Press release
Automotive Sector Expansion Fueling Demand For Silicon (Except Resins) Market: Key Factor Driving The Growth In The Silicone Market
Silicone
What Is the Expected Silicone Market Size During the Forecast Period?
The silicone market size has grown significantly in recent years. It will increase from $24.65 billion in 2024 to $28.73 billion in 2025 at a CAGR of 16.6%. The growth is driven by the construction and building industry, the automotive sector, electrical and electronics, and healthcare and medical devices.
The silicone market size is projected to grow rapidly, reaching $50.05 billion in 2029 with a CAGR of 14.9%. Growth drivers include sustainable material demand, clean energy systems, advanced electronics, and 3D printing technologies. Major trends include bio-compatible silicones, hybrid compounds, green manufacturing, and thermal management innovations.
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What Are the High-Growth Segments in the Silicone Market?
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 And Electronics, Textiles, Personal Care And Pharmaceuticals, Other Applications
3) By End User: Industrial, Electronics, Machinery, Aerospace, Medical
Subsegments:
1) By Elastomers: Solid Silicone Elastomers, Liquid Silicone Rubber (LSR), High-Temperature Silicone Elastomers
2) By Fluids: Silicone Oils, Silicone Greases, Silicone Emulsions
3) By Gels: Medical Grade Silicones, Cosmetic And Personal Care Silicones, Industrial Silicones
4) By Other Product Types: Silicone Resins, Silicone Sealants, Silicone Adhesives, Silicone Coatings
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What Key Drivers Are Expected to Influence Future Silicone Market Growth?
The growth of the automobile sector is expected to drive the silicon market. Silicones, essential in manufacturing components like engine gaskets, seals, and hoses, are widely used in the automotive industry due to their durability and heat resistance. For instance, in January 2023, the National Automobile Dealers Association reported a 6.6% increase in new light-vehicle sales in the U.S. in 2023, contributing to the growth of the silicon market.
Which Companies Hold the Largest Share Across Different Silicone Market Segments?
Major companies operating in the silicone (except resins) market include Wacker-Chemie AG, CSL Silicones Inc., Specialty Silicone Products Inc., Evonik Industries AG, Kaneka Corporation, Dow Corning Corporation, Momentive Performance Materials Inc., Elkem ASA, Gelest Inc., BASF SE, Emerald Performance Materials LLC, Shin-Etsu Chemical Co., Ltd., Siltech Corporation Inc., ICM Products Inc., CHT Group, Primasil Silicones Ltd., 3M Company, Nusil Technology LLC, Allergan plc, Ashland Inc., Arkema Inc., Silteq Limited, KCC Corporation, SiVance LLC, Zhejiang Xinan Chemical Industrial Group Co. Ltd., Reiss Manufacturing Inc., Compagnie de Saint-Gobain SA, Silicone Solutions, Dow Chemical Company, Covestro AG, Huntsman Corporation, Eastman Chemical Company, Mitsui Chemicals Inc., DIC Corporation
What Are the Latest Developing Trends in the Silicone Market?
Leading companies in the silicon market are developing advanced products, such as silicon resin binders, which provide superior binding properties for high-performance coatings. These silicone resin binders are made from silicone polymers, offering exceptional heat resistance, water repellency, and chemical stability. They create durable protective layers that protect surfaces from UV radiation, high temperatures, and moisture. For example, in April 2023, Wacker, a German chemical company, launched SILRES M 51 E and SILRES IC 900. These new silicone resin binders are designed for industrial coatings that can withstand temperatures up to 600°C and adhere well to metals like steel and aluminum, making them ideal for high-temperature environments like chemical plants.
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What Are the Emerging Geographies for The Silicone Market Growth?
Asia-Pacific was the largest region in the silicone market in 2023. North America was the second-largest region in the global silicone market. The regions covered in the silicone market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Silicone Market?
2. What is the CAGR expected in the Silicone Market?
3. What Are the Key Innovations Transforming the Silicone Industry?
4. Which Region Is Leading the Silicone Market?
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