The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

Rising demand for silicone in different industries are expected to drive innovation in silicone manufacturing, thus driving the market during the forecast period.

The global silicone market is expected to grow from $18.31 billion in 2022 to $20.75 billion in 2023 at a compound annual growth rate (CAGR) of 13.3%. The global silicone market size is expected to grow from $38.18 billion in 2027 at a CAGR of 16.5%.

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Global Silicone Market Segments Include:

• By Product Type: Elastomers, Fluids, Gels, Other Product Types
• By Application: Construction, Transportation, Electrical & Electronics, Textiles, Personal Care & Pharmaceuticals, Other Applications
• By End User: Industrial, Electronics, Machinery, Aerospace, Medical
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global silicone market in 2021.

Major Market Players in the silicone market include Wacker-Chemie GmbH, CSL Silicones, Specialty Silicone Products Incorporated, Evonik Industries AG, Kaneka Corporation, Dow Corning Corporation.

The increasing demand for green chemicals is driving the growth of the silicone market. The silicone market is positively affected by the increasing stress on the use of environmentally friendly materials. Silicone products are regarded as environmentally friendly and more durable than plastic products. For instance, in May 2020, SK Global Chemical, a Korean chemicals company announced that it will produce 70% of its products green by 2025 from 20% of its green products currently. Thus, the increasing demand for green chemicals will drive the growth of the silicone market.

The Silicone Global Market Report 2023  provides a silicone market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The silicone market forecast analyzes silicone market size, silicone market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Silicone refers to a polymer produced from siloxane and used in the manufacturing of lubricants and synthetic rubber. They are characterized by their thermal stability, hydrophobic nature, and physiological inertness. Silicone (except resins) is widely used in the medical industry to manufacture surgical implants and dental impression materials.

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