Silicone Global Market Report 2023

NEW YORK, Feb. 13, 2023 /PRNewswire/ -- Major players in the silicone market are Wacker-Chemie GmbH, CSL Silicones, Specialty Silicone Products Incorporated, Evonik Industries AG, Kaneka Corporation, Dow Corning Corporation, Momentive, Elkem ASA, and Gelest Inc.

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The global silicone market will grow from $18.31 billion in 2022 to $20.75 billion in 2023 at a compound annual growth rate (CAGR) of 13.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The silicone market is expected to grow from $38.18 billion in 2027 at a CAGR of 16.5%.

The silicone market consists of the sales of emulsion, oil, caulk, grease, resin, foam, and solid silicones.Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.

The value of goods in this market includes related services sold by the creators of the goods.

The silicone refers to a polymer produced from siloxane and used in the manufacturing of lubricants and synthetic rubber.They are characterized by their thermal stability, hydrophobic nature, and physiological inertness.

Silicone (except resins) is widely used in the medical industry to manufacture surgical implants and dental impression materials.

The Asia Pacific was the largest region in the silicone market.North America was the second-largest region in the 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.

The main product types of silicone are elastomers, fluids, gels, and other products.Elastomers are polymers that have viscosity and elasticity and therefore are known as viscoelasticity.

The silicone products are applied in construction, transportation, electrical and electronics, textiles, personal care and pharmaceuticals, and other applications that are used by industrial, electronics, machinery, aerospace, and medical sectors.

Rising demand for silicone in different industries is expected to propel the silicone market.Silicone materials are being extensively used in industries such as construction, transportation, electrical & electronics, textiles, personal care, and pharmaceuticals.

Silicone materials such as silicone sealants, adhesives, and coatings have major applications in construction. Also, in the electronics sector, silicon is used to provide high thermal stability and resistance to weathering, ozone, moisture, and UV radiation in electronic products.

Rising prices of raw materials, adding to the manufacturing costs, are expected to restrain the growth of the silicone market.The low availability of raw silicone resulting from the shutting down of the manufacturing facilities is considered to be an important factor affecting the prices of silicone materials.

The shutdown of silicone production facilities in Germany, the USA, and China due to different environmental factors and government sustainability policies has disrupted the supply of silicone in recent years.This has increased pressure on the manufacturers to raise the prices of silicone materials.

For instance, companies such as Wacker Chemie AG, Elkem Silicones, Shin-Etsu Chemical Co., and Momentive Performance Materials Inc. increased silicone elastomer prices by 10% to 30% due to an increase in raw material and energy costs. Therefore, fluctuations in the prices of raw materials are expected to hamper the silicone market's growth.

The increasing demand for green chemicals is driving the growth of the silicone market.The silicone market is positively affected by the increasing stress on the use of environmentally friendly materials.

Silicone products are regarded as environmentally friendly and more durable than plastic products.For instance, in May 2020, SK Global Chemical, a Korean chemicals company announced that it will produce 70% of its products green by 2025 from 20% of its green products currently.

Thus, the increasing demand for green chemicals will drive the growth of the silicone market.

In October 2021, Rogers Corporation, a US-based specialty engineered materials company acquired Silicone Engineering Ltd for an undisclosed sum.The acquisition enhances the existing advanced silicones platform of Rogers and enables it to offer advanced solutions to its customers with European Center of Excellence.

Silicone Engineering Ltd is a UK-based producer of silicone material solutions.

The countries covered in the silicone market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, the UK, the USA, and Australia.

The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).

The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.

The silicone market research report is one of a series of new reports that provides silicone market statistics, including silicone industry global market size, regional shares, competitors with a silicone market share, detailed silicone market segments, market trends and opportunities, and any further data you may need to thrive in the silicone industry. This silicone market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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