Silicone Market Growth Report | 2021 to 2031
The Silicone Market is expected to register a CAGR of 8% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
The report presents analysis based on type (elastomers, resins, fluids, and others). The report is segmented by application (adhesives and sealants, paints and coatings, thermosetting polymers and plastics, surfactants and stabilizers, and others). The report is segmented by end-use industry (building and construction, automotive and aerospace, electronics, personal care, healthcare, and others). The global analysis is further broken-down at regional level and major countries. The market size and forecast at global, regional, and country levels for all the key market segments are covered under the scope. The report offers the value in USD for the above analysis and segments. The report provides key statistics on the market status of the key market players and offers market trends and opportunities.
Purpose of the ReportThe report Silicone Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
Silicone Market Segmentation
Type- Elastomers
- Resins
- Fluids
- Adhesives and Sealants
- Paints and Coatings
- Thermosetting Polymers and Plastics
- Surfactants and Stabilizers
- Building and Construction
- Automotive and Aerospace
- Electronics
- Personal Care
- Healthcare
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Strategic Insights
Silicone Market Growth Drivers- Growth in Renewable Energy Sector: The growing demand for clean energy is a key driver for the global silicone market, as silicone is used in a variety of renewable energy applications, such as solar panels and wind turbines. Its thermal stability and durability make it ideal for high-performance renewable energy systems, driving market growth.
- Increasing Adoption in Electric Vehicles (EVs): The expansion of the electric vehicle market is another significant driver for the silicone market. Silicone-based materials are used in batteries, charging stations, sensors, seals, and gaskets, making them essential for the development of energy-efficient, high-performance EVs.
- Demand for High-Performance Materials in Aerospace and Electronics: Silicone's excellent insulating, sealing, and heat-resistant properties make it indispensable in aerospace and electronics applications. As these industries demand more sophisticated, durable, and lightweight materials for advanced systems and devices, the demand for silicone materials is set to rise.
- Growth in the Electric Vehicle (EV) Industry: The automotive sector’s transition to electric vehicles (EVs) is driving the demand for silicone-based components, including battery seals, insulators, and gaskets. Silicone’s unique properties, such as heat resistance and flexibility, make it essential in EV applications, and this trend is expected to grow with the ongoing expansion of EV production.
- Increased Demand in Medical and Healthcare Applications: Silicone’s biocompatibility and flexibility make it an ideal material for medical applications, such as implants, prosthetics, catheters, and drug delivery systems. With a growing focus on healthcare, especially in aging populations and emerging markets, the silicone market is poised for significant expansion in medical sectors.
- Rising Use in Smart and Connected Devices: As the Internet of Things (IoT) and smart devices continue to proliferate, the need for silicone-based materials in electronics and sensors is expected to increase. Silicone’s ability to withstand temperature extremes and provide insulation makes it ideal for use in components like sensors, touchscreens, and flexible displays, driving growth in the overall silicone market.
- Expansion of Electric Vehicles (EV) and Battery Technologies: The transition to electric vehicles (EVs) and advancements in energy storage technologies are driving demand for silicone-based materials. Silicone components are crucial in the construction of batteries, power electronics, and vehicle sealing systems. As the EV market continues to expand globally, there will be growing opportunities for silicone manufacturers to provide high-performance materials.
- Increasing Demand for Biocompatible and Durable Medical Devices: Silicone's unique biocompatibility and durability make it ideal for medical applications such as implants, prosthetics, and drug delivery devices. As healthcare innovations advance and the global population ages, there is a significant opportunity for the silicone market to supply materials for an expanding range of medical technologies.
- Growth of Renewable Energy and Solar Applications: Silicone materials are essential in renewable energy applications such as solar energy. Silicone encapsulants, adhesives, and coatings are used in solar panels to improve their efficiency and lifespan. As solar power adoption increases globally, the silicone market has a substantial opportunity to grow, driven by the expansion of renewable energy infrastructure.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Silicone Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the Silicone Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The Silicone Market is estimated to witness a CAGR of 8% from 2023 to 2031
Growth in renewable energy sector is driving the market growth.
Dow; Evonik Industries AG; Shin-Etsu Chemical Co., Ltd.; Wacker Chemie AG; Elkem; KCC CORPORATION; Momentive Performance Materials Inc.; Silchem; Gelest Inc.; and Innospec are some of the key players operating in the silicone market
Based on type, the elastomers segment is expected to witness the fastest growth during the forecast period
Based on geography, Asia Pacific held the largest share of the silicone market, as the region has a robust manufacturing base, particularly in industries such as electronics, automotive, and construction. Countries like China, Japan, and South Korea are major producers and consumers of silicone products, driving significant demand.
