Silicone Market is Projected to Reach $28.6 billion by 2024


The global silicone market size is expected to grow from USD 20.4 billion in 2019 to USD 28.6 billion by 2024, at a CAGR of 7.0% during the forecast period. The major factors driving the silicone industry include the superior properties of the material and its high demand in different end-use industries, such as building & construction, personal care & consumer products, transportation, and electronics. The Dow Chemical Company (US), Wacker Chemie AG (Germany), Shin-Etsu Chemical Co. Ltd. (Japan), Elkem ASA (Norway), Momentive (US), KCC Corporation (South Korea), Evonik Industries AG (Germany), Gelest Inc. (US), and Innospec Inc. (US), are the leading silicone manufacturers, globally.

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Elastomers segment is the largest type of silicone.

The silicone market has been segmented based on type into elastomers, fluids, resins, and gels & other products. Among these types, the elastomers segment accounted for the largest share of the market in 2018 and is likely to witness significant growth during the forecast period. 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. The physiological inertness of silicone elastomers makes them suitable for use in the healthcare industry, especially for blood transfusions and in artificial heart valves and various prosthetic devices. 


Electronics end-use industry is expected to register the highest CAGR

The electronics end-use industry segment is growing rapidly due to the increasing demand for silicone materials in electronic chips, semi-conductors, printed circuit boards (PCBs), and 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.

APAC is expected to hold the largest market share

APAC is estimated to be the leading silicone market during the forecast period. The growth in this 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 demand for silicone in the region.

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Recent Developments

  • In September 2019, Elkem ASA introduced a new solvent-free polymer named SILCOLEASE POLY 600 series. It has been designed to give excellent performances on demanding high-speed labeling applications.
  • In August 2019, Elkem ASA acquired Basel Chemie, a South Korean producer of specialty silicone gels for cosmetics and water repellents. This acquisition helped Elkem cater to a wide range of end users.
  • In July 2019, Wacker Chemie AG launched a new silicone additive for thermoplastic polyurethanes (TPUs) under the brand name, Genioplast Pellet 345 during the K 2019 event in Dusseldorf, Germany.
  • In June 2019, Wacker Chemie AG expanded its silicone elastomer production in China with an annual capacity of 7,000 metric tons. This expansion will support Wacker’s future growth path in China and improve the availability of HCR in the APAC region.
  • In May 2019, The Investor Group (involves SJL Partners, KCC Corporation, and Wonik QnC Corporation) acquired Momentive. This acquisition is expected to strengthen the position and geographic reach of Momentive Performance Chemicals. It will also expand the product portfolio and financial position of the company.
  • In June 2018, Momentive launched a thermally resistant silicone PSA named SilGrip PSA810. It is a pressure-sensitive adhesive (PSA) for specialty masking and assembly tapes used in electronics and industrial market segments.
  • In September 2018, Shin-Etsu Chemical decided to make more than USD 900 million facility investment in its silicone business for expanding production capacity in Japan and globally of products, ranging from silicone monomer to end products.
  • In September 2018, The Dow Chemical Company announced investment plans to meet the silicone demand growth and drive innovation. The low capital intensity and high return-on-investment in its upstream and downstream silicone franchise will accelerate innovation and support the global demand.
  • In June 2018, The Dow Chemical Company launched SILASTIC smart silicone elastomer for the automotive industry, where performance, reliability, safety, and aesthetics are essential.

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