increasing consumer commodities in various sectors. Emerging countries like China, India, Japan, and South Korea have increasing growth rates due to the automotive, electronics, personal care, construction, and healthcare sectors. In the automotive industry, the increasing volume of electric and hybrid cars and hybrids is promoting the purchases of silicone-based sealants, gaskets, and insulates. The electronics industry is rapidly utilizing silicones in the form of thermal management, protective coating, and insulation in high-performance devices. Increasing disposable incomes and a change in consumer preference is driving the demand for silicone-based personal care and cosmetic products. Furthermore, mega-infrastructural initiatives and urbanization are fueling the demand for silicone sealants, adhesives, and coatings in buildings. The major advantage is the presence of major manufacturers of silicone. These drivers place Asia Pacific as the most rapidly growing region, and thus high adoption channels in different end-use industries and applications that ensure strong market growth during the forecast period.

Silicone Companies

The silicone market comprises major players including Wacker Chemie AG (Germany), Shin-Etsu Chemical Co., Ltd. (Japan), Elkem ASA (Norway),  DOW (US),  Momentive Performance Materials, Inc. (US),  Gelest Inc. (US), Evonik Industries AG (Germany), Innospec Inc. (US), Specialty Silicone Products, Inc. (US), and Hesheng Silicon Industry Co., Ltd. (China). Expansions, acquisitions, joint ventures, and product launches are the major strategies these key players adopt to enhance their positions in the silicone market.

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Wacker Chemie AG (Germany) is a worldwide corporation producing and supplying chemical products. The company offers more than 3,000 products in its portfolio and has customers in more than 100 countries. The main clients of the company represent various industries such as chemical, construction, automotive, semiconductor, consumer goods, pharmaceutical, etc. The global production system that the company uses is integrated, possessing 27 production sites including ten in Europe, eight in the Americas, and nine in Asia. The Wacker Chemie AG companies have 25 production sites along with 22 technical centers spread over the world. The business segments in which the company functions are Wacker Silicones, Wacker Polymers, Wacker Biosolutions, Wacker Polysilicon, and Others. Wacker Silicones offers the widest product range; with more than 2,800 products, it also has the widest product portfolio, extending from silanes to siloxanes, silicone fluids, emulsions, elastomers, sealants and resins to pyrogenic silicas. The Wacker Chemie AG is the second largest manufacture of silicone in the world. The company is one of the global market leaders in protection silicone. Silicone is applied in all industries due to the vastness of properties that silicone has. The products being offered by the company under silicone-based products include construction, automotive transportation, energy, and electrical, coating, and paint, healthcare, and others.

Shin-Etsu Chemical Co., Ltd. (Japan) is the largest producer of silicones in Japan and the 4th largest manufacturer in the world. It deals in the production and sales of industrial chemicals. The business of the company has been conducted through four main categories which are Infrastructure Materials, Electronics Materials, Functional Materials, and Processing & Specialized Services. It has a Functional Materials business segment, which provides silicone products. The company has developed a variety of products with multiple useful features of silicones. It has more than 5,000 products to offer to users in different industries such as electrical/electronic manufacturing, automotive, construction, cosmetics, healthcare, and chemicals. The company operates production sites and sales offices in other countries around the world including Japan, the US, South Korea, China, Brazil, Taiwan, Germany, Singapore, Thailand, Vietnam, India, and the Netherlands.

Elkem ASA (Norway) is among the leading companies in production and supply of advanced materials that are based on silicon. The firm has 31 major production plants and a large presence of sales offices across the world. The firm operates in three key divisions, namely, silicones, silicon products, and carbon solutions. It provides silicone under the silicone business unit. The Silicones division products serve the electric vehicles and construction, electronics and aerospace, healthcare and personal care, packaging and airbag coatings industries. Elkem has a broad range of silicone products.