Silicone (except Resins) Global Market Report 2024

The silicone market size has grown rapidly in recent years. It will grow from $21.21 billion in 2023 to $24.8 billion in 2024 at a compound annual growth rate (CAGR) of 16.9%.

The growth observed during the historical period can be attributed to factors such as the increasing use of silicone in industrial applications, a rising demand for electronics and electrical products, a construction industry boom, the expansion of the healthcare sector, and the growth of the automotive industry's use of silicone-based materials.

The silicone market size is expected to see rapid growth in the next few years. It will grow to $43.47 billion in 2028 at a compound annual growth rate (CAGR) of 15.1%. The anticipated growth in the forecast period can be attributed to several factors, including the increasing demand for renewable energy technologies, the shift towards electrification of vehicles, the demand for smart and environmentally friendly buildings, and the growth of the pharmaceutical and biotechnology sectors' utilization of silicone materials. Major trends expected in the forecast period include advancements in silicone recycling, the use of silicone in 3D printing, the development of bio-based silicones, the incorporation of silicone in healthcare wearables, and the application of silicone in cosmetics and personal care products.

The primary product categories of silicone include elastomers, fluids, gels, and other related products. Elastomers are polymers characterized by their viscosity and elasticity, making them viscoelastic in nature. Silicone products have a wide range of applications spanning the construction, transportation, electrical and electronics, textiles, personal care, pharmaceuticals, and various other industrial sectors. They are commonly used in industries such as electronics, machinery, aerospace, and the medical field.

The silicon (except resins) market research report is one of a series of new reports that provides silicon (except resins) market statistics, including silicon (except resins) industry global market size, regional shares, competitors with a silicon (except resins) market share, detailed silicon (except resins) market segments, market trends and opportunities, and any further data you may need to thrive in the silicon (except resins) industry. This silicon (except resins) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The growth in the automotive sector is poised to drive the silicon (excluding resins) market. Silicones are crucial in manufacturing engine gaskets, seals, and hoses for vehicles, providing durability and resistance to high temperatures and chemicals. For example, in 2021, passenger car sales in the US increased by 5.5%, with over 6.3 million cars produced, and Chinese automakers produced 20.7 million vehicles. Worldwide car production grew by 2.7% to 63.2 million. Hence, the automotive industry's expansion fuels the silicon market.

The increasing construction industry is expected to boost the silicon (excluding resins) market. Silicones are commonly used in construction as sealants and adhesives, offering excellent adhesion, flexibility, and durability. They are vital for sealing gaps, joints, and cracks in buildings, enhancing energy efficiency and structural longevity. For instance, global construction output is projected to increase by 42% to reach $15.2 trillion by 2030. Consequently, the growing construction sector is a driving force for the silicon market.

The rising prices of raw materials, due to production facility shutdowns and environmental factors, are likely to impede silicon market growth. This leads to manufacturers raising silicone material prices. For example, companies like Wacker Chemie AG, Elkem Silicones, Shin-Etsu Chemical Co., and Momentive Performance Materials Inc. raised silicone elastomer prices by 10% to 30% due to increased raw material and energy costs. Thus, raw material price fluctuations pose a challenge to the silicon market.

Major companies in the silicon (excluding resins) market are actively innovating new technologies, such as low-cyclosiloxane silicone elastomer blends and silicone resin blends. These innovations cater to topical applications and offer improved spreadability and water-resistant properties. For instance, DuPont de Nemours Inc. launched new developments in low-cyclic silicone elastomer blends and silicone resin blends in April 2023 to enhance the feel and durability of topical formulations.

Major companies are introducing new products to increase their market profitability. For example, SambaNova Systems launched the SN40L chip in September 2023, a silicon-based semiconductor chip designed to power AI systems and handle massive data flows associated with AI activities.

In October 2021, Rogers Corporation acquired Silicone Engineering Ltd., enhancing its advanced silicones platform and offering advanced solutions with a European Center of Excellence. Silicone Engineering Ltd is a UK-based producer of silicone material solutions.

Major companies operating in the silicone market include Wacker-Chemie GmbH, CSL Silicones, Specialty Silicone Products Incorporated, Evonik Industries AG, Kaneka Corporation, Dow Corning Corporation, Momentive, Elkem ASA, Gelest Inc., BASF SE, Emerald Performance Materials LLC, Shin-Etsu Chemical Co. Ltd., Siltech Corporation, ICM Products Inc., CHT Group, Primasil Silicones, 3M, Nusil Technology LLC, Allergan PLC, Ashland Inc., Arkema S.A., Silteq Limited, KCC Corporation, Sivance, Zhejiang Xinan Chemical Industrial Group Co. Ltd., Reiss Manufacturing Inc., Saint-Gobain, Silicone Solutions, Dow Silicones Corporation, Momentive Performance Materials Inc.

Asia-Pacific was the largest region in the silicone market in 2023. North America was the second-largest region in the global silicone market. The regions covered in the silicone (except resins) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the silicone (except resins) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The silicone market consists of the sales of emulsion, oil, caulk, grease, resin, foam, and solid silicones. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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