Silicone Market Size (2023-2028):

The Global Silicone Market was worth US$ 7.21 billion in 2022 and is anticipated to reach a valuation of US$ 12.8 billion by 2028 and is predicted to register a CAGR of 12.12% during 2023-2028.

Silicones are different from silicon as they include several other components like hydrogen, oxygen, carbon, etc., along with silicon but offer a completely different set of features. Silicones are well known for their low chemical reactions, low heat conductivity, low toxicity, water repellence, low toxicity and avoiding microbial growth. Silicones are having huge demand in various end-user industries like automotive, aerospace, coatings, cookware, electronics, lubricants, medicine and so on because of their distinct properties. The development in all these industries has directly supported the growth of the global silicone market.

Market Drivers & Restraints:

The stringent policies regarding the environment have made it difficult for plastics and opened doors for the growth of the Silicone market in different parts of the world. The ease of handling non-utilized plastic material is also a driving factor for this industry. PE-base Silicone is the highest contributor in the North American region, thus PE-based composited adds to the overall growth of the industry. The usage of Silicone in industrial processes, and wind energy turbines is growing, and these options often come cheap as compared to their counterparts which helps in the growth of the overall industry. Silicone possesses superior characteristics such as stability to UV, glossiness, transparency, and flexibility. This results in the increase in silicone’s demand for various applications such as construction, consumer goods, automotive, healthcare, medical, electrical & electronics, and industrial sectors. The North American region is one of the largest markets of Silicone markets, but the Asia Pacific is growing the fastest with more growth expected in the area.

Market Challenges:

The silicone market industry is affected by volatile prices and alternatives. The mechanical strength of these materials is a major drawback that hinders the growth of the industry. In medical applications, not all silicones are considered suitable for usage, only classes V and VI are considered suitable. Further, these materials are sent in a rigorous process that is cumbersome. This is another factor hindering the rapid expansion of the industry.

SILICONE MARKET REPORT COVERAGE:

Market Segmentation:

Silicone Market - By Type:

• Liquid
• Resins
• Gels
• Elastomers

On the basis of type, Elastomers are the fastest-growing segment in the silicone market. The HTV segment of these elastomers accounted for the largest share of the Silicone market in 2017, in terms of both volume and value. HTV Silicone is cured at a high temperature, either by means of platinum catalyzation or organic peroxides. The mechanical strength of the cured rubber is mainly credited to the addition of different reinforcing fillers. HTV silicone rubbers find huge usage because of their distinct features like their extensive strength of siloxane bond, electrical and thermal conductivity, and resistance to various aspects like radiation, steam, flame, oil, and extreme temperature.

Silicone Market - By End-Use:

• Power
• Industrial Process
• Transportation
• Personal Care and Equipment
• Electrical and Electronics
• Building and Constructions

The transportation industry has also witnessed huge growth, and since the industry is shifting away from plastic materials to composites, it has proved to be an excellent growth opportunity for the Silicone industry.

Liquid silicone rubber (LSR) is expected to gain market share over the next five years. The surge in calls from several applications like injection moulding that plays a crucial role in different end-use verticals like automotive, musical instruments, house-wares, consumer goods, medical equipment, packaging, storage containers etc., is also supplementing the growth of this segment.

Market Regional Analysis:

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa

North America is one of the largest markets for the worldwide Silicone industry thanks to the huge investments in various end-user sectors. The USA has invested a lot in power and industrial facilities. The importance of safe packaging has increased and plastics are becoming second choices to Silicone and bio-based composites.

Asia Pacific Silicone industry accounted for the maximum share in the global silicone marketplace. Construction spending in nations like Malaysia, China, South Korea, India, Indonesia and Vietnam is foreseen to reinforce the local demand for silicone. In addition to this, Asia Pacific is foreseen to witness a hike in electrical & electronics and automotive manufacturing owing to the rising affluence of people combined with a growing population, thereby bolstering the regional Silicone market.

Impact of COVID-19 on the Silicone Market:

Coronavirus has exposed severe challenges for the silicone market by impacting its end-user sectors like transportation, building and construction and so on. Major economies around the world are deeply affected due to this pandemic. For instance, North America, especially the USA is badly plagued by the COVID-19 virus during the early half of 2020. It has negatively affected the demand for Silicone across various end-use industries such as aerospace & defence, automotive & transportation, power, construction & infrastructure, and electronics. The disruption in the supply chain resulted in delays or non-arrival of raw materials, disrupted financial flows, and declining morale among production line workers, which have compelled transportation and industrial goods manufacturers to operate at reduced abilities. This has resulted in a reduction in demand for Silicone, and this market is estimated to recover from 2021 onwards.

Market Key Players:

1. Whacker Chemie AG
2. CertainTeed Corporation.
3. Polymera Inc
4. Reiss Manufacturing
5. ResinTech Inc.,

Market Key Developments:

• Axion International, a recycling company based in Ohio, USA, has filed for its bankruptcy as it failed to attract investments from outside financing or credit.
• Purolite launched a new level in the innovation of the Silicone simulation platform. This is called the Purolite Resin System modelling platform.
• ACM Technologies opened a new state-of-the-art Silicone regeneration facility in Gardena, CA in the Southern Bay section of Los Angeles. This new plant offers services on the west coast for regeneration and immediate application, which enhances the existing supply chain of the products.