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North America Silicone Market Size (2024 - 2029)

The North American silicone market is anticipated to experience growth, driven by increased utilization in the healthcare and construction sectors. Despite the initial negative impact of the COVID-19 pandemic, which led to reduced consumption due to lockdowns in key industries such as construction, industrial, and automotive, the market has shown steady recovery. The expanding electronics industry presents future opportunities, although high capital requirements and fluctuating raw material prices may hinder market expansion. The United States is projected to lead the region in market size and growth rate during the forecast period.

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Market Size of North America Silicone Industry

North America Silicone Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 5.00 %
Market Concentration High

Major Players

North America Silicone Market Major Players

*Disclaimer: Major Players sorted in no particular order

North America Silicone Market Analysis

The North American silicone market is expected to register a CAGR of over 5% during the forecast period.

The COVID-19 pandemic negatively impacted the silicone market in North America. During COVID-19, major end-user industries like construction, industrial, and automotive were closed due to the lockdown, which decreased the consumption of silicone. After 2020, the market grew steadily due to the continuous activities in the major end-user sectors.

  • Growing usage of silicone in the healthcare segment and increasing demand in the construction industry are expected to drive the growth of the North American silicone market.
  • Growing use in the electronics industry is likely to act as an opportunity in the future.
  • High capital requirements and fluctuating raw material prices are likely to impede market expansion.
  • United States is expected to dominate the North American silicone market and is also likely to witness the highest CAGR during the forecast period.

North America Silicone Industry Segmentation

Silicone, often known as polysiloxane, is a colorless, elastic polymer substance composed of siloxane. Silicones are used in sealants, cooking utensils, thermal insulation, medicine, electrical insulation, coatings, cosmetics, etc.

The North American silicone market is segmented by technology, end-user industry, and geography. By technology, the market is segmented into elastomers and fluids. By end-user industry, the market is segmented into transportation, construction materials, electronics, healthcare, industrial processes, personal care and consumer products, and other end-user industries. The report also covers the market size and forecasts for the silicone market in three major countries across the North American region. For each segment, the market sizing and forecasts have been done based on volume in kilotons.

By Technology
Elastomer
Fluids
By End-user Industry
Transportation
Construction Materials
Electronics
Healthcare
Industrial Processes
Personal care and consumer products
Other End-user Industries
By Geography
United States
Canada
Mexico
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North America Silicone Market Size Summary

The North American silicone market is poised for significant growth, driven by its expanding applications across various industries. The market experienced a downturn during the COVID-19 pandemic due to disruptions in key sectors such as construction, industrial, and automotive. However, post-pandemic recovery has been steady, with the healthcare and construction industries increasingly adopting silicone products. The electronics sector also presents future growth opportunities, although high capital requirements and fluctuating raw material prices pose challenges to market expansion. The United States is expected to lead the market, benefiting from its robust industrial base and substantial demand across multiple end-user segments.

Silicones are integral to numerous industrial applications, including coatings, lubricants, and oil refining, due to their unique properties like water repellency and chemical resistance. The automotive industry also relies heavily on silicones for various components, contributing to market demand. The United States, with its significant construction and transportation sectors, maintains a dominant position in the market. The country's economic strength and investments in industries such as electronics further bolster its market share. Major players like Dow, Elkem ASA, and Wacker Chemie AG are actively enhancing their capabilities, as evidenced by recent innovations and expansions, which are expected to support the market's growth trajectory in the coming years.

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North America Silicone Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Drivers

      1. 1.1.1 Growing Usage of Silicone in the Healthcare Segment

      2. 1.1.2 Increasing Demand from the Construction Industry

    2. 1.2 Market Restraints

      1. 1.2.1 High Capital Requirements

      2. 1.2.2 Fluctuating Raw Material Prices

    3. 1.3 Industry Value-Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Consumers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Technology

      1. 2.1.1 Elastomer

      2. 2.1.2 Fluids

    2. 2.2 By End-user Industry

      1. 2.2.1 Transportation

      2. 2.2.2 Construction Materials

      3. 2.2.3 Electronics

      4. 2.2.4 Healthcare

      5. 2.2.5 Industrial Processes

      6. 2.2.6 Personal care and consumer products

      7. 2.2.7 Other End-user Industries

    3. 2.3 By Geography

      1. 2.3.1 United States

      2. 2.3.2 Canada

      3. 2.3.3 Mexico

North America Silicone Market Size FAQs

The North America Silicone Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)

Dow, Elkem ASA , Wacker Chemie AG, Evonik Industries and Momentive are the major companies operating in the North America Silicone Market.

North America Silicone Report Snapshots

North America Silicone Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)