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Silicone (except Resins) Market 2024-2033 - Size, Trends, Growth & Forecast
Silicone (except Resins) Market
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According to The Business Research Company's, 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.
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Market Drivers and Trends:
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.
Major companies operating in the silicon (except resins) market are innovating new technologies such as new low-cyclosiloxane silicone elastomer blends and silicone resin blends to increase their profitability in the market. Low-cyclosiloxane silicone elastomer blends and silicone resin blends are recent advancements in silicone technology for topical applications. For instance, in April 2023, DuPont de Nemours Inc., a US-based chemical company launched new developments in low-cyclic silicone elastomer blends and silicone resin blends for topical applications. The low-cyclic silicone elastomer blends can increase the spreadability of topical formulations, making it simpler to apply them to the skin. They are intended to give the skin a smooth, silky sensation. The silicone resin blends may be utilized in a number of topical applications, such as sun care, color cosmetics, and antiperspirants. These blends are created to give a long-lasting, water-resistant layer on the skin that can increase the durability and wear of topical formulations.
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Major Key Players of the Market:
Wacker-Chemie GmbH, CSL Silicones, Specialty Silicone Products Incorporated, Evonik Industries AG, Kaneka Corporation, Dow Corning Corporation, Momentive, Elkem ASA, Gelest Inc., BASF SE, Emerald Performance Materials LLC, Shin-Etsu Chemical Co. Ltd., Siltech Corporation, ICM Products Inc., CHT Group, Primasil Silicones, 3M, Nusil Technology LLC, Allergan plc, Ashland Inc., Arkema S.A., Silteq Limited, KCC Corporation, Sivance, Zhejiang Xinan Chemical Industrial Group Co. Ltd., Reiss Manufacturing Inc., Saint-Gobain, Silicone Solutions, Dow Silicones Corporation, Momentive Performance Materials Inc.
Silicone (except Resins) Market 2024 Key Insights:
• 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%.
• Automotive Sector Expansion Fueling Demand For Silicon (Except Resins) Market
• Innovative Silicone Technologies Enhancing Topical Applications
• Asia-Pacific was the largest region in the silicone market in 2023
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