Silicones Market

Global Silicones Market:

The global silicones market size reached US$ 14.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 22.7 Billion by 2032, exhibiting a growth rate (CAGR) of 4.9% during 2024-2032. The significant growth in the construction industry, the rising product utilization in the cosmetic and personal care industry, and extensive research and development (R&D) activities are among major factors bolstering the silicones market.

Silicones Market Analysis:

• Major Market Drivers: Extensive utilization of silicone-based materials, such as sealants, adhesives, and protective coatings, in numerous construction activities, owing to the strong, durable, and weather-resistant properties of silicone, is currently driving the global silicones market.
• Key Market Trends: The rapidly expanding construction industry, especially in developing countries and the escalating requirement for adhesives and sealants for waterproofing and sealing applications are among the key market trends. Moreover, the elevating product usage in the cosmetics and personal care sector and the inflating demand for sustainable, organic, and bio-based silicone alternatives are also fueling the market growth.
• Competitive Landscape: Some of the major market players in the silicones market include Dow Chemical Company, Wacker Chemie AG, Shin-Etsu Chemical Co., Ltd., Momentive Performance Materials Inc., and Elkem ASA, among many others.
• Geographical Trends: Asia Pacific is currently dominating the silicones market owing to the increasing product demand across various industries, including consumer goods, automotive, aerospace, healthcare, electronics, packaging, etc. In addition to this, the launch of favorable policies by government bodies aimed at promoting industrialization and thus supporting economic growth is also providing an impetus to the market growth.
• Challenges and Opportunities: Volatility in raw material and silicones market prices are the major challenges, in addition to supply-chain disruptions, on account of trade disputes and related macroeconomic tensions. Meanwhile, the elevating automobile sales and the inflating requirement for high-quality materials across numerous sectors are the key silicon market opportunities. Apart from this, several advancements in medical-grade silicones are propelling the product usage in healthcare devices and implants, which is expected to drive the product utilization in other industries and therefore create a positive silicones market outlook.
   

Silicones Market Trends:

The Expanding Construction Industry

Silicones find widespread applications in the construction industry, owing to their versatility and unique properties that enhance building performance, provide durability, and increase aesthetic appeal. In line with this, silicones are used as adhesives and sealants for waterproofing and sealing applications in windows, doors, and facades. Furthermore, they are utilized in structural glazing applications to bond glass panels with the building’s structural frames without using mechanical fixing. Apart from this, silicones find extensive applications in expansion joints to accommodate movements caused by temperature variations, seismic activities, and structural settling. Moreover, the widespread product usage in roofing systems as coatings and membranes to provide ultraviolet (UV) resistance and prevent leaks is acting as another significant growth-inducing factor. Additionally, silicones aid in sealing joints in drywall systems, providing acoustic insulation, and enhancing the durability and aesthetics of interior surfaces, which is also favoring the silicones market growth. These factors are further propelled by growing investments in silicone production in China, which is the largest producer of silicone in the world. For example, in October 2023, the Wacker Group announced about US$ 162 Million for amping up silicone production facilities in the Zhangjiagang site in China’s Jiangsu Province. The new facilities are scheduled to start operating in 2025 and they will manufacture functional silicone fluids, silicone emulsions, silicone elastomer gels, etc.

The Rising Product Usage in the Cosmetics and Personal Care Industry

Silicones are widely used in various makeup products, such as foundations, primers, concealers, and blushes, to create a smooth finish, reduce fine lines, and improve the adherence of pigments to the skin. Furthermore, silicones are increasingly used in manufacturing skin and hair care items that enhance the application and absorption of active ingredients and act as an emollient, forming a protective barrier on the skin. This barrier aids in retaining moisture, improving skin smoothness, and providing a soft and velvety feel. Apart from this, silicones find extensive applications in antiperspirants, deodorants, and fragrances to facilitate the slow release of fragrance molecules and enhance the longevity and diffusion of scents. Besides this, silicones are also used in body lotions, creams, bath oils, and shower gels to improve product texture and enhance their moisturizing properties. In line with this, the development of hybrid formulations of beauty products that include more natural components, on account of the growing popularity of organic products, is catalyzing the global market. For instance, in July 2023, German cosmetics manufacturer Schwan Cosmetics International GmbH launched a new hybrid make-up pencil that had premiered in Paris the previous year. This new formulation had up to 91% Natural Origin Content (NOC) in addition to skincare ingredients that were enriched with vitamins E and C.

Continuous Research And Development (R&D) Activities

The field of silicones has witnessed several notable innovations leading to the development of new products and applications. In line with this, the development of self-healing silicones that can repair themselves when damaged or cut, thus improving durability and service life, is positively influencing the market growth. Furthermore, the growing utilization of three-dimensional (3D) printing to create highly complex and customized silicone-based objects and prototypes is facilitating the market growth. Moreover, the introduction of shape-memory silicones that can change shapes when subjected to certain stimuli, such as light and heat, is strengthening the market growth. Besides this, the recent advent of biobased silicones that are derived from sustainable sources, such as plant-based feedstocks, thus reducing adverse environmental impacts, is also providing a thrust to the market growth. For example, US-based manufacturer Biosynthetic Technologies, LLC launched a 100% biobased emollient for personal care applications called BioEstolide 250-100 in April 2022 at IN COSMETICS Global in Paris. BioEstolide is reportedly made from organic fatty acids that are found in bio-derived oils and form sustainable emollients with several features and benefits.

Silicones Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global silicones market report, along with forecasts at the global, and regional levels for 2024-2032. Our report has categorized the market based on product type and application.

Breakup by Product Type:

• Elastomers
• Fluids
• Gels
• Resins
   

Elastomers dominate the silicones market

The report has provided a detailed silicones market analysis based on the product type. This includes elastomers, fluids, gels, and resins. According to the report, elastomers represented the largest market segment.

