Silicone 2024 Industry – Challenges, Drivers, Outlook, Segmentation - Analysis to 2030

Silicone Industry Overview

The global silicone market size was estimated at USD 21.33 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 6.0% from 2024 to 2030. Growing demand for silicone in various end-use industries including personal care, consumer goods, industrial processes, and construction is expected to drive market growth. The U.S. silicone industry is expected to perform moderately owing to limited opportunities by market maturity of both manufacturing industries in general and use of silicones. However, continuous product innovation and ongoing technological developments are expected to promote application of silicone in emerging markets.

Emerging applications include electric vehicles (EVs) and health & personal care, which, in turn, are expected to fuel market growth over the forecast period. Moreover, suppliers continue to gain market share through value-added product development and by creating inroads into applications that conventionally use other materials.

Gather more insights about the market drivers, restrains and growth of the Silicone Market

Silicone is widely used in the construction industry owing to weather resistant, highly stable, and inert & high-water repellent properties. It is used in conjugation with several materials such as marble, glass, concrete, aluminum, steel, and polymers, which find application in residential and commercial constructions. In addition, they are also used in construction of roads, bridges, pipelines, oil rigs, and industrial units. Rising population, increasing urbanization, and rapid industrial growth have resulted in a growing need for construction and infrastructure development globally.

The silicone industry is expected to grow owing to increasing application scope of silicone in various end-use industries. Across electronics industry, silicone is used in a broad range of electronic applications such as for protecting insulators from salt air damage, moisture-proofing of boards, modification of semiconductor encapsulating materials, and protecting ends of heating element wires in printed circuit boards (PCBs), semiconductors, and electronic control units (ECUs), LED devices, and others.

Browse through Grand View Research's Plastics, Polymers & Resins Industry Research Reports.

• The global cenospheres market size was estimated at USD 592.32 million in 2023 and is projected to grow at a CAGR of 12.1% from 2024 to 2030. 
• The global curing agent market size was estimated at USD 6.62 billion in 2023 growing at a CAGR of 6.3% from 2024 to 2030.

Key Companies & Market Share Insights

Global silicone industry is significantly fragmented in nature with the presence of big manufacturing players globally. Market players compete mainly on the basis of technology used for production of silicone and quality of products. Key market players are inclined towards adopting marketing strategies such as mergers & acquisitions, new and innovative products along with production capacity expansions are some of popular strategies adopted by a majority of the market players operating in the global silicone market.

In September 2023, Wacker Chemie AG, a silicone manufacturer, announced the expansion of their silicone production capacities in China with an investment of USD 160.34 million (EUR 150 million). The facility will be capable of manufacturing silicone fluids, silicone emulsions, and silicone elastomer gels. 

Key Silicone Companies:

• Elkay Chemicals Pvt. Ltd.
• Supreme Silicones
• Shin-Etsu Chemical Co., Ltd.
• Silchem Inc.
• Silteq Ltd
• Amul Polymers
• Wacker Chemie AG
• Specialty Silicone Products, Inc.
• Illinois Tool Works Inc.
• Evonik Industries AG
• Hutchinson
• Kemira Oyj
• Dow Inc.
• Nano Tech Chemical Brothers Private Limited
• Elkem ASA

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