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Silicone Market - By Product (Fluids, Resins, Elastomers), By Application (Transportation, Construction, Electronics, Industrial Process, Healthcare, Personal Care & Consumer Goods) & Forecast, 2022-2030

  • Report ID: GMI297
  • Published Date: Jul 2022
  • Report Format: PDF

Silicone Market Size

Silicone Market size exceeded USD 16.7 billion in 2021 and is poised to register around 6% CAGR from 2022 to 2030. The growing usage of silicone in a wide range of health and medical applications will propel industry growth in the coming years.

Silicone Market

Silicones, also known as poly-siloxanes, are synthetic polymers comprising carbon, hydrogen, and other elements with repeating monomers of siloxane, a chain of alternating silicon & oxygen atoms. It is a durable synthetic material derived from silicon, which is used in plastic & cosmetic surgeries and to make polishes. Poly-siloxanes has remarkable properties, making it suitable for a wide range of applications. It has strong insulation, high water resistance, versatility, stability, and resistance to aging. Poly-siloxanes is also suited for industrial applications owing to its anti-foaming qualities.

The increasing product demand from the global construction sector is a major factor driving the silicone market expansion during the projected period. Poly-siloxanes materials are utilized significantly in building and construction applications including the sealing of expansion joints in buildings & roads, weatherproofing of joints in porous & non-porous substrates, electrical conduits, and electrical wiring in walls & ceilings.

On the other hand, the expensive process to produce silicone along with problems associated with its maintenance when applied as a sealant on any surface. This may offer a significant barrier to product penetration. Additionally, due to the COVID-19 pandemic, various governments have implemented lockdowns to prevent the virus from spreading, which caused some manufacturers to halt their production lines. In addition to government restrictions, manufacturers have shut down their businesses due to decreased demand, a disrupted supply chain, and worker safety concerns.

Silicone Market Analysis

Silicone Market, By Product

Fluids segment was valued at over USD 7 billion in 2021 and is expected to grow at a CAGR of over 6% from 2022 to 2030. The massive share can be attributed to their properties, which include high compressibility and no coagulation under pressure. They are suitable for a wide range of applications across multiple industries, majorly in personal care since they have significantly higher compressibility than synthetic lubricants or insulating oils made from petroleum. Manufacturers are continuously involved in the development and launch of new fluid products with advanced properties. For instance, in May 2021, Shin-Etsu Chemical Co., Ltd. developed KF-4422, a new type of volatile silicone fluid. This fluid possesses a unique characteristic called volatility, which gives the end-user a light and pleasant sensory experience. Superior solubility with substances such as UV absorbers and hydrocarbons provides further benefits. These properties are expected to further drive the silicone industry growth during the forecast period.

Silicone Market, By Application

Silicone market from industrial process application segment is expected to exceed USD 7.5 billion by 2030. This growth is primarily attributed to an increase in the demand for silicone in a wide range of industrial applications including industrial coatings, paper manufacturing, offshore drilling, additives, sealants, acoustic & vibration insulation, seals & gaskets, thermal insulation, sealing profiles, and protection & safety, among others. Silicone is widely used in the oil & gas sector owing to its properties such as increased efficiency, quality, and reliability. The Middle East oil & gas sector has seen a significant transformation in recent years and as a result, investments in the region are now dispersed among various projects including LNG and specialized offshore projects. For instance, in November 2017, partners of Zakum Development Company (ZADCO) aims to expand its production from 750,000 barrels per day to 1,000,000 barrels per day. The expansion is expected to be completed by 2024.

Silicone Market, By Region

Europe silicone market surpassed USD 4 billion in 2021 and is expected to register over 5% CAGR between 2022 and 2030. The regional product demand is projected to increase over the forecast period owing to the rising construction sector and projects in several economies including the UK & Germany, among others. Additionally, the market is anticipated to rise over the projected period due to silicone's expanding use in aesthetic implants in the healthcare sector. Moreover, Europe is one of the leading cosmetics & personal care markets across the globe. According to Cosmetics Europe, in 2021, the retail sales of cosmetics & personal care in Europe stood around USD 83 billion and are growing at a considerable rate. This factor provides new opportunities for silicone business expansion in the near future.

Silicone Market Share

Key players operating in the silicone industry include

  • The Dow Chemical Company
  • Evonik Industries AG
  • Elkem ASA
  • Shin-Etsu Chemical Co., Ltd.
  • Momentive
  • KCC Corporation
  • Wacker Chemie AG

Other players include

  • Innospec Inc.
  • Gelest Inc.
  • Siltech Corporation
  • Zhejiang Xinan Chemical Industrial Group Co., Ltd.
  • Reiss Manufacturing Inc.
  • Kaneka
  • Primasil Silicones
  • CHT Group

Industry players are engaged in product launches, R&D investments, and the establishment of new production facilities to enhance their market shares.

In May 2020, Shin-Etsu Chemical Co., Ltd. developed a new technology called ‘Reduced-Platinum Reaction Curing System Technology’. This technology reduces the amount of platinum used in silicone release coatings by about one-half.

The global silicone market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in kilo tons & revenue in USD million from 2020 to 2030 for the following segments:

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By Product

  • Fluids
  • Resins
  • Elastomers
  • Others

By Application

  • Transportation
  • Construction
  • Electronics
  • Industrial Process
  • Healthcare
  • Personal Care & Consumer Goods
  • Others

By Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • Italy
    • Spain
    • France
    • Russia
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Australia
  • Latin America
    • Brazil
    • Mexico
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa


Authors: Kiran Pulidindi, Hiralkumar Patel

Frequently Asked Questions (FAQ) :

Silicone industry share is divided into resins, elastomers, and fluid products, with applications in consumer goods, electronics, transportation, personal care, construction, and other sectors.

Global silicone market size was more than USD 16.7 billion during 2021 and could expand at over 6% CAGR through 2022-2030.

From the industrial process applications, silicone industry share could surpass USD 7.5 billion by 2030, due to use in paper manufacturing, sealants, industrial coatings, thermal insulation, and other products.

Europe silicone market size could witness around 5% CAGR over 2022-2030 with a growing construction sector in the region, along with the high demand for aesthetic implants, cosmetics, and personal care products.

Silicone Market Scope

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Premium Report Details

  • Base Year: 2021
  • Companies covered: 15
  • Tables & Figures: 350
  • Countries covered: 18
  • Pages: 261
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