Silicone except Resins Market Size, Share, Analysis, Growth, Trends, Industry Report 2023-2032|Wacker-Chemie GmbH, CSL Silicones, Specialty Silicone Products Incorporated, Evonik Industries AG, Kaneka Corporation

The Silicone except Resins Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2011-2022) and extends its insights into a ten-year forecast period (2024-2033)

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According to The Business Research Company’s Silicone except Resins Global Market Report 2024, The silicone market size has grown rapidly in recent years. It will grow from $21.21 billion in 2023 to $24.8 billion in 2024 at a compound annual growth rate (CAGR) of 16.9%. The growth in the historic period can be attributed to growing industrial applications, demand for electronics and electricals, construction boom, growing healthcare sector, growing automotive industry.

The silicone market size is expected to see rapid growth in the next few years. It will grow to $43.47 billion in 2028 at a compound annual growth rate (CAGR) of 15.1%. The growth in the forecast period can be attributed to growing renewable energy, demand for electrification of vehicles, demand for smart and green buildings, growing pharmaceuticals and biotechnology, . Major trends in the forecast period include silicone recycling, silicone 3d printing, bio-based silicones, silicone in healthcare wearables, silicone in cosmetics.

The growth in automobile sector is expected to propel the growth of the silicon (except resins) market going forward. The automobile sector refers to a group of businesses and institutions engaged in the creation, production, marketing, and sale of vehicles. Silicones are used in the manufacturing of engine gaskets, seals, and hoses. These components need to withstand high temperatures, pressure, and exposure to various chemicals, making silicones ideal due to their heat resistance and durability. For instance, in March 2022, according to a report published by the European Automobile Manufacturers’ Association (ACEA), the main lobbying and standards group for the automobile industry in the European Union, sales of passenger cars in the US increased by 5.5% from 2020 to 11.9 million units in 2021. Over 6.3 million passenger cars were produced in US auto facilities in 2021, an increase of 3.1% from 2020. Chinese automakers produced 20.7 million vehicles in 2021, an increase of 7.1%. In 2021, the total number of cars produced worldwide climbed by 2.7% to 63.2 million. Therefore, the growth in the automobile sector is driving the growth of the silicon (except resins) market.

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The silicone except resins market covered in this report is segmented

1) By Product Type: Elastomers; Fluids; Gels; Other Product Types

2) By Application: Construction; Transportation; Electrical & Electronics; Textiles; Personal Care & Pharmaceuticals; Other Applications

3) By End User: Industrial; Electronics; Machinery; Aerospace; Medical

The silicone except resins market report table of contents includes:

1. Executive Summary

2. Silicone Market Characteristics

3. Silicone Market Trends And Strategies

4. Silicone Market – Macro Economic Scenario

5. Global Silicone Market Size and Growth