Silicones are known for their waterproofing properties, and the demand for waterproofing solutions in construction and other industries is expected to contribute to the silicone market growth
WILMINGTON, Del., Nov. 29, 2023 /PRNewswire/ -- The global silicones market was estimated to have acquired US$ 17.7 billion in 2022. It is anticipated to register a 6.3% CAGR from 2023 to 2031 and by 2031, the market is likely to gain US$ 18.9 billion.
The adoption of digital technologies and Industry 4.0 practices in manufacturing processes is likely to lead to increased efficiency in silicone production and development of smart silicone based products.
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Growing demand for high performance sealants in both construction and manufacturing sectors, driven by the need for improved efficiency and durability, may boost the silicone market.
Silicones Market Report Scope:
Report Coverage | Details |
Forecast Period | 2023-2031 |
Base Year | 2017-2021 |
Size in 2022 | US$ 17.7 Bn |
Forecast (Value) in 2031 | US$ 18.9 Bn |
Growth Rate (CAGR) | 6.3 % |
No. of Pages | 234 Pages |
Segments covered | Form, Application, End-user |
Key Findings of Market Report
- The demand for silicones in applications like electric vehicle batteries, seals, and gaskets is expected to rise, with the increasing focus on electric vehicles.
- The adoption of 3D printing and additive manufacturing processes is anticipated to create opportunities for silicones, especially in the production of customized parts and prototypes.
- The growth of flexible electronics and wearable devices often involves the use of flexible and stretchable materials, where silicones find applications due to their flexibility and durability.
- The development of smart cities, which involves the integration of technology in urban infrastructure, is expected to drive the demand for silicones in various applications such as sensors, coatings, and sealants.
Trends for Silicone Market
- Silicone is used in various industries, including automotive, construction, electronics, healthcare, and personal care. The growth in these sectors, especially in emerging economies, is expected to boost the demand for silicone.
- Ongoing research and development activities are expected to lead to innovations in silicone technology, creating new and improved silicone based products with enhanced properties and performance.
- Silicones are used in the construction industry for sealants, adhesives, and coatings. The growth in construction and infrastructure development is anticipated to contribute to the demand for silicone based products.
- Silicones are widely used in electronics for applications such as sealants, adhesives, and encapsulants. The demand for silicone in the electronics industry is expected to grow, with the continuous advancements in electronic devices.
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Global Market for Silicone: Regional Outlook
Various reasons are propelling the growth of the silicone market in different regions. The regions include,
North America
- The growth of the automotive industry in North America, coupled with the increasing use of silicone in automotive applications such as seals, gaskets, and adhesives, is anticipated to boost the silicone market.
- The healthcare sector in North America, with a high demand for medical implants, devices, and pharmaceutical applications, is expected to contribute to the growth of silicones in the region.
- The steady growth of the construction industry and infrastructure development projects in North America are expected to drive the demand for silicones in applications such as sealants and adhesives.
Europe
- The continued growth of the electronics and electrical sectors in Europe, with applications ranging from consumer electronics to industrial equipment, is expected to boost the demand for silicones.
- The aerospace and defense industries in Europe, with applications in seals, gaskets, and adhesives, are expected to contribute to the growth of the silicone market.
Global Silicone Market: Key Players
The following companies are well known participants in the global silicone market:
- Wacker Chemie AG
- Elkay Chemicals Pvt. Ltd.
- Silicone Engineering
- Dow
- JNC Corporation
- Momentive Performance Materials Inc.
- Shin-Etsu Chemical Co., Ltd.
- Oldrati Group
- ACC Silicones Ltd.
- McCoy Performance Silicones Pvt. Ltd.
- Evonik Industries AG
- K. K. Chempro India Pvt. Ltd.
- Genesee Polymers Corporation
Recent Development:
In 2022, Wacker Chemie AG announced to prepare a new silicone production complex at its Charleston facility located in the state of Tennessee, USA. The chemical group, headquartered in Munich, commenced a feasibility study for this project. The first phase of the plan involves the construction of manufacturing facilities dedicated to high consistency silicone rubber and silicone sealants.
Global Silicone Market Segmentation
Form
- Fluids
- Elastomers
- Resins
Application
- Rubber
- Coatings
- Emulsions
- Sealants
- Others (Greases, etc.)
End User
- Consumer Goods
- Construction & Architecture
- Transportation
- Energy
- Electrical & Electronics
- Paper
- Textiles
- Others (Healthcare, etc.)
Region
- North America
- South America
- Europe
- Asia Pacific
- Middle East & Africa
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