Fort Collins, Colorado, Oct. 05, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research published a report titled, "Silicone Market Size, Growth, Share, Statistics Report, By Product Type (Fluids, Gels, Resin, Elastomers, Others), By Application (Electronics, Construction, Energy, Healthcare, Transportation, Personal Care and Consumer goods, Industrial Processes, Others), By Region Forecasts, 2023-2032."
According to DataHorizzon Research, the silicone market size was valued at USD 19.2 Billion in 2022 and is anticipated to reach USD 38.6 Billion by 2032 with a CAGR of 7.3%.
The global report on the silicone market comprehensively analyzes the latest trends and market conditions. It also covers the latest insights from the industry and delves into market opportunities. Silicone demand in personal care, consumer goods, industrial processes, and construction is rising. The U.S. market may grow moderately due to limited opportunities, but innovation and technological advancements create opportunities in emerging markets.
Due to their remarkable properties, silicone elastomers have become a popular choice in the electrical and electronics industry. With a high dielectric constant, hydrophobicity, resistance to UV and ozone, and an impressive temperature range of -50°C to 350°C, it's no wonder they're a go-to choice for outdoor electrical insulation. They also offer various functions in electronics, including flexibility, durability, flame and heat resistance, and vibration dampening.
Silicone is highly favored in the food processing industry due to its exceptional ability to endure extreme temperatures, exhibit chemical resistance, and possess non-reactive characteristics. It is a crucial component in machine parts such as gaskets and as a packaging material to maintain hygienic conditions, thereby preventing contamination.
The prices of silicone have witnessed a notable rise in recent times. This can be attributed to the increased demand from electric vehicle and aircraft manufacturers. Furthermore, the trend continues as governments worldwide encourage and promote the transition towards electric vehicles. Overall, silicone elastomers are versatile and reliable materials ideal for various applications in the industry.
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Report Snapshot
| Report Title | Silicone Market |
| Market Size in 2022 | USD 19.2 Billion |
| Market Size by 2032 | USD 38.6 Billion |
| CAGR from 2023 to 2032 | 7.3% |
| Largest Market | North America |
| Forecast Period | 2023 to 2032 |
| Historic Period | 2021 |
| Base Year | 2022 |
| Report Scope & Coverage | Market Size, Market Estimations, Competitor Analysis, Trends and Growth Factors |
| By Product type | Fluids, Gels, Resin, Elastomers and Others |
| By Application | Electronics, Construction, Energy, Healthcare, Transportation, Personal Care and Consumer goods, Industrial Processes, Others |
| Region | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Countries Covered | U.S., Canada, U.K., Germany, France, China, Japan, India, South Korea, Brazil, Mexico, UAE, Saudi Arabia and South Africa |
| Major Market Players | Elkay Chemicals Pvt. Ltd., Supreme Silicones, Shin-Etsu Chemical Co., Ltd., Elkem ASA, Silchem Inc., Amul Polymers, Wacker Chemie AG, The Dow Chemical Company, Specialty Silicone Products, Inc., Illinois Tool Works Inc. and Evonik Industries AG |
Segmentation Overview:
The silicone market has been segmented based on product type and application.
Silicone elastomers are a popular product type in the silicone market, with the elastomer segment expected to hold a significant market share. They come in various forms, including solids, open-cell foams, closed-cell sponges, thermally conductive, and electrically conductive. Silicone elastomers are widely used in healthcare due to their biocompatibility and durability. Self-lubricating silicone is also popular in medical applications as it reduces friction and improves device performance. Silicone is used in many medical devices, such as tubing, drains, catheters, and different bellows, seals, gaskets, and sealing devices.
The industrial segment has the largest market share for silicones due to their high flexibility, low intermolecular interaction, low surface tension, and thermal stability. They are used in various industrial processes, often in combination with other materials for insulation, softening, adhesion, and more. In the oil and gas industry, silicones reduce foam formation and increase productivity and safety. They are also used for foam control and prevention in paper production. The application of silicones across different industries drives market growth.
The silicone market in North America dominates due to increased demand from the healthcare sector. Silicone is a biocompatible material suitable for medical devices, such as implants, respiratory devices, and components. Its properties, such as high thermal stability, high compression resistance, and inertness, make it ideal for these devices. As the healthcare industry in North America grows, so does the demand for silicone and its products.
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Industry Trends and Insights:
- Evonik has launched TEGO RC 2000 LCF, a sustainable coating made from recycled silicone feedstock. It can be cured using UV LED or Arc lamps, reducing energy usage. The product helps label producers meet sustainability goals, as 81% of label industry members report rising demand for eco-friendly labels.
- Dow has launched two sustainable ionomer grades, SURLYN REN and SURLYN CIR, for cosmetic industry packaging. These grades enable beauty brands to create sustainable, exceptional packaging that stands out on shelves.
Silicone Market Report Highlights:
- The silicone market is anticipated to grow at a CAGR of 7.3% by 2032. Silicone demand in personal care, consumer goods, industrial processes, and construction is rising. Silicone elastomers are widely used in electrical and electronics due to their high dielectric constant, hydrophobicity, and temperature range, and are also popular in food processing due to their chemical resistance and non-reactive properties. Prices increased due to high demand from EV and aircraft manufacturers.
- Silicone elastomers are versatile and widely used in healthcare due to their biocompatibility and durability. They come in various forms and are used in many medical devices, such as tubing, drains, catheters, and sealing devices. Self-lubricating silicone is also popular in medical applications as it reduces friction and improves device performance.
- Silicones are widely used in various industries due to their flexibility, low surface tension, and thermal stability. They are commonly used with other materials for insulation, softening, adhesion, and foam control. This versatility drives the market growth.
- Some of the prominent players in the global silicone market report include Elkay Chemicals Pvt. Ltd., Supreme Silicones, Shin-Etsu Chemical Co., Ltd., Elkem ASA, Silchem Inc., Amul Polymers, Wacker Chemie AG, The Dow Chemical Company, Specialty Silicone Products, Inc., Illinois Tool Works Inc., and Evonik Industries AG.
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Silicone Market Segmentation:
- By Product Type: Fluids, Gels, Resin, Elastomers and Others
- By Application: Electronics, Construction, Energy, Healthcare, Transportation, Personal Care and Consumer goods, Industrial Processes, Others
- By Region: North America, Latin America, Europe, Asia Pacific, Middle East and Africa
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