The global Silicone market size is expected to be worth around US$ 29.7 billion by 2030, according to a new report by Vision Research Reports.
The global Silicone market size was valued at US$ 24.4 billion in 2020 and is anticipated to grow at a CAGR of 5.3% during forecast period 2021 to 2030.
Based on grades, silicones are divided into three categories, namely medical-grade, food-grade, and industrial grade. Price variations in these grades majorly depend on the type of process involved in the manufacturing, types of catalysts and additives used for enhancing various properties, and several government regulations on the raw materials and final product usage.
The rising demand for specialized products across end-use industries, coupled with the increasing intervention of government regulatory bodies across the value chain i.e., raw material, manufacturing process, distribution of various grades of silicone products to their end-use applications, is expected to impact variation in the prices of silicone in various end-use industries in the over the forecast period.
The increasing demand for lightweight automobile parts and growing research and development activities to develop new and innovative products are expected to propel overall industrial growth over the forecast period. Lightweight materials are progressively being used to reduce automobile weight, which results in decreasing the overall fuel consumption. High thermal stability associated with silicone fluids is estimated to boost industrial growth in the years to come.
The growing application of silicone in textiles, paper, leather packaging, labels, and airbags is expected to propel the demand for silicone over the forecast period. In the aforementioned applications, silicone is used as a solvent, adhesive, wetting agent, and anti-foaming agent. Silicones in the textiles industry are used in numerous processes during fabric manufacturing, including the production of yarns as well as on the finished product. Silicones provide lubrication, foam control, and softening to the yarn or fabric. In addition, they are used as hydrophobic coatings on the finished product. Increasing use of conductive silicone rubber in anti-slip processing for textile manufacturing, on account of its good electrical and chemical resistance properties, is expected to have a positive impact on the segment growth over the forecast period.
Growing demand for apparel is expected to result in increased consumption of silicone for application in various stages of fabric processing. Moreover, increasing demand for technical textiles, on account of their use in a broad range of applications including chemical, manufacturing, and medical, is expected to augment the demand for silicone in textiles end-use over the forecast period.
The industrial process segment led the silicone market and accounted for the largest revenue share of more than 25.0% in 2020. Increasing demand for silicone as lubricants in offshore drilling, industrial coatings (paint additives), and antifoaming is anticipated to boost the demand for silicone over the predicted period.
In paints and coatings, silicone is used to enhance performance by providing various components with increased durability and resistance to chemicals, corrosion, and thermal resistance, thus reducing maintenance costs or unplanned maintenance for industrial infrastructure and machinery.
In terms of revenue, construction is the second major application segment and expected to witness a CAGR of 4.0% from 2021 to 2028. Silicones are extensively used in the building and construction industry due to their moisture resistance high strength and properties. Silicones are used for residential and commercial constructions, including glass, concrete, marble, aluminum, steel, and polymers. Rising population coupled with rapidly growing urbanization, and industrial growth have resulted in the increasing need for construction and infrastructure development across the world. For instance, in 2019, China planned to invest around USD 142.0 billion in 26 infrastructure projects. These factors are expected to substantially boost the demand for silicones in construction end-use over the predicted period.
The elastomers segment led the market and accounted for the largest revenue share of more than 41.0% in 2020. Silicone elastomers are vulcanized silicone-based polymers that are made with a combination of linear polymers, crosslinker, reinforcing agents, and a catalyst. Based on the type of basic straight-chain molecule and the processing temperature, these elastomers have been further characterized as Room Temperature Vulcanization (RTV), Liquid Silicone Rubber (LSR), and High-Temperature Vulcanizing (HTV). The growing demand for lightweight automobile parts as they help to improve fuel efficiency and reduce emissions is expected to drive the demand for elastomers in the market over the forecast period.
The rising penetration of HTV silicone elastomers in the electric vehicle industry has increased considerably over the past few years owing to their lightweight, robust performance, high resistance to corrosion, and efficiency. Besides, HTV silicone elastomers components also offer durability, improved vehicle economy, and help in extending the life of electric vehicles. This is expected to fuel the demand for HTV silicone elastomers in electric vehicles, especially for passenger and commercial vehicles over the forecast period.
The fluids segment is the second-largest segment and is expected to witness a revenue-based CAGR of 4.2% from 2021 to 2028. Silicone fluids are clear, odorless, and transparent liquids and offer excellent thermos-oxidative resistance in operations between -60 degrees and +300 degrees. In addition, these products possess superior shear stability, minimum volatility, low surface tension, and induce optimum water repellency. The rising demand for cosmetics owing to growing awareness regarding personal care coupled with growing consumption of the product in paints and coatings as additives is expected to fuel the demand over the forecast period.
Asia Pacific dominated the market and accounted for the largest revenue share of over 44.0% in 2020. The large market share of the region is attributed to the presence of several large-, medium-, and small-sized market players in the region. The shifting of production facilities by market players from Europe and North America to Asia, owing to the factors such as greater availability of raw materials, cheap labor, and more market penetration opportunities in end-use industries such as transportation, construction, industrial process, personal care, and consumer products, electronics, healthcare, and energy, is expected to propel the regional production of silicone over the forecast period.
Europe was the second-largest market in 2020 and it is expected to witness a revenue-based CAGR of 3.4% from 2021 to 2028. The expanding construction sector in various countries including the U.K., Germany, Spain, France, and Russia is expected to augment the product demand over the forecast period. Increased funding from the EU coupled with the supportive measures (such as tax breaks, incentives, and subsidies) undertaken by several governments is expected to boost the growth of the construction sector in the region. Furthermore, the growing adoption of silicone in the healthcare sector for aesthetic implants and in the renewable energy sector for applications in solar panels and windmill is expected to boost the market growth over the forecast period.
However, lockdown imposed by various governments across the globe to contain the spread of COVID-19 has led to a decline in the consumption of silicone. End-use industries, such as automotive and construction, are witnessing a sharp decline, in terms of demand and production, owing to the several restrictions on movement and operations imposed by the government. However, with the ease of the lockdown, the production is expected to resume and demand for silicone is expected to grow again.
Shin-Etsu Chemical Co., Ltd.
Wacker Chemie AG
Evonik Industries AG
Elkay Chemicals Pvt. Ltd.
Specialty Silicone Products, Inc.
Straight Silicone Fluids
Modified Silicone Fluids
High-Temperature Vulcanized (HTV)
Liquid Silicone Rubber (LSR)
Room Temperature Vulcanized (RTV)
Personal Care and Consumer goods
Central & South America
Middle East & Africa
The Silicone market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Silicone market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Silicone market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Silicone market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Silicone market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Silicone capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Silicone by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Silicone market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Silicone market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Silicone market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Silicone industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Silicone market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Silicone market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Silicone market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Silicone market. These factors have benefited the growth of the global market for Silicone. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Silicone. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Silicone are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are: