The North America silicone market was estimated at USD 4.58 billion in 2023 and it is expected to surpass around USD 7.92 billion by 2033, poised to grow at a CAGR of 5.63% from 2024 to 2033.
The silicone market in North America has witnessed significant growth in recent years, driven by various factors such as increasing demand from end-use industries, technological advancements, and growing awareness regarding the benefits of silicone-based products.
The growth of the silicone market in North America is propelled by the versatile nature of silicone-based products, offering exceptional properties like thermal stability, weather resistance, and durability, contributes significantly to their widespread adoption across various industries. Additionally, stringent regulatory standards emphasizing product safety and environmental sustainability drive the demand for silicone in diverse applications. The burgeoning demand for silicone in emerging sectors such as renewable energy, electric vehicles, and 3D printing further fuels market growth. Moreover, ongoing research and development efforts, coupled with continuous product innovations by industry players, play a pivotal role in expanding the market's potential.
Report Coverage | Details |
Market Size in 2023 | USD 4.58 billion |
Revenue Forecast by 2033 | USD 7.92 billion |
Growth rate from 2024 to 2033 | CAGR of 5.63% |
Base Year | 2023 |
Forecast Period | 2024 to 2033 |
Market Analysis (Terms Used) | Value (US$ Million/Billion) or (Volume/Units) |
In terms of product, the fluid segment led the market and held a revenue share of over 46% in 2023. This growth can be attributed to its remarkable versatility and widespread utility. Silicone fluids exhibit a broad spectrum of viscosities, allowing them to serve a multitude of industries and applications. Their adaptability makes them a vital ingredient in a diverse range of products, including personal care items like shampoos and cosmetics, automotive fluids for lubrication and cooling, and various industrial applications. The exceptional thermal stability of silicone fluids makes them suitable for high-temperature environments, and their excellent electrical insulation properties add to their appeal in electronic and electrical applications.
The dominance of the fluid segment is reinforced by the reliability and trust that the industry places in silicone fluids. Their resistance to extreme temperatures, chemical inertness, and low toxicity make them a preferred choice in critical applications. In addition, the ease of handling and formulation flexibility further bolster their popularity among manufacturers. Therefore, the fluid segment has firmly established itself as the go-to solution in the North America silicone industry, meeting the diverse demands of different industries and solidifying its position as the primary driver of the market's growth.
In terms of end-use, the industrial processes segment led the market and held a revenue share of more than 25% in 2023. This is attributed to the remarkable properties of silicone that cater to a wide array of industrial applications. Silicone's unique characteristics, such as high thermal stability, excellent electrical insulation, and resistance to chemicals, make it highly sought after in various industrial settings. Silicone finds extensive use in industries such as automotive, electronics, construction, and aerospace, where it serves as a crucial component in coatings, lubricants, adhesives and sealants. Its ability to withstand extreme temperatures and harsh environments makes it invaluable in industrial processes, where reliability and performance are of utmost importance.
The adaptability of silicone to different manufacturing processes further solidifies its dominance in the industrial sector. Its versatility allows it to be molded into various forms, such as gels, fluids, and rubbers, making it an ideal material for diverse industrial applications. With such a wide range of benefits and applications, the industrial processes segment continues to drive the growth of the North America Silicone industry, meeting the specialized needs of industries and contributing to technological advancements across various sectors.
By Product
By End-use
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on North America Silicone Market
5.1. COVID-19 Landscape: North America Silicone Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. North America Silicone Market, By Product
8.1. North America Silicone Market, by Product, 2024-2033
8.1.1. Fluids
8.1.1.1. Market Revenue and Forecast (2021-2033)
8.1.2. Gels
8.1.2.1. Market Revenue and Forecast (2021-2033)
8.1.3. Resins
8.1.3.1. Market Revenue and Forecast (2021-2033)
8.1.4. Elastomers
8.1.4.1. Market Revenue and Forecast (2021-2033)
8.1.5. Others
8.1.5.1. Market Revenue and Forecast (2021-2033)
Chapter 9. North America Silicone Market, By End-use
9.1. North America Silicone Market, by End-use, 2024-2033
9.1.1. Electronics
9.1.1.1. Market Revenue and Forecast (2021-2033)
9.1.2. Transportation
9.1.2.1. Market Revenue and Forecast (2021-2033)
9.1.3. Construction
9.1.3.1. Market Revenue and Forecast (2021-2033)
9.1.4. Healthcare
9.1.4.1. Market Revenue and Forecast (2021-2033)
9.1.5. Personal Care and Consumer goods
9.1.5.1. Market Revenue and Forecast (2021-2033)
9.1.6. Energy
9.1.6.1. Market Revenue and Forecast (2021-2033)
9.1.7. Industrial Processes
9.1.7.1. Market Revenue and Forecast (2021-2033)
9.1.8. Others
9.1.8.1. Market Revenue and Forecast (2021-2033)
Chapter 10. North America Silicone Market, Regional Estimates and Trend Forecast
10.1. North America
10.1.1. Market Revenue and Forecast, by Product (2021-2033)
10.1.2. Market Revenue and Forecast, by End-use (2021-2033)
Chapter 11. Company Profiles
11.1. CHT Group
11.1.1. Company Overview
11.1.2. Product Offerings
11.1.3. Financial Performance
11.1.4. Recent Initiatives
11.2. Dow Inc.
11.2.1. Company Overview
11.2.2. Product Offerings
11.2.3. Financial Performance
11.2.4. Recent Initiatives
11.3. Elkem ASA
11.3.1. Company Overview
11.3.2. Product Offerings
11.3.3. Financial Performance
11.3.4. Recent Initiatives
11.4. Evonik Industries
11.4.1. Company Overview
11.4.2. Product Offerings
11.4.3. Financial Performance
11.4.4. LTE Scientific
11.5. GELEST, INC.
11.5.1. Company Overview
11.5.2. Product Offerings
11.5.3. Financial Performance
11.5.4. Recent Initiatives
11.6. Jiangsu Mingzhu Silicone Rubber Material Co., Ltd.
11.6.1. Company Overview
11.6.2. Product Offerings
11.6.3. Financial Performance
11.6.4. Recent Initiatives
11.7. KCC CORPORATION
11.7.1. Company Overview
11.7.2. Product Offerings
11.7.3. Financial Performance
11.7.4. Recent Initiatives
11.8. Kaneka Corporation
11.8.1. Company Overview
11.8.2. Product Offerings
11.8.3. Financial Performance
11.8.4. Recent Initiatives
11.9. Momentive
11.9.1. Company Overview
11.9.2. Product Offerings
11.9.3. Financial Performance
11.9.4. Recent Initiatives
11.10. Shin-Etsu Chemical Co. Ltd
11.10.1. Company Overview
11.10.2. Product Offerings
11.10.3. Financial Performance
11.10.4. Recent Initiatives
Chapter 12. Research Methodology
12.1. Primary Research
12.2. Secondary Research
12.3. Assumptions
Chapter 13. Appendix
13.1. About Us
13.2. Glossary of Terms