The report “Silicone Market by Type (Elastomers, Resins, Fluids, Gels), End-Use Industry (Industrial Process, Building & Construction, Personal Care & Consumer Products, Transportation, Electronics, Medical & Healthcare, Energy), & Region – Global Forecast to 2029”, size is projected to grow from USD 21.5 billion in 2024 to USD 31.5 billion by 2029, at a CAGR of 8.0% during the forecast period. The growing demands of industrial processes drive the need for advanced materials like silicones, which can meet diverse industry requirements. As industries process industries evolve and innovate, silicones are set to become more essential, supporting efficiency, sustainability, and safety across several industries. Silicones play a vital role in the construction industry’s expansion as basic components of sealants, adhesives, and coatings. Their capacity to endure harsh environmental conditions while delivering exceptional bonding and sealing capabilities has cemented their indispensability in contemporary construction methods. The increasing demand for personal care and cosmetic products, particularly in Asia Pacific, is expected to fuel silicone demand in the personal care industry. North America and Europe have been key contributors to silicone demand, but the Asia Pacific region, notably China, has emerged as a major player. Rapid industrialization, urbanization, and growing manufacturing activities in the Asia Pacific have driven significant demand for silicones across various sectors.
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237 Tables of Market Data
45-Figure Set
Detailed Table of Contents and 274 Pages on “Silicone Market – Global Forecast to 2029”
Among the well-known pivotal figures are:
Germany’s Wacker Chemie AG.
Shin-Etsu Chemical Co., Ltd. (Japan)
Momentive Performance Materials Inc. (US)
Elken ASA (Norway)
Dow Inc. (US)
Driver: The wearable electronics industry’s high need for silicone
The silicone market is expected to be significantly driven by the growing wearable electronics market in India, which is demonstrated by the exponential growth in earphone and smartwatch production from negligible levels to USD 961 million in 2022–2023 and a projected doubling to USD 2 billion in FY24. Wearables are anticipated to play a major role in the Indian government’s goal of a $300 billion electronics manufacturing industry by 2026, providing $8 billion of which is designated for exports (Source: Invest India). Silicone is a crucial material for components like flexible circuits, thermal interface materials, and seals. Its key features, including flexibility, thermal stability, and durability, are highlighted by the growing need for wearable gadgets. This development trend emphasizes how crucial silicone is to satisfying the changing needs of the rapidly expanding wearable electronics sector.
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By end-use industry, the industrial process segment to register the highest CAGR in the forecast period.
The industrial process segment stands out as the fastest-growing segment in the silicone market among, building & construction, electronics, personal care & consumer products, transportation, and others due to several key factors. The industrial process end-use industry is experiencing a growing demand for high-performance materials, with silicone at the forefront due to its unique properties. Industrial processes cover a wide range of sectors, including manufacturing, chemical processing, oil and gas, power generation, and food processing. Silicone’s heat resistance, chemical stability, flexibility, and durability are crucial for maintaining operational efficiency and safety in these areas. The capacity of silicone to withstand harsh circumstances is a major factor in its demand in industrial operations. Equipment frequently encounters harsh chemicals and high temperatures in the chemical manufacturing and oil & gas industries, for instance. Silicone, known for its resistance to these stresses, is used in gaskets, seals, and other components to maintain system integrity. Additionally, the trend towards automation and advanced manufacturing has increased the need for reliable materials. Silicone’s excellent electrical insulating properties are vital for the safe operation of automated equipment, reducing the risk of electrical faults.
Asia Pacific dominated the market in 2023.
The Asia-Pacific (APAC) region has emerged as the dominant force in the silicone market among North America, Europe, South America, and the Middle East and Africa due to several key factors.
The rapid industrialization and the growing number of end-use industries are expected to drive the silicone market’s growth in the region. In China, the silicone market is expanding quickly, with significant growth anticipated due to rising demand from the healthcare and automotive & transportation sectors. Silicone manufacturers are drawn to this country because it offers strategic benefits, such as cost-effective production, favorable conditions for establishing manufacturing facilities, and the opportunity to cater more effectively to local emerging markets. Asia Pacific has a strong local demand, easy access to raw resources, and inexpensive labor, making it a desirable market for firms looking to expand their market share and boost profitability. For example, Wacker Chemie AG (Germany) established a new silicone manufacturing facility in Panagarh, India, in July 2022. The firm will be able to grow and solidify its position in the area with the help of this industrial facility. Asia Pacific’s biggest market for silicones is China. The country’s increasing industry and growing population have led to a significant demand for silicone. China’s industrial activity have expanded due to a combination of favorable regulatory frameworks, low-cost labor, land, and raw commodities. The nation’s silicone market is being driven by this.
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