The global silicone market is anticipated to grow at a CAGR of around 4% during the forecast period. The factor such as increasing demand from the electronics industry due to its large thermal stability and resistance to ozone, UV radiation, and moisture is expected to fuel the growth of the silicone market during the forecast period. The rising demand for lightweight materials in the automotive sector and growing R&D activities for the innovation of products are anticipated to boost the industrial growth in the near future. Lightweight materials are being used to decrease automobile weight that leads to reducing the overall fuel consumption. High thermal stability along with silicone fluids is expected to fuel the growth of the market. 

The growing vehicle industry and advancements in tire technology are witnessing the positive impact on the growth of the market. The growth in the vehicle industry will result in a rise in demand for tires from original equipment manufacturers (OEM) and also aftermarkets. Silicon metal is a blue-grey lustrous and hard semi-conductive metal that is used to make the solar cells, microchips, and steel together with various other commodities. Due to properties such as high corrosion resistivity, high thermal conductivity, and machinability, silicone metal is utilized to obtain silicones, alloys, and semiconductors. 

However, the fluctuation of the price of raw material used in the production of the silicone is hampering the growth of the market. The emerging countries are attributing rapid growth in the economy featured by large scale improvement of construction and manufacturing fields those results in the lucrative opportunities for players operating in the silicone market. 

Segmental Outlook 

The global siliconemarket is segmented on the basis of product and application. Based on the product, the market is sub-segmented into gels, elastomers, fluids, and resins. Based on application, the market is segmented into transportation, personal care & pharma, textiles, electrical & electronics, construction, and others.

Elastomers will be the Largest Segment by Application

Elastomers are anticipated to hold a significant market share due to rising demand for lightweight automobile parts for improved fuel efficiency and fewer emissions. The growth of elastomers is attributing due to the increasing usage of silicone elastomers in the construction and automotive industries. Moreover, elastomers made up of silicone that are largely utilized in medical devices include liquid silicone rubber that supports the growth of the silicone market during the forecast period. Properties, such as durability, biocompatibility and extreme temperature resistance of elastomers make them suitable for surgical and medical applications.

Global Silicone Market Share by End-User, 2018 (%)

Regional Outlooks

The global silicone market is further segmented based on geography including North America, Europe, Asia-Pacific and Rest of the World. Asia-Pacific is anticipated to hold the largest market share in the silicone market during the forecast period. This may be attributed to the growing construction industry in the Asia-Pacific region. Silicone is largely used in the development of high-performance structures and green buildings due to its nature of being an energy-efficient material. Moreover, the development of smart cities and green buildings in countries such as India and China is anticipated to fuel the silicone market.The economic development and undeveloped infrastructure in remote areas and backing from the government for more renewable energy are the implementations of the factors of renewable energy. 

Additionally, the significant fall in the price of solar energy technologies draws businesses for choosing renewable energy. The rise in the setting up of solar energy panels has impelled the requirement for silicon metal across the globe. In addition,North America is anticipated to grow at aconsiderable rate in the silicone market due to the emergence of large automotive manufacturing hub and the presence of healthcare infrastructure in this region are estimated to be favorable factors for the growth of the silicone market in the region during the forecast period.  

Global Silicone Market Growth, by Region 2019-2025

Market Players Outlook

The key players of the silicone market include Ashland, Inc., Elkem ASA, Wacker Chemie AG, The Dow Chemical Co., Evonik Industries AG, Feroglobe PLC, G.S. Energy Co. Ltd., Mississippi Silicon (Polymet Alloys, Inc.), and Momentive Performance Materials, Inc. The market players are significantly contributing to the market growth by the adoption of various strategies including new product launch, merger, and acquisition, collaborations with government, funding to the start-ups and technological advancements to stay competitive in the market.

The Report Covers

• Market value data analysis of 2018 and forecast to 2025.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global silicone market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.