The global silicone market size was US$ 15.9 billion in 2021. The global silicone market is forecast to grow to US$ 23.4 billion by 2030 by registering a compound annual growth rate (CAGR) of 5.1% during the forecast period from 2022 to 2030.

Factors Influencing the Market

Silicone plays an essential role across various industries, including industrial processes, construction, consumer goods, personal care, etc. Thus, it is primarily driving the growth of the global silicone market.

Beneficial properties of silicone, such as versatility, chemical stability, and high resistance to temperature, will fuel the growth of the overall market. Furthermore, growing applications of silicone in the electronics, renewable energy, and electric vehicles industry will accelerate the growth of the global silicone market during the study period.

The market for silicone will also be driven by the rising demand for specialized products. In addition to that, increasing intervention of government regulatory bodies, rising demand for lightweight parts from the manufacturing industry, and the development of new technologies will contribute to the market growth.

Silicone is also gaining wide traction due to its use in labels making, leather packaging, textiles, and airbags. As a result, it will surge the growth of the global silicone market.

Regional Analysis

On the basis of region, the Asia-Pacific silicone market is forecast to emerge as the largest market. The region holds one of the largest automotive and consumer electronics industries. Furthermore, a large population base, combined with the increasing demand for electronics, will fuel the growth of the market. Growing disposable income and rising demand for luxury vehicles will also benefit the market. In addition to that, the presence of giant automotive manufacturers will also contribute to the industry's growth.

COVID-19 Impact Analysis

The wake of the COVID-19 pandemic affected the overall automotive and consumer electronics industry. As a result, it hampered the growth of the silicone industry. Travel restrictions affected the trade of automobiles. In addition, a decline in the employment rate affected consumer purchasing power. As a result, it impeded the demand for silicone. However, the market witnessed slight growth due to its applications in the healthcare sector, which remained growing even after the drastic effect of the pandemic. On the contrary, the personal care, consumer goods, energy, and industrial process sector witnessed a sharp decline. Therefore, it also hampered the growth of the global silicone market.

Competitors in the Market

Shin-Etsu Chemical Co., Ltd.
Wacker Chemie AG
Evonik Industries AG
Elkay Chemicals Pvt. Ltd.
Supreme Silicones
Dow Inc.
KCC Corporation
Elkem ASA
Silchem Inc.
Specialty Silicone Products, Inc.
Other Prominent Players
Market Segmentation

The global silicone market segmentation focuses on Product, End-Use, and Region.

By Product Outlook

Fluids
Straight Silicone Fluids
Modified Silicone Fluids
Gels
Resins
Elastomers
High-Temperature Vulcanized (HTV)
Liquid Silicone Rubber (LSR)
Room Temperature Vulcanized (RTV)
Others
Adhesives
Emulsions
By End-use Outlook

Electronics
Transportation
Construction
Healthcare
Personal Care and Consumer goods
Energy
Industrial Process
Others
By Regional Outlook

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America