Silicone Market Size
| Study Period | 2019 - 2029 |
| Market Volume (2024) | 3.01 Million tons |
| Market Volume (2029) | 3.87 Million tons |
| CAGR (2024 - 2029) | 5.15 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Silicone Market Analysis
The Silicone Market size is estimated at 3.01 Million tons in 2024, and is expected to reach 3.87 Million tons by 2029, growing at a CAGR of 5.15% during the forecast period (2024-2029).
The COVID-19 pandemic, the series of nationwide lockdowns, strict social distancing norms, and disruption in the global supply chain network hampered the silicone market. Many factories and industries were shut down globally, affecting the demand for silicone. However, due to increasing awareness of health and hygiene, a further rise in demand from the healthcare, personal care, and consumer products sectors has stimulated the demand for silicone.
- Over the long term, the major factors driving the silicone market's growth are the increased usage in the healthcare industry, the growing demand from the power transmission and distribution sector, and rising applications in the automotive industry.
- On the flip side, the impact of geopolitical tensions and the rising number of government regulations are likely to hinder the growth of the market.
- Rising potential demand for electroactive polymers (EAP) from various end-users is likely to be an opportunity for the silicone market over the forecast period.
- Asia-Pacific is expected to dominate the market among other regions, with China and India leading the growth in the region.
Silicone Market Trends
This section covers the major market trends shaping the Silicone Market according to our research experts:
Increasing Usage in Industrial Processes
- Industrial anti-foaming agents, industrial coatings, hydraulic fluids and lubricants, RTV (Room-Temperature-Vulcanizing) sealants, molds, and additives for polymers represent the key application of silicones in the industrial processes sector.
- In the oil and gas industry, silicones are widely used in offshore drilling, where managing foam and waste is essential because of space and weight constraints. Silicones enable gas trapped in the drilling mud to get released. Anti-foaming agents reduce the use of energy and chemicals while increasing production rates, as the presence of foam slows down the process and requires time for maintenance operations.
- Silicone also finds its major application in industrial coatings like anti-corrosion, chemical-resistant, and heat-resistant coatings used on bridges and tunnels. They also include coatings on structures used in oil and gas (including refineries), power, and other industries (including mining, waste treatment, and pulp and paper).
- Thus, expanding the global oil and gas industry is anticipated to benefit from the demand for silicone. Various expansion projects underway are expected to drive the growth. For instance, PetroChina, a state-controlled refinery company, is planning to start its 400,000 barrels per day Jieyang refinery in South China's Guangdong province by the first half of 2022. India is a major economy in the Asia-Pacific region in the oil and gas segment. According to India Brand Equity Foundation (IBEF), the oil demand in India is projected to reach 11 million barrels by the year 2045. Furthermore, natural gas consumption in India is expected to grow by 25 billion cu. m. by the year 2024.
- The number of offshore drilling rigs globally has risen at a gradual rate over the years, and this, along with the new contract awards and the increase in production activities from Europe, Africa, and the United States, has led to an increase in the demand for offshore exploration equipment, in turn supporting the growth of the water treatment chemicals including silicone-based anti-foaming agents' market in the recent past.
- Due to all the above factors, the market is expected to witness strong post-recovery growth during the forecast period.
Asia-Pacific Region is Expected to Dominate the Market
- Asia-Pacific is the major consumer of silicone, accounting for the largest share. The growing market in China, India, and Japan has been one of the prominent reasons for the growth of the Asia-Pacific silicone market over the years.
- Semiconductors form a major part of the electronics segment, which involves the usage of silicones as silicone encapsulates, coat, and adhere to and protect semiconductors, PCBs, and ECUs , and others. According to the Semiconductor Industry Association, the semiconductor sales value in China stood at USD 182.93 billion in 2021, compared to USD 150.4 billion in 2020, thereby, increased the demand for studied market.
- With a coastline of over 14,000 km and several large ports, China is one of the world's largest maritime countries. The country has several large shipbuilding conglomerates: China State Shipbuilding Corporation (CSSC), China Shipbuilding Industry Corporation (CSIC), Sinotrans, COSCO shipping, and CMHI are a few major names in the country's shipbuilding industry. The Chinese shipyards build a variety of ships, such as bulk carriers, container ships, oil tankers, naval vessels, passenger vessels, luxury vessels, and others, thereby creating demand for silicone.
- Moreover, China has the world's largest electronics production base. According to ZVEI Dia Elektroindustrie, China's electronics industry was valued at about USD 2,430 million in 2020, and it is forecasted to register 11% and 8% Y-o-Y in 2021 and 2022, thus providing a huge market for silicone.
- Also, acccording to India Brand Equity Foundation (IBEF), India's demand for semiconductor goods will reach USD 400 billion by FY2025. With India estimated to receive INR 76,000 crore as investments in the semiconductor sector under the Production Linked Incentive (PLI) scheme, the Uttar Pradesh government is also aiming to emerge as a semiconductor hub in the country.
- The total production value of the electronics industry in Japan was around JPY 9.96 trillion in 2020, which was 96.6% of the production value compared to the last year. However, the electronics industry production till August 2021 increased to JPY 7.193 trillion, which was 113.4% of the first eight months' value in 2020, thereby increasing the consumption of silicone in the region.
- Furthermore, the Asia-Pacific region is the largest automotive manufacturing hub, registering almost 60% production share of the world. According to OICA, in the first nine months of 2021, the total production of vehicles stood at 32.67 million units, an increase of 11% compared to the same period last year.
- The factors mentioned above may contribute to the increasing demand in the silicone market in the region during the forecast period.
Silicone Industry Overview
The silicone market is consolidated, with most of the share accounted for by key players. Some of the market's major players (not in any particular order) include Wacker Chemie AG, Dow, Shin-Etsu Chemical Co. Ltd, Momentive, and Elkem ASA, among others.
Silicone Market Leaders
Wacker Chemie AG
Dow
Shin-Etsu Chemical Co. Ltd
Elkem ASA
Momentive
*Disclaimer: Major Players sorted in no particular order
Silicone Market News
- In October 2022, Elkem ASA announced the opening of their new specialized facility located on Timberland court. The new facility is spread over 18,000 sq. ft. and will produce high-purity medical silicone materials to meet the MedTech and Pharma market requirements.
- In April 2022, Shin-Etsu Chemical Co., Ltd., announced the development of a new thermal interface silicone rubber sheet series for applications in components of electric vehicles (EV). These thermal interface silicone materials can be used as heat dissipation measures for component parts of electric cars for which high voltage requirements are increasing.
Silicone Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Rising Application in Automotive Sector
4.1.2 Increasing Usage in Healthcare Industry
4.1.3 Growing Demand from Power Transmission and Distribution
4.2 Restraints
4.2.1 Government Regulation
4.2.2 Geopolitical Impact
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION
5.1 Technology
5.1.1 Elastomers
5.1.2 Fluids
5.2 End-user
5.2.1 Transportation
5.2.2 Construction Materials
5.2.3 Electronics
5.2.4 Healthcare
5.2.5 Industrial Processes
5.2.6 Personal Care and Consumer Products
5.2.7 Other End-users
5.3 Geography
5.3.1 Asia-Pacific
5.3.1.1 China
5.3.1.2 India
5.3.1.3 Japan
5.3.1.4 South Korea
5.3.1.5 ASEAN Countries
5.3.1.6 Rest of Asia-Pacific
5.3.2 North America
5.3.2.1 United States
5.3.2.2 Canada
5.3.2.3 Mexico
5.3.3 Europe
5.3.3.1 Germany
5.3.3.2 United Kingdom
5.3.3.3 Italy
5.3.3.4 France
5.3.3.5 Rest of Europe
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle-East and Africa
5.3.5.1 Saudi Arabia
5.3.5.2 South Africa
5.3.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%) Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 BRB International B.V. (PETRONAS Chemicals Group Berhad)
6.4.2 CHT Group
6.4.3 Dow
6.4.4 DyStar Singapore Pte Ltd
6.4.5 Elkem ASA
6.4.6 Evonik Industries AG
6.4.7 Hoshine Silicon Industry Co. Ltd
6.4.8 Jiangsu Mingzhu Silicone Rubber Material Co. Ltd
6.4.9 Kaneka Corporation
6.4.10 Mitsubishi Chemical Holdings Corporation
6.4.11 Momentive
6.4.12 Shin-Etsu Chemical Co. Ltd.
6.4.13 Wacker Chemie AG
6.4.14 Wynca Group
6.4.15 Zhejiang Sucon Silicone Co. Ltd.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Rising Potential Demand For Electro Active Polymers (EAP)
Silicone Industry Segmentation
Silicones or poly-siloxanes are polymers that comprise synthetic compounds made up of repeating monomers of siloxane, which is a chain of alternating silicon atoms and oxygen atoms combined with carbon, hydrogen, and other elements. The silicone market is segmented by technology, end-user, and geography. By form type, the market is segmented into elastomers and fluids. By end-user, the market is segmented into transportation, construction materials, electronics, healthcare, industrial processes, personal care and consumer products, and other end-users. The report also covers the market sizes and forecasts for the silicone market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done based on volume (kilotons).
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| Transportation | |
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| Electronics | |
| Healthcare | |
| Industrial Processes | |
| Personal Care and Consumer Products | |
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Silicone Market Research FAQs
How big is the Silicone Market?
The Silicone Market size is expected to reach 3.01 million tons in 2024 and grow at a CAGR of 5.15% to reach 3.87 million tons by 2029.
What is the current Silicone Market size?
In 2024, the Silicone Market size is expected to reach 3.01 million tons.
Who are the key players in Silicone Market?
Wacker Chemie AG, Dow, Shin-Etsu Chemical Co. Ltd, Elkem ASA and Momentive are the major companies operating in the Silicone Market.
Which is the fastest growing region in Silicone Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Silicone Market?
In 2024, the Asia-Pacific accounts for the largest market share in Silicone Market.
What years does this Silicone Market cover, and what was the market size in 2023?
In 2023, the Silicone Market size was estimated at 2.86 million tons. The report covers the Silicone Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Silicone Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Silicone Industry Report
Statistics for the 2024 Silicone market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Silicone analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
