Market Reports

Market for Silicone will reach $23.4 billion by 2026

Published: January 25, 2023

Author: TEXTILE VALUE CHAIN

According to a new market research report, the “Silicone Market by Type (Elastomers, Fluids, Resins, Gels), End-use Industry (Industrial Process, Building & Construction, Personal Care & Consumer Products, Transportation, Electronics, Medical & Healthcare, Energy), Region – Global Forecast to 2026″, The global silicone market size is expected to grow from USD 16.7 million in 2021 to USD 23.4 billion by 2026, at a CAGR of 7.0% during the forecast period. The major factors driving the silicone industry include the superior properties of the material and its high demand in different end-use industries, such as building & construction, personal care & consumer products, transportation, and electronics. Further, the booming demand from the medical & healthcare industry owing to the COVID-19 pandemic is expected to drive the market.

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209 Market data Tables
40 Figures
212 Pages and in-depth TOC on “Silicone Market – Global Forecast to 2026″

This report also provides a comprehensive analysis of the companies listed below:

The Dow Chemical Company (US), Wacker Chemie AG (Germany), Shin-Etsu Chemical Co. Ltd. (Japan), Elkem ASA (Norway), Momentive (US), KCC Corporation (South Korea), Evonik Industries AG (Germany), Gelest Inc. (US), and Innospec Inc. (US)

COVID-19 impact on the global silicone market

The global silicone market includes major Tier I and II suppliers like The Dow Chemical Company (US), Wacker Chemie AG(Germany), Shin-Etsu Chemical Co. Ltd., (Japan), Elkem ASA (Norway), Momentive (US), KCC Corporation (South Korea). These suppliers have their manufacturing facilities spread across various countries across Asia Pacific, Europe, North America, South America, and Middle East & Africa. COVID-19 has impacted their businesses as well.

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By type, the elastomers segment is estimated to lead the silicone market in 2020, in terms of value & volume

The silicone market has been segmented based on type into elastomers, fluids, resins, and gels & other products. Among these types, the elastomers segment accounted for the largest share of the market in 2020 and is likely to witness significant growth during the forecast period. The market growth in this segment is attributed to its increasing use in various products, including voltage line insulators, cooking, baking, and food storage products; undergarments, sportswear, and footwear; electronics; medical devices, and implants; and in household gaskets and O-rings. The physiological inertness of silicone elastomers makes them suitable for use in the healthcare industry, especially for blood transfusions and in artificial heart valves and various prosthetic devices.

The APAC region is projected to account for the largest share in the silicone market during the forecast period.

The APAC region is projected to lead the silicone market in terms of both value and volume from 2021 to 2026. The growth in this region can be attributed to the rapidly increasing demand for silicone from the end-use industries, especially electronics, building & construction, personal care & consumer products, and transportation. Moreover, several silicone manufacturers, such as Wacker Chemie AG (Germany) and Shin-Etsu Chemical Co. Ltd., (Japan) are setting up or expanding their manufacturing facilities in this region to leverage low manufacturing and labor costs and high demand from end-use industries, thereby boosting the demand for silicone in the region.