Silicone Market 2024 - By Industry Demand, Sales, Growth Rate, Key Application, Future Trends And Outlook By 2033

Global silicone market size is expected to reach $43.47 Bn by 2028 at a rate of 15.1 % Forecastsegmented as by product type, elastomers, fluids, gels, other product types

Sep 20, 2024 - 16:13

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Silicone Market 2024 - By Industry Demand, Sales, Growth Rate, Key Application, Future Trends And Outlook By 2033

The silicone global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.

Silicone Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.

Market Size -

The silicone (except resins) market size has grown rapidly in recent years. It will grow from $98.77 billion in 2023 to $108.87 billion in 2024 at a compound annual growth rate (CAGR) of 10.2%. The growth in the historic period can be attributed to construction and building, automotive industry, electrical and electronics, healthcare and medical devices.

The silicone (except resins) market size is expected to see strong growth in the next few years. It will grow to $156.12 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. The growth in the forecast period can be attributed to green and sustainable materials, renewable energy infrastructure, advanced electronics and 5g, consumer and industrial 3d printing. Major trends in the forecast period include bio-compatible silicones, silicone hybrid materials, sustainable manufacturing, high-performance thermal managementadvanced functional silicones.

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Scope Of Silicone Market

The Business Research Company's reports encompass a wide range of information, including:

1. Market Size (Historic and Forecast): Analysis of the market's historical performance and projections for future growth.

2. Drivers: Examination of the key factors propelling market growth.

3. Trends: Identification of emerging trends and patterns shaping the market landscape.

4. Key Segments: Breakdown of the market into its primary segments and their respective performance.

5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.

6. Macro Economic Factors: Assessment of broader economic elements impacting the market.

Silicone Market Overview

Market Drivers -

The growth in automobile sector is expected to propel the growth of the silicon (except resins) market going forward. The automobile sector refers to a group of businesses and institutions engaged in the creation, production, marketing, and sale of vehicles. Silicones are used in the manufacturing of engine gaskets, seals, and hoses. These components need to withstand high temperatures, pressure, and exposure to various chemicals, making silicones ideal due to their heat resistance and durability. For instance, in March 2022, according to a report published by the European Automobile Manufacturers' Association (ACEA), the main lobbying and standards group for the automobile industry in the European Union, sales of passenger cars in the US increased by 5.5% from 2020 to 11.9 million units in 2021. Over 6.3 million passenger cars were produced in US auto facilities in 2021, an increase of 3.1% from 2020. Chinese automakers produced 20.7 million vehicles in 2021, an increase of 7.1%. In 2021, the total number of cars produced worldwide climbed by 2.7% to 63.2 million. Therefore, the growth in the automobile sector is driving the growth of the silicon (except resins) market.

The silicone market covered in this report is segmented –

1) By Product Type: Elastomers, Fluids, Gels, Other Product Types

2) By Application: Construction, Transportation, Electrical & Electronics, Textiles, Personal Care & Pharmaceuticals, Other Applications

3) By End User: Industrial, Electronics, Machinery, Aerospace, Medical

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Regional Insights -

Asia-Pacific was the largest region in the silicone market in 2023. North America was the second-largest region in the global silicone market. The regions covered in the silicone market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

Key Companies -

Major companies operating in the silicone (except resins) market include Wacker-Chemie AG, CSL Silicones Inc., Specialty Silicone Products Inc., Evonik Industries AG, Kaneka Corporation, Dow Corning Corporation, Momentive Performance Materials Inc., Elkem ASA, Gelest Inc., BASF SE, Emerald Performance Materials LLC, Shin-Etsu Chemical Co., Ltd., Siltech Corporation Inc., ICM Products Inc., CHT Group, Primasil Silicones Ltd., 3M Company, Nusil Technology LLC, Allergan plc, Ashland Inc., Arkema Inc., Silteq Limited, KCC Corporation, SiVance LLC, Zhejiang Xinan Chemical Industrial Group Co. Ltd., Reiss Manufacturing Inc., Compagnie de Saint-Gobain SA, Silicone Solutions, Dow Chemical Company, Covestro AG, Huntsman Corporation, Eastman Chemical Company, Mitsui Chemicals Inc., DIC Corporation

Table of Contents

1. Executive Summary

2. Silicone Market Characteristics

3. Silicone Market Trends And Strategies

4. Silicone Market - Macro Economic Scenario

5. Global Silicone Market Size and Growth

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31. Global Silicone Market Competitive Benchmarking

32. Global Silicone Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Silicone Market

34. Silicone Market Future Outlook and Potential Analysis

35. Appendix