Categories: Chemicals

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

White silicone sealant being applied using a caulk gun in a bathroom shower.

The Silicone 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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https://www.thebusinessresearchcompany.com/report/silicone-global-market-report

According to The Business Research Company’s Silicone Global Market Report 2024, The silicone (except resins) market size has grown rapidly in recent years. It will grow from $98.77 billion in 2023 to $108.87 billion in 2024 at a compound annual growth rate (CAGR) of 10.2%. The growth in the historic period can be attributed to construction and building, automotive industry, electrical and electronics, healthcare and medical devices.

The silicone (except resins) market size is expected to see strong growth in the next few years. It will grow to $156.12 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. The growth in the forecast period can be attributed to green and sustainable materials, renewable energy infrastructure, advanced electronics and 5g, consumer and industrial 3d printing. Major trends in the forecast period include bio-compatible silicones, silicone hybrid materials, sustainable manufacturing, high-performance thermal managementadvanced functional silicones.

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 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 market report table of contents includes:

1. Executive Summary

2. Silicone (Except Resins) Market Characteristics

3. Silicone (Except Resins) Market Trends And Strategies

4. Silicone (Except Resins) Market – Macro Economic Scenario

5. Global Silicone (Except Resins) Market Size and Growth