Silicones Market size is set to grow by USD 8.76 billion from 2024-2028, Increasing growth of construction industry to boost the market growth, Technavio

NEW YORK, May 27, 2024 /PRNewswire/ -- The global silicones market  size is estimated to grow by USD 8.76 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 7.32%  during the forecast period. 

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Key Market Trends Fueling Growth

The electrical and electronics industry extensively utilizes a variety of silicone products. These include gels for absorbing thermomechanical stress, protecting components, and increasing durability and flexibility in printed circuit boards, semiconductors, electronic control units, and LED devices. Silicone elastomers are also widely used in automotive and general electronic components.

Silicones are valued for their superior electrical properties, heat stability, and resistance to moisture and salt air damage. Applications span from encapsulating cable accessories in power systems to insulators, heating element wires, lubricants, and coatings. Silicones are additionally used in cookware, household goods, sporting goods, and elastomers segment, among others. 

Market Challenges

• The global silicones market relies heavily on silicon metal and methanol as primary raw materials. Silicones are formed through the combination of siloxane and organic compounds, resulting in unique chemical and physical properties. Market expansion may be impeded due to increasing raw material costs. Limited availability has driven up the price of silicon metal, while energy costs for silicone fluid production continue to rise.
• Consequently, vendors are forced to increase prices on silicone-based products. Silicones are utilized in various industries including insulation, offshore drilling, paint additives, rubber, and coatings. Applications encompass insulators, moisture-proofing, semiconductor encapsulating materials, heating element wires, lubricants, and more. Silicones are also found in household goods, sporting goods, elastomers, and high-temperature vulcanizing (HTV) and room-temperature vulcanization (RTV) materials. Additionally, silicones are used in potting and encapsulation, varnishes, paints, impregnation products, and antifoaming agents.
• Wacker Chemie AG is a notable producer of moisture-proofing boards and antifoaming agents. Silicones are also essential in modern technologies such as self-driving cars, shampoos, blushes, resins, fluids, gels, and elastomers. Government incentives, subsidies, and tax breaks contribute to the growth of the silicones market in the plastics and composites industry, particularly in polyvinyl chloride and photomask substrate production.
• Carbon and microsilica are alternative raw materials used in the production of silicones. Sam Eyde, a pioneer in the silicone industry, played a significant role in its development.

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Segment Overview 

1. Product 
• 1.1 Elastomers
• 1.2 Fluids
• 1.3 Resins
• 1.4 Gels and others
2. End-user 
• 2.1 Industrial process
• 2.2 Construction
• 2.3 Personal care and consumer products
• 2.4 Transportation
• 2.5 Others
3. Geography 
• 3.1 APAC
• 3.2 North America
• 3.3 Europe
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Elastomers-  The global silicones market is segmented into various product categories, including fluids, gels, and elastomers. Silicone fluids are used as lubricants, release agents, and in the production of other silicone products. Silicone gels are utilized in cosmetics, medical applications, and as sealants. Silicone elastomers, a high-performance polymer, are produced through the vulcanization process, resulting in excellent absorption, elasticity, and tear strength properties. Incentives, subsidies, and tax breaks play a significant role in the growth of the silicones market, particularly in the plastics and composites industry. Alternative materials, such as polyvinyl chloride, are being challenged by the superior properties of silicones in various applications.

Carbon and microsilica are used as reinforcing agents to enhance the performance of silicone elastomers. The silicones market caters to diverse industries, including electronics, automotive, construction, and energy. In the electronics sector, silicones are used as semiconductor encapsulating materials, heating element wires, and photomask substrates. In the automotive industry, silicones are used in the production of electric vehicles (EVs) and as insulators to protect against salt air damage and moisture-proofing.

Silicones are also used as raw materials in the production of various products, such as rubber, grease, coating, sheets, cookware, household goods, and sporting goods. The rising population and increasing urbanization have led to a surge in demand for silicones in various applications, including oil rigs and heating systems. The market for silicones is expected to grow significantly due to their high stability, versatility, and superior properties compared to traditional materials like marble, glass, concrete, aluminum, and steel.

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Research Analysis

The global silicones market is experiencing significant growth due to the increasing demand for highly stable and durable materials in various industries. Electronic chips and semiconductors, LED devices, and the electric vehicle sector are major consumers of silicones, owing to their excellent insulating properties.

The rising population and increasing urbanization have led to a surge in demand for construction materials such as marble, glass, concrete, aluminum, and steel, all of which use silicones in their production. Additionally, the market for silicones in the chemical industry is expanding, with applications in resins, fluids, gels, elastomers, and other products. Governments and organizations offer incentives and subsidies to boost the production and usage of silicones, contributing to the market's growth.

The Semiconductor industry relies heavily on the use of various types of silicones in manufacturing processes. These materials offer excellent thermal stability, electrical insulation, and resistance to moisture and chemicals. The global Silicones Market is driven by the increasing demand for these materials in various end-use industries such as automotive, construction, electronics, and healthcare.

The market is segmented based on product type, including polydimethylsiloxane (PDMS), polydiorganosiloxanes, and other types. The market is also influenced by factors such as increasing urbanization, growing demand for energy-efficient solutions, and advancements in technology. The use of silicones in renewable energy applications, particularly in solar panels and wind turbines, is expected to boost market growth in the coming years.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product
• Elastomers
• Fluids
• Resins
• Gels And Others
• End-user
• Industrial Process
• Construction
• Personal Care And Consumer Products
• Transportation
• Others
• Geography
• APAC
• North America
• Europe
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio