Silicone Market By Type (Elastomers, Fluids, Resins, Gels, Others), By End User Industry (Building and Construction, Medical, Transportation, Personal Care and Consumer Goods, Energy, Electricals and Electronics, Paper, Textile, Others): Global Opportunit

Silicone Market By Type (Elastomers, Fluids, Resins, Gels, Others), By End User Industry (Building and Construction, Medical, Transportation, Personal Care and Consumer Goods, Energy, Electricals and Electronics, Paper, Textile, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032

The global silicone market was valued at $18.8 billion in 2022 and is projected to reach $39.4 billion by 2032, growing at a CAGR of 7.7% from 2023 to 2032.

Silicone is a synthetic polymer primarily composed of silicon, oxygen, carbon, and hydrogen atoms. It is renowned for its unique combination of properties that make it highly versatile and useful in a wide range of applications. One of silicone's defining characteristics is its exceptional temperature resistance. It withstands extreme heat & cold and remains stable & flexible over a broad temperature range, from as low as -40°C (-40°F) to as high as 230°C (446°F). This property makes silicone ideal for use in baking molds, kitchen utensils, and even aerospace applications.

Environmental compliance is the key reason for the increased adoption of water-based coatings. Compared to traditional solvent-based resins, water-based silicone resins significantly reduce emissions of volatile organic compounds (VOCs). Some of the advantages of waterborne coatings are that they are ideal primers, as they possess high resistance to heat and abrasion, and offer superior adhesion as well as low toxicity and flammability, due to low volatile organic compounds (VOCs). Furthermore, water-based coatings are cost-effective as compared to solvent-based coatings, thereby resulting in their higher adoption. The pot life of waterborne coatings is longer, and unused coatings are preserved in a sealed container for future use. Moreover, waterborne coatings offer several advantages as compared to solvent-borne coatings, which results in an increase in adoption at a higher rate, thereby fueling the demand for silicone. The use of silicones in water-based coatings comes under the following categories:
Silicone additives in which a small amount (<1%) of silicone is used.
Silicone polymers whereby silicones constitute around 30–50% of the coating binder.
100% silicone coatings in which the entire coating binder is silicone.
Aqueous water repellents

Silicon metal is a core raw material used in the production of silicones. Apart from silicone metal, methanol is another compound, which is preferred in production. Silicone product prices are increasing globally, due to the rise in the cost of silicon metal and methanol. Moreover, in China, which is one of the major silicon metal producers, the manufacturing costs are increasing at an alarming rate, due to steep price increases for raw material silica as well as that of the carbon electrodes and coal that are utilized in the production process for silicon metal. An additional factor contributing to rising costs is the stoppage in the operations of plants that are unable to comply with China's environmental regulations. This has hampered the carbon supply, thereby affecting silicon production. For these reasons, the price of silicon metal is anticipated to continue to rise further. Furthermore, the cost of the energy that is essential for the manufacturing of silicones as well as transportation costs and secondary material costs are expected to increase soon, which is anticipated to restrain the growth of the global market.

Silicone, renowned for its unique properties like flexibility, durability, and excellent resistance to temperature extremes, has become a crucial component in this sector. In food and beverage packaging, silicone is primarily used for producing gaskets, seals, and coatings due to its non-reactive nature, making it a safe and reliable material for ensuring product integrity. It offers an excellent barrier against moisture, oxygen, and other contaminants, thereby extending the shelf life of food products and preserving their freshness. Silicone's resistance to extreme temperatures also makes it ideal for sealing applications in both hot-fill and cold-fill processes.

Furthermore, as consumers become increasingly concerned about the safety and sustainability of packaging materials, silicone's food-grade status, and its eco-friendly characteristics, such as recyclability and low environmental impact, make it a preferred choice. This aligns with the broader industry trend toward sustainable packaging solutions. Thus, the increasing demand from the food and beverage packaging industry offers lucrative opportunities for the silicone market.

The silicone market is segmented on the basis of type, end-user industry, and region. By type, the market is divided into elastomers, fluids, resins, gels, and others. On the basis of the end-user industry, it is categorized into building & construction, medical, transportation, personal care & consumer goods, energy, electrical & electronics, paper, textile, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.

The major players operating in the global silicone market are Dow Inc., Wacker Chemie AG, Momentive Performance Materials, Evonik Industries AG, KANEKA CORPORATION, Arkema, BASF SE, Shin-Etsu Chemical Co., Ltd., Elkem ASA, and KCC Silicone Corporation.

Other players include Avantor, Inc., Siltech Corporation, Gelest, Inc., Saint-Gobain Performance Plastics, 3M, Specialty Silicone Products, Inc., Applied Silicone Corporation, CHT Germany GmbH, ACC Silicones Ltd., Silicone Engineering Ltd.

Key Benefits For Stakeholders

This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the silicone market analysis from 2022 to 2032 to identify the prevailing silicone market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the silicone market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global silicone market trends, key players, market segments, application areas, and market growth strategies.
Manufacturing Capacity
End user preferences and pain points
Product Benchmarking / Product specification and applications
Product Life Cycles
Senario Analysis & Growth Trend Comparision
Supply Chain Analysis & Vendor Margins
Upcoming/New Entrant by Regions
Technology Trend Analysis
Go To Market Strategy
New Product Development/ Product Matrix of Key Players
Additional company profiles with specific to client's interest
Additional country or region analysis- market size and forecast
Expanded list for Company Profiles
Import Export Analysis/Data
Key player details (including location, contact details, supplier/vendor network etc. in excel format)
List of customers/consumers/raw material suppliers- value chain analysis
Product Consumption Analysis
SWOT Analysis
Volume Market Size and Forecast

Key Market Segments

By Type

Elastomers
Type
High temperature vulcanized
Liquid silicone rubber
Room temperature vulcanized
Fluids
Type
Straight silicone fluids
Modified silicone fluids
Resins
Type
Methyl silicone resins
Phenyl silicone resins
Methylphenyl Silicone Resins
Others
Gels
Others

By End User Industry

Others
Building and Construction
Medical
Transportation
Personal Care and Consumer Goods
Energy
Electricals and Electronics
Paper
Textile

By Region

North America
U.S.
Canada
Mexico
Europe
Germany
UK
France
Spain
Italy
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest of LAMEA

Key Market Players

Dow Inc.
Wacker Chemie AG
Evonik Industries AG
KANEKA CORPORATION
Arkema
BASF SE
Elkem ASA
KCC Silicone Corporation
Momentive
Shin-Etsu Chemical Co., Ltd.

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