Silicone Market Size, Share, Growth, Trends, Company Analysis, Regional Insights and Forecast 2020 - 2027

The global silicone market size is expected to reach USD 18.3 billion by 2027, according to a new report by Vision Research Reports.

The global silicone market size was valued at USD 14.5 billion in 2019 and is expected to expand at a compound annual growth rate (CAGR) of 3.5% from forecast period 2020 to 2027.

The growing demand for lightweight automotive materials to reduce the overall vehicular weight is expected to drive the market over the forecast period. The rising importance of liquid silicone rubber as Liquid Injection Molding System (LIMS) materials in wire harness for inducing an indispensable wiring system is also expected to drive the market. Furthermore, the growing demand for electroactive materials in the electrical industry will fuel market growth.

The market is expected to be driven by the rising demand from the end-use segments, such as construction, personal care, and consumer goods, and industrial processes. Chemical stability and consistent performance of silicones over a wide temperature range are expected to be the vital properties of the product that are driving its demand in the aforementioned industries. Moreover, increasing the adoption of silicone-based products in the emerging markets, such as electric vehicles, renewable energy, and electronics, is expected to boost market growth over the forecast period.

Moreover, the rising demand for ultra-pure silicone in various end-use industries is expected to present a significant growth opportunity over the forecast period. The growing electric and electronics industry, coupled with the emergence of small-scale electrical component manufacturers, electronic goods producers, and a versatile manufacturing landscape that is supported by the governments of various countries, such as China and India, is expected to increase the demand for ultra-pure silicone.

Highlights

• The industrial processes segment led the market and accounted for more than 253% share of the global revenue in 2019. Growing demand for silicone as antifoaming agents and lubricants in offshore drilling and paper production, industrial coatings, and paint additives is projected to boost the demand for silicone over the forecast period.
• The elastomers segment led the market and accounted for 41.1% share of the global revenue in 2019. This growth can be attributed to the rising demand for lightweight automobile parts for improved fuel efficiency and fewer emissions.
• The gels segment is expected to witness significant growth over the forecast period. Their superior water repellence, high dielectric strength, and excellent ability to dampen mechanical vibrations are increasing their adoption in potting and encapsulation of electronic equipment, including LEDs and solar devices.
• The Asia Pacific dominated the market and accounted for over 41% share of the global revenue in 2019. The positive outlook towards the electronics industry of China, India, Japan, and South Korea is expected to promote the usage of silicone as an electroactive polymer.
• Europe emerged as the second-largest regional market in 2019. Improving the automotive sector in Germany, the U.K., France, and Italy post-Eurozone crisis on account of new product launches by Volkswagen and Mercedes are fueling the market growth in the region.

Key Players

• Shin-Etsu Chemical Co., Ltd.

• Wacker Chemie AG

• Evonik Industries AG

• Elkay Chemicals Pvt. Ltd.

• Supreme Silicones

• Dow Inc.

• KCC CORPORATION

• Elkem ASA

• Silchem Inc.

• Specialty Silicone Products, Inc.

Market Segmentation

Product Outlook

• • Fluids

    • Straight Silicone Fluids

    • Modified Silicone Fluids

  • Gels

  • Resins

  • Elastomers

    • High-Temperature Vulcanized (HTV)

    • Liquid Silicone Rubber (LSR)

    • Room Temperature Vulcanized (RTV)

  • Others

    • Adhesives

    • Emulsions

End-use Outlook

• • Electronics

  • Transportation

  • Construction

  • Healthcare

  • Personal Care & Consumer goods

  • Energy

  • Industrial Processes

  • Others

Regional Outlook

• • North America

    • The U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • The U.K.

    • France

    • Russia

    • Spain

  • Asia Pacific

    • China

    • India

    • Japan

    • Australia

  • Central & South America

    • Brazil

  • Middle East & Africa

    • Saudi Arabia