Growth in the electric vehicle (EV) industry is expected to be the key market trends.
TABLE OF CONTENTS
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
- Silicone Market - By Product
- Silicone Market - By Application
- Silicone Market - By Region
- By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. SILICONE MARKET LANDSCAPE
4.1. OVERVIEW
4.2. ECOSYSTEM ANALYSIS
4.3. PEST ANALYSIS
4.3.1. North America - PEST Analysis
4.3.2. Europe - PEST Analysis
4.3.3. Asia Pacific (APAC) - PEST Analysis
4.3.4. Middle East & Africa (MEA) - PEST Analysis
4.3.5. South America (SAM)- PEST Analysis
5. SILICONE MARKET - KEY INDUSTRY DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS, RESTRAINTS & EXPECTED INFLUENCE OF COVID-19 PANDEMIC
6. SILICONE MARKET - GLOBAL MARKET ANALYSIS
6.1. SILICONE - GLOBAL MARKET OVERVIEW
6.2. SILICONE - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/ MARKET SHARE
7. SILICONE MARKET REVENUE AND FORECASTS TO 2028 - PRODUCT
7.1. OVERVIEW
7.2. PRODUCT MARKET FORECASTS AND ANALYSIS
7.3. FLUIDS
7.3.1. Overview
7.3.2. Fluids Market Forecast and Analysis
7.4. GELS
7.4.1. Overview
7.4.2. Gels Market Forecast and Analysis
7.5. RESINS
7.5.1. Overview
7.5.2. Resins Market Forecast and Analysis
7.6. ELASTOMERS
7.6.1. Overview
7.6.2. Elastomers Market Forecast and Analysis
7.7. OTHERS
7.7.1. Overview
7.7.2. Others Market Forecast and Analysis
8. SILICONE MARKET REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. ELECTRICALS & ELECTRONICS
8.3.1. Overview
8.3.2. Electricals & Electronics Market Forecast and Analysis
8.4. TRANSPORTATION
8.4.1. Overview
8.4.2. Transportation Market Forecast and Analysis
8.5. CONSTRUCTION
8.5.1. Overview
8.5.2. Construction Market Forecast and Analysis
8.6. PERSONAL CARE AND PHARMACEUTICALS
8.6.1. Overview
8.6.2. Personal Care and Pharmaceuticals Market Forecast and Analysis
8.7. TEXTILES
8.7.1. Overview
8.7.2. Textiles Market Forecast and Analysis
8.8. OTHERS
8.8.1. Overview
8.8.2. Other Market Forecast and Analysis
9. SILICONE MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1. North America Market Overview
9.1.2. North America Market Forecasts and Analysis
9.1.3. North America Market Forecasts and Analysis - By Product
9.1.4. North America Market Forecasts and Analysis - By Application
9.1.5. North America Market Forecasts and Analysis - By Countries
9.1.5.1. US market
9.1.5.1.1. US Market by Product
9.1.5.1.2. US Market by Application
9.1.5.2. Canada market
9.1.5.2.1. Canada Market by Product
9.1.5.2.2. Canada Market by Application
9.1.5.3. Mexico market
9.1.5.3.1. Mexico Market by Product
9.1.5.3.2. Mexico Market by Application
9.2. EUROPE
9.2.1. Europe Market Overview
9.2.2. Europe Market Forecasts and Analysis
9.2.3. Europe Market Forecasts and Analysis - By Product
9.2.4. Europe Market Forecasts and Analysis - By Application
9.2.5. Europe Market Forecasts and Analysis - By Countries
9.2.5.1. France market
9.2.5.1.1. France Market by Product
9.2.5.1.2. France Market by Application
9.2.5.2. Germany market
9.2.5.2.1. Germany Market by Product
9.2.5.2.2. Germany Market by Application
9.2.5.3. Italy market
9.2.5.3.1. Italy Market by Product
9.2.5.3.2. Italy Market by Application
9.2.5.4. Russia market
9.2.5.4.1. Russia Market by Product
9.2.5.4.2. Russia Market by Application
9.2.5.5. UK market
9.2.5.5.1. UK Market by Product
9.2.5.5.2. UK Market by Application
9.2.5.6. Rest of Europe market
9.2.5.6.1. Rest of Europe Market by Product
9.2.5.6.2. Rest of Europe Market by Application
9.3. ASIA PACIFIC (APAC)
9.3.1. Asia Pacific Market Overview
9.3.2. Asia Pacific Market Forecasts and Analysis
9.3.3. Asia Pacific Market Forecasts and Analysis - By Product
9.3.4. Asia Pacific Market Forecasts and Analysis - By Application
9.3.5. Asia Pacific Market Forecasts and Analysis - By Countries
9.3.5.1. South Korea
9.3.5.1.1. South Korea Market by Product
9.3.5.1.2. South Korea Market by Application
9.3.5.2. China market
9.3.5.2.1. China Market by Product
9.3.5.2.2. China Market by Application