Elastomers hold a majority share in the silicones market, owing to their exceptional flexibility and elasticity, which allow them to stretch and return to their original shape without permanent deformation. They exhibit excellent resistance to heat, oil, solvents, acids, and bases, which makes them ideal candidates for applications in automotive engines, industrial machinery, aerospace, chemical processing, and electrical systems. Furthermore, elastomers have low permeability to gases and liquids, making them effective sealing agents under high pressure and vacuum conditions. Apart from this, they are easy to process and can be molded into different forms and shapes based on industry-specific requirements, which is contributing to the market growth. Besides this, the key global companies in the elastomers market are pursuing strategic partnerships, joint ventures (JVs), and collaborations to expand their market share. For example, in April 2023, American chemical company DuPont entered into a collaboration with medical device manufacturer Qosina. Through this collaboration, the latter aims to gain access to DuPont's Liveo Silicone Elastomer series, which is specifically utilized in the production of biopharmaceutical, pharmaceutical, and medical devices.

Breakup by Application:

• Industrial Processes
• Construction Materials
• Home and Personal Care
• Transportation
• Energy
• Healthcare
• Electronics
• Others
   

Industrial processes represent the leading application segment

The report has provided a detailed breakup and analysis of the silicones market based on the application. This includes industrial processes, construction materials, home and personal care, transportation, energy, healthcare, electronics, and others. According to the report, industrial processes represented the largest market segment.

Silicones are used in various industrial processes, such as sealing, lubrication, insulation, coating, and bonding, as they exhibit a high degree of versatility and can be formulated into various forms, such as fluids, elastomers, resins, and gels. Furthermore, they offer high resistance to chemicals and temperatures while maintaining their performance and stability. Moreover, their high dielectric strength and excellent electrical insulation properties make them ideal for electronics applications, such as cables, connectors, and insulators. Apart from this, silicones form strong bonds between different substrates, such as metals, plastics, glass, and ceramics. As a result, silicones are widely used in electronic assembly lines, construction activities, and automotive manufacturing. The automotive silicone sector in particular is growing rapidly, on account of elevating car sales, escalating urbanization levels and continuous R&D activities. For example, in March 2023, Shin-Etsu Chemical, the largest chemical company in Japan, developed a silicone rubber formulation that was specifically designed for utilization in automobiles for providing insulation in the high-voltage cables.

Breakup by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
   

Asia Pacific exhibits a clear dominance in the market, accounting for the largest silicones market share

The report has also provided a comprehensive analysis of all the major regional markets, which includes North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. According to the report, Asia Pacific represented the largest market for silicones.

The Asia Pacific region is dominating the silicones market owing to the increasing product demand from various industries, such as consumer goods, automotive, electronics, aerospace, healthcare, cosmetics, and packaging. Global multinationals are likewise investing in their presence in this region. For instance, Dow Personal Care expanded its sustainable portfolio with three new product launches in Bangkok in October 2023. These products were Beauty Rebalanced 2.0 Concepts Collection, and Sustainable Hair Care Collection, all of which pertained to the personal care sector. In addition to this, the implementation of supportive policies by regional governments to promote industrialization activities to boost economic growth is providing an impetus to the market growth. Moreover, Asia Pacific is becoming a manufacturing hub for various industries, especially heavy manufacturing in silicones industry, owing to the presence of a skilled labor force, favorable regulations, and competitive pricing, which, in turn, is facilitating the silicones market demand. Apart from this, the growing product utilization in the construction industry due to the rapid urbanization activities and increasing demand for multiple infrastructures, such as roads, railway stations, airports, and bridges, is positively influencing the market growth.

Competitive Landscape:

Several top companies are significantly investing in research and development (R&D) activities and focusing on the development of new silicone-based products with improved properties and functionality to meet growing consumer demands, which is supporting the market growth. Along with this, the increasing emphasis by several manufacturers on product diversification to expand the customer base, enter emerging markets, and reduce dependency on specific sectors is acting as another growth-inducing factor. Moreover, several key players are engaged in strategic partnerships and acquisitions to expand their portfolios, increase market penetration, and get access to new technologies and distribution channels. Apart from this, the rising focus on promotional and marketing initiatives to improve brand visibility and increase awareness about products and services is creating a positive outlook for the market growth. Additionally, several top companies are incorporating sustainable practices to meet regulatory requirements and attract environmentally conscious customers.

The report has provided a comprehensive analysis of the competitive landscape in the global silicones market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

• Dow Chemical Company
• Wacker Chemie AG
• Shin-Etsu Chemical Co., Ltd.
• Momentive Performance Materials Inc.
• Elkem ASA

Silicones Market News:

• March 2024: Arburg, a Germany-based manufacturing company specializing in injection molding machines where silicones are widely utilized, announced that it would begin building these machines outside Germany for the first time and would expand its operations in China while seeking a site in North America.
• November 2023: German manufacturer Covestro AG strengthened its partnership with China's Huafon by signing a Letter of Intent (LoI) at the China International Import Expo (CIIE). This partnership aims to expand the use of low-carbon materials within Huafon’s product portfolio, thereby advancing the circular economy involving both companies.
• May 2023: DuPont announced that it had entered into a definitive agreement to acquire Spectrum Plastics Group from AEA Investors. Spectrum is a manufacturer of specialty medical devices and components while DuPont is an American multinational chemical company.
• March 2023: Wacker Chemie AG announced its plan to expand its production and cartridge filling capacities for silicone sealants at its Nünchritz facility, in response to rising silicone sealants demand for various applications in doors, windows, kitchens, bathrooms and walls. 

Silicones Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the silicones market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global silicones market.
• The study maps the leading, as well as the fastest-growing, regional markets.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the silicones industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.