Abstract
Summary
The silicone market is projected to grow from USD 18.5 Billion in 2022 to USD 27.0 Billion by 2027, at a CAGR of 7.8% during the forecast period. The growing population, rising per capita income, rapid industrialization, and infrastructural development have led to the growth of the building & construction industry, thereby driving the demand for silicone.
By Type, Elastomers accounted for the highest CAGR during the forecast period
Out of the four types (elastomer, fluids, resins and gels & other products), elastomers has the largest market share and is the fastest growing segment during the forecast period. The growing transportation industry is expected to offer tremendous growth opportunities for the use of silicone elastomers as they are extensively used in end-use industries, such as radiator seals, ignition cables, connector seals, spark plug boots, crankshaft seals, and exhaust pipe hangers.
By End-Use Industry, Electronics accounted for the highest CAGR during the forecast period
Electronics is the major end-use industries of the silicone market. The growing miniaturization trend in the electronics end-use industry has forced electronics component manufacturers to produce smaller components, which require higher heat resistance for reducing the probability of failure and ensuring reliability. Hence, the demand for silicone in the electronics end-use industry witnesses rapid growth, as it provides adequate protection at component interfaces that is a critical requirement in high-power electronics.
Asia Pacific is projected to account for the highest CAGR in the silicone market during the forecast period
The market is growing rapidly in developing economies, such as China, Brazil, and India, due to its application in various end-use industries. Several companies are moving to these countries that offer sustained demand, low production costs, and easy access to raw materials. The key challenges for silicone manufacturers in developed economies include economic uncertainty, fluctuating prices of raw materials, volatile foreign currency exchange rates, slow economic growth, and a demand-supply gap of raw materials. In addition to this, the demand for silicone in this region is also attributed to the growing transportation and construction industry. India in Asia Pacific region accounted for highest CAGR in the silicone market, followed by China and South Korea. These countries are projected to witness a steady increase in consumption between 2022 and 2027.
Further in-depth interviews were conducted with the Chief Experience Officer (CXO), Managers, Marketing Officers, Production Officers, and other related key executives from various key companies and organizations operating in the string wound filter materials market.
By Company Type: Tier 1: 53.5%, Tier 2: 23.3% and Tier 3: 23.3%
By Designation: C-Level Executives: 23.3%, Managers: 60.5%, and Executives: 16.3%
By Region: North America: 33%, Europe: 27%, Asia Pacific: 25%, South America: 5% and Middle East & Africa: 10%.
Companies Covered: Wacker Chemie AG (Germany), Shin-Etsu Chemical Co., Ltd. (Japan), Elkem ASA (Norway), The Dow Chemical Company (US), Momentive Performance Materials, Inc. (US), Gelest, Inc. (US), Sivance, LLC (US), Evonik Industries AG (Germany), Innospec, Inc. (US), Siltech Corporation (Canada), Hoshine Silicon Industry Co., Ltd. (China), Reiss Manufacturing, Inc. (US), Kaneka Corporation (Japan), CHT Group (Germany), Specialty Silicone Products, Inc. (US), and Zhejiang Xinan Chemical Industrial Group Co., Ltd. (China) and others.
Research Coverage
The market study covers the silicone market across various segments. It aims at estimating the market size and the growth potential of this market across different segments based on end-use, type, and region. The study also includes an in-depth competitive analysis of key players in the market, their company profiles, key observations related to their products and business offerings, recent developments undertaken by them, and key growth strategies adopted by them to improve their position in the silicone market.
Key Benefits of Buying the Report
The report is expected to help the market leaders/new entrants in this market share the closest approximations of the revenue numbers of the overall silicone market and its segments and sub-segments. This report is projected to help stakeholders understand the competitive landscape of the market, gain insights to improve the position of their businesses and plan suitable go-to-market strategies. The report also aims at helping stakeholders understand the pulse of the market and provides them with information on the key market drivers, challenges, and opportunities.
Table of Contents
1 INTRODUCTION 37
1.1 STUDY OBJECTIVES 37
1.2 MARKET DEFINITION 37
1.2.1 INCLUSIONS AND EXCLUSIONS 38
1.3 STUDY SCOPE 38
1.3.1 SILICONE MARKET SEGMENTATION 38
1.3.2 REGIONS COVERED 38
1.3.3 YEARS CONSIDERED 39
1.4 CURRENCY CONSIDERED 39
1.5 UNITS CONSIDERED 39
1.6 STAKEHOLDERS 39
1.7 SUMMARY OF CHANGES 40
2 RESEARCH METHODOLOGY 41
2.1 RESEARCH DATA 41
2.1.1 SECONDARY DATA 42
- 2.1.1.1 Critical secondary inputs 42
- 2.1.1.2 Key data from secondary sources 42
2.1.2 PRIMARY DATA 43
- 2.1.2.1 Critical primary inputs 43
- 2.1.2.2 Key data from primary sources 43
- 2.1.2.3 Key industry insights 44
- 2.1.2.4 Breakdown of primary interviews 44
2.2 BASE NUMBER CALCULATION APPROACH 45
2.2.1 MARKET SIZE ESTIMATION BASED ON MARKET SHARE ANALYSIS 45
2.3 MARKET SIZE ESTIMATION 46
2.3.1 MARKET SIZE ESTIMATION: BOTTOM-UP APPROACH 46
2.3.2 MARKET SIZE ESTIMATION: TOP-DOWN APPROACH 46
2.4 DATA TRIANGULATION 47
2.5 ASSUMPTIONS 48
2.5.1 GROWTH RATE ASSUMPTIONS 48
2.6 LIMITATIONS 48
2.7 RECESSION IMPACT 48
3 EXECUTIVE SUMMARY 49
4 PREMIUM INSIGHTS 52
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN SILICONE MARKET 52
4.2 SILICONE MARKET, BY REGION 52
4.3 ASIA PACIFIC: SILICONE MARKET, BY COUNTRY AND END-USE INDUSTRY 53
4.4 SILICONE MARKET, BY KEY COUNTRY 53
5 MARKET OVERVIEW 54
5.1 INTRODUCTION 54
5.2 MARKET DYNAMICS 54
5.2.1 DRIVERS 55
- 5.2.1.1 Unique properties 55
- 5.2.1.2 High demand for silicone in electronics industry 55
5.2.2 RESTRAINTS 55
- 5.2.2.1 Stringent regulatory policies 55
5.2.3 OPPORTUNITIES 56
- 5.2.3.1 Antimicrobial silicone elastomers for healthcare industry 56
- 5.2.3.2 Growing demand in transportation industry 56
- 5.2.3.3 High market potential in structural silicone glazing 56
5.2.4 CHALLENGES 56
- 5.2.4.1 Fluctuating raw material prices 56
5.3 PORTER’S FIVE FORCES ANALYSIS 57
5.3.1 BARGAINING POWER OF SUPPLIERS 58
5.3.2 THREAT OF NEW ENTRANTS 58
5.3.3 THREAT OF SUBSTITUTES 58
5.3.4 BARGAINING POWER OF BUYERS 58
5.3.5 INTENSITY OF COMPETITIVE RIVALRY 59
5.4 TRENDS AND DISRUPTIONS IMPACTING CUSTOMERS’ BUSINESSES 59
5.4.1 REVENUE SHIFT AND NEW REVENUE POCKETS FOR SILICONE MARKET 59
5.5 ECOSYSTEM 60
5.6 TARIFF AND REGULATORY LANDSCAPE ANALYSIS 61
5.6.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 61
- 5.6.1.1 Australia Siloxane Evaluations 61
- 5.6.1.2 Canada Siloxane Evaluations 61
- 5.6.1.3 European Union Siloxane Evaluations 62
5.7 VALUE CHAIN ANALYSIS 62
5.8 SUPPLY CHAIN ANALYSIS 63
5.8.1 PROMINENT COMPANIES 63
5.8.2 SMALL AND MEDIUM-SIZED ENTERPRISES 64
5.9 TECHNOLOGY ANALYSIS 64
5.10 PRICING ANALYSIS 65
5.11 PATENT ANALYSIS 65
5.11.1 INTRODUCTION 65
5.11.2 METHODOLOGY 65
5.11.3 DOCUMENT TYPE 65
5.11.4 PUBLICATION TRENDS 66
5.11.5 INSIGHTS 66
5.11.6 JURISDICTION ANALYSIS 67
5.11.7 TOP COMPANIES/APPLICANTS 67
5.12 TRADE ANALYSIS 72
5.13 CASE STUDY ANALYSIS 73
5.13.1 USE OF SILICONES IN TOPICAL FORMULATIONS 73
- 5.13.1.1 Objective 73
- 5.13.1.2 Solution statement 73
- 5.13.1.3 Conclusion 73
5.14 KEY CONFERENCES AND EVENTS, 2023-2024 73
5.15 KEY STAKEHOLDERS AND BUYING CRITERIA 74
5.15.1 KEY STAKEHOLDERS IN BUYING PROCESS 74
5.15.2 BUYING CRITERIA 75
6 SILICONE MARKET, BY TYPE 76
6.1 INTRODUCTION 77
6.2 ELASTOMERS 78
6.2.1 USE OF SILICONE ELASTOMERS IN TRANSPORTATION INDUSTRY TO PROPEL MARKET 78
6.3 FLUIDS 80
6.3.1 UV RESISTANCE BENEFITS TO FUEL SILICONE DEMAND IN TRANSPORTATION AND COSMETIC INDUSTRIES 80
6.4 RESINS 82
6.4.1 HIGH DEMAND IN BUILDING & CONSTRUCTION INDUSTRY TO DRIVE MARKET 82
6.5 GELS & OTHER PRODUCTS 83
6.5.1 GROWING DEMAND FROM MEDICAL & HEALTHCARE INDUSTRY TO BOOST MARKET 83
7 SILICONE MARKET, BY END-USE INDUSTRY 86
7.1 INTRODUCTION 87
7.2 INDUSTRIAL PROCESS 89
7.2.1 HYDROLYSIS RESISTANCE BENEFITS TO DRIVE SILICONE DEMAND IN INDUSTRIAL PROCESS SEGMENT 89
7.3 BUILDING & CONSTRUCTION 91
7.3.1 USE OF SILICONE ADHESIVES, COATINGS, AND SEALANTS TO DRIVE MARKET 91
7.4 TRANSPORTATION 92
7.4.1 INCREASING FUEL EFFICIENCY TO BOOST SILICONE DEMAND 92
7.5 PERSONAL CARE & CONSUMER PRODUCTS 94
7.5.1 VERSATILITY AND UNIQUENESS OF SILICONES TO FUEL DEMAND IN PERSONAL CARE PRODUCTS 94
7.6 ELECTRONICS 96
7.6.1 EMERGING TRENDS IN ELECTRONICS INDUSTRY TO BOOST SILICONE DEMAND 96
7.7 MEDICAL & HEALTHCARE 97
7.7.1 USE OF SILICONES IN MEDICAL & HEALTHCARE INDUSTRY TO DRIVE MARKET 97
7.8 ENERGY 99
7.8.1 APPLICATIONS IN SOLAR PANELS AND WIND TURBINES TO PROPEL MARKET 99
7.9 OTHER END-USE INDUSTRIES 101
8 SILICONE MARKET, BY REGION 103
8.1 INTRODUCTION 104
8.2 ASIA PACIFIC 106
8.2.1 CHINA 112
- 8.2.1.1 Increasing industrial activities to drive market 112
8.2.2 INDIA 115
- 8.2.2.1 Growing construction industry and rapid industrialization to propel market 115
8.2.3 JAPAN 118
- 8.2.3.1 Demand for lightweight passenger vehicles and growing electronics industry to boost market 118
8.2.4 SOUTH KOREA 121
- 8.2.4.1 Government investments in end-use industries to fuel market growth 121
8.2.5 AUSTRALIA 124
- 8.2.5.1 Increasing infrastructural development to drive market 124
8.2.6 REST OF ASIA PACIFIC 127
8.3 EUROPE 131
8.3.1 GERMANY 136
- 8.3.1.1 Demand for silicones to increase in transportation industry 136
8.3.2 FRANCE 139
- 8.3.2.1 Increasing use of silicones in personal care & cosmetic products to drive market 139
8.3.3 UK 142
- 8.3.3.1 Growing demand for silicone elastomers in building & construction industry to propel market 142
8.3.4 ITALY 145
- 8.3.4.1 Development of industrial and manufacturing sectors to fuel market growth 145
8.3.5 RUSSIA 148
- 8.3.5.1 Immense growth potential of construction industry to propel market 148
8.3.6 TURKEY 151
- 8.3.6.1 Investments in construction projects to spur market growth 151
8.3.7 REST OF EUROPE 154
8.4 NORTH AMERICA 158
8.4.1 US 161
- 8.4.1.1 Growth of industrial process segment to drive demand for silicones 161
