Silicone Market Estimated to Reach $27.0 Billion by 2027 Globally, at a CAGR of 7.8%, says MarketsandMarkets™

Chicago, June 12, 2023 (GLOBE NEWSWIRE) -- The global silicone market size is approximated to be USD 18.5 billion in 2022, and it is projected to reach USD 27.0 billion by 2027, at a CAGR of 7.8%™. The major factors driving the silicone market include its superior properties high demand in various end-use industries, such as building & construction, personal care & consumer products, transportation, and electronics

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Browse in-depth TOC on Silicone Market”

355 - Market Data Tables
40 - Figures
273 - Pages

List of Key Players in Silicone Market:

1. Wacker Chemie AG (Germany)
2. Shin-Etsu Chemical Co., Ltd. (Japan)
3. Elkem ASA (Norway)
4. The Dow Chemical Company (US)
5. Momentive Performance Materials, Inc. (US)
6. Gelest, Inc. (US)

Drivers, Restraints, and Opportunities in Silicone Market:

1. Drivers: Superior properties of silicone and high demand for silicone in the electronics industry are the major drivers of the silicone market.
2. Restraints: Stringent regulatory policies
3. Opportunity: Antimicrobial silicone elastomers for healthcare industry

Key Findings of the Study:

1. By type, Elastomers accounted for the largest share in 2021.
2. end-use industry, Industrial process accounted for the largest share in 2021.
3. By region, Asia Pacific accounted for the largest share in 2021.

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Silicones are high-performance specialty polymers that consist of siloxane. They are produced by reacting silicon and methyl chloride and then treating the product with water. They have unique properties among all polymers because of the simultaneous presence of organic groups with a chain of inorganic atoms. Silicones are used in various end-use industries due to their high heat resistance and eco-friendliness.

Among the different types of silicone, the elastomers segment is the fastest-growing type during the forecast period in the global silicone market. The market growth in this segment is attributed to its increasing use in various products, including voltage line insulators, cooking, baking, and food storage products; undergarments, sportswear, and footwear; electronics; medical devices, and implants; and in household gaskets and O-rings. Some silicone elastomers are also used in the manufacturing of sealants. Their physiological inertness makes them suitable for subsequent use in the healthcare industry, especially for blood transfusions and in artificial heart valves and various prosthetic devices. These factors are expected to drive the market during the forecast period.

The electronics end-use industry segment of the silicone market is growing rapidly due to the demand for silicone materials in electronic chips, semi-conductors, and printed circuit boards (PCBs), electronic control units (ECUs), LED devices, and various Information & Communications Technology (ICT) equipment, such as mobile phones, computers, and tablets. In addition, the growing trend of miniaturization in the electronics industry has forced electronics component manufacturers to produce smaller components, which require higher heat resistance for reducing the probability of failure and ensuring reliability. Thus, the demand for silicone in the electronics industry is witnessing rapid growth, as it provides adequate protection for component interfaces, which is a critical requirement in high-end electronics. These factors are expected to drive the demand for silicone in the electronics industry.

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APAC is projected to be the fastest-growing market for silicone and is expected to offer significant growth opportunities to the overall market during the forecast period. The growth of the APAC region can be attributed to the rapidly increasing demand for silicone from the end-use industries, especially electronics, building & construction, personal care & consumer products, and transportation. Moreover, several silicone manufacturers, such as Wacker Chemie AG (Germany) and Shin-Etsu Chemical Co. Ltd., (Japan) are setting up or expanding their manufacturing facilities in this region to leverage low manufacturing and labor costs and high demand from end-use industries, thereby boosting the silicone market growth in the region.

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