9.3.5.3. India market
9.3.5.3.1. India Market by Product
9.3.5.3.2. India Market by Application
9.3.5.4. Japan market
9.3.5.4.1. Japan Market by Product
9.3.5.4.2. Japan Market by Application
9.3.5.5. Australia market
9.3.5.5.1. Australia Market by Product
9.3.5.5.2. Australia Market by Application
9.3.5.6. Rest of APAC market
9.3.5.6.1. Rest of APAC Market by Product
9.3.5.6.2. Rest of APAC Market by Application
9.4. MIDDLE EAST AND AFRICA (MEA)
9.4.1. Middle East and Africa Market Overview
9.4.2. Middle East and Africa Market Forecasts and Analysis
9.4.3. Middle East and Africa Market Forecasts and Analysis - By Product
9.4.4. Middle East and Africa Market Forecasts and Analysis - By Application
9.4.5. Middle East and Africa Market Forecasts and Analysis - By Countries
9.4.5.1. South Africa market
9.4.5.1.1. South Africa Market by Product
9.4.5.1.2. South Africa Market by Application
9.4.5.2. Saudi Arabia market
9.4.5.2.1. Saudi Arabia Market by Product
9.4.5.2.2. Saudi Arabia Market by Application
9.4.5.3. UAE market
9.4.5.3.1. UAE Market by Product
9.4.5.3.2. UAE Market by Application
9.4.5.4. Rest of MEA market
9.4.5.4.1. Rest of MEA Market by Product
9.4.5.4.2. Rest of MEA Market by Application
9.5. SOUTH AMERICA (SAM)
9.5.1. South America Market Overview
9.5.2. South America Market Forecasts and Analysis
9.5.3. South America Market Forecasts and Analysis - By Product
9.5.4. South America Market Forecasts and Analysis - By Application
9.5.5. South America Market Forecasts and Analysis - By Countries
9.5.5.1. Brazil market
9.5.5.1.1. Brazil Market by Product
9.5.5.1.2. Brazil Market by Application
9.5.5.2. Argentina market
9.5.5.2.1. Argentina Market by Product
9.5.5.2.2. Argentina Market by Application
9.5.5.3. Rest of SAM market
9.5.5.3.1. Rest of SAM Market by Product
9.5.5.3.2. Rest of SAM Market by Application
10. INDUSTRY LANDSCAPE
10.1. MERGERS & ACQUISITIONS
10.2. MARKET INITIATIVES
10.3. NEW DEVELOPMENTS
11. SILICONE MARKET, KEY COMPANY PROFILES
11.1. ALLERGAN
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products & Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. ASHLAND
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products & Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. CRI-SIL SILICONE TECHNOLOGIES, LLC
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products & Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. CSL SILICONES INC.
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products & Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. EVONIK INDUSTRIES AG
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products & Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. SHIN-ETSU CHEMICAL CO. LTD.
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products & Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. SILCHEM INC
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products & Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. SPECIALTY SILICONE PRODUCTS, INC
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products & Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. THE CHT GROUP
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products & Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. WACKER CHEMIE AG
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products & Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
NOTE:
- This ToC is tentative and is subject to further refinement during the research study
- The list of company profiles included in this ToC is tentative. Profiles of specific players, if required, shall be added to the report upon request.
The List of Companies
1. Allergan
2. Ashland
3. CRI-SIL Silicone Technologies, LLC
4. CSL Silicones Inc.
5. Evonik Industries AG
6. Shin-Etsu Chemical Co. Ltd.
7. Silchem Inc.
8. Specialty Silicone Products, Inc.
9. The CHT Group
10. Wacker Chemie AG
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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