8.4.2 CANADA 165
- 8.4.2.1 Growth in residential and public infrastructure to propel market 165
8.4.3 MEXICO 168
- 8.4.3.1 Rising industrialization to fuel market growth 168
8.5 SOUTH AMERICA 171
8.5.1 BRAZIL 175
- 8.5.1.1 Fiscal sustainability and structural reforms to boost market 175
8.5.2 ARGENTINA 178
- 8.5.2.1 Industrial growth to fuel demand for silicone elastomers 178
8.5.3 REST OF SOUTH AMERICA 181
8.6 MIDDLE EAST & AFRICA 184
8.6.1 SAUDI ARABIA 188
- 8.6.1.1 Investment in construction industry to fuel demand for silicones 188
8.6.2 UAE 191
- 8.6.2.1 Growth of building & construction end-use industry to drive market 191
8.6.3 REST OF MIDDLE EAST & AFRICA 194
9 COMPETITIVE LANDSCAPE 198
9.1 INTRODUCTION 198
9.2 MARKET SHARE ANALYSIS 199
9.3 KEY PLAYERS' STRATEGIES 200
9.3.1 STRATEGIC POSITIONING OF KEY PLAYERS 200
9.4 REVENUE ANALYSIS OF TOP FIVE MARKET PLAYERS 201
9.5 EVALUATION MATRIX/QUADRANTS 201
9.5.1 STARS 201
9.5.2 EMERGING LEADERS 201
9.5.3 PERVASIVE PLAYERS 201
9.5.4 PARTICIPANTS 202
9.6 STARTUP/SME EVALUATION MATRIX/QUADRANTS 203
9.6.1 PROGRESSIVE COMPANIES 203
9.6.2 RESPONSIVE COMPANIES 203
9.6.3 DYNAMIC COMPANIES 203
9.6.4 STARTING BLOCKS 203
9.7 COMPETITIVE BENCHMARKING 205
9.8 COMPETITIVE SCENARIO AND TRENDS 207
9.8.1 NEW PRODUCT LAUNCHES 207
9.8.2 OTHERS 209
9.8.3 DEALS 211
10 COMPANY PROFILES 213
10.1 KEY PLAYERS 213
10.1.1 WACKER CHEMIE AG 213
10.1.2 SHIN-ETSU CHEMICAL CO., LTD. 219
10.1.3 ELKEM ASA 223
10.1.4 THE DOW CHEMICAL COMPANY 229
10.1.5 MOMENTIVE PERFORMANCE MATERIALS INC. 235
10.1.6 GELEST INC. 239
10.1.7 EVONIK INDUSTRIES AG 241
10.1.8 INNOSPEC INC. 245
10.1.9 SPECIALTY SILICONE PRODUCTS, INC. 248
10.1.10 HOSHINE SILICON INDUSTRY CO., LTD. 250
10.2 OTHER KEY PLAYERS 253
10.2.1 ZHEJIANG XINAN CHEMICAL INDUSTRIAL GROUP CO., LTD. 253
10.2.2 REISS MANUFACTURING INC. 253
10.2.3 SILTECH CORPORATION 254
10.2.4 KANEKA CORPORATION 254
10.2.5 CHT GROUP 255
10.2.6 SIVANCE, LLC 255
10.2.7 SILICONE SOLUTIONS, INC. 256
10.2.8 SILICONE ENGINEERING LTD. 256
10.2.9 CRI-SIL SILICONE TECHNOLOGIES, LLC 257
10.2.10 SILTEQ LTD. 257
10.2.11 KONARK SILICONE TECHNOLOGIES 258
10.2.12 SUPREME SILICONES INDIA PVT. LTD. 258
10.2.13 SHENZHEN SQUARE SILICONE CO., LTD. 259
10.2.14 GUANGZHOU OTT NEW MATERIALS CO., LTD. 259
10.2.15 CSL SILICONES, INC. 260
11 ADJACENT AND RELATED MARKETS 261
11.1 INTRODUCTION 261
11.2 LIMITATIONS 261
11.3 SILICONE ELASTOMERS MARKET 261
11.3.1 MARKET DEFINITION 261
11.3.2 MARKET OVERVIEW 262
11.4 SILICONE ELASTOMERS MARKET, BY TYPE 262
11.5 SILICONE ELASTOMERS MARKET, BY PROCESS 263
11.6 SILICONE ELASTOMERS MARKET, BY END-USE INDUSTRY 263
11.7 SILICONE ELASTOMERS MARKET, BY REGION 264
12 APPENDIX 266
12.1 DISCUSSION GUIDE 266
12.2 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 270
12.3 CUSTOMIZATION OPTIONS 272
12.4 RELATED REPORTS 272
12.5 AUTHOR DETAILS 273