The global silicone market size was US$ 15.9 billion in 2021. The global silicone market is forecast to grow to US$ 23.4 billion by 2030 by registering a compound annual growth rate (CAGR) of 5.1% during the forecast period from 2022 to 2030.
Factors Influencing the Market
Silicone plays an essential role across various industries, including industrial processes, construction, consumer goods, personal care, etc. Thus, it is primarily driving the growth of the global silicone market.
Beneficial properties of silicone, such as versatility, chemical stability, and high resistance to temperature, will fuel the growth of the overall market. Furthermore, growing applications of silicone in the electronics, renewable energy, and electric vehicles industry will accelerate the growth of the global silicone market during the study period.
The market for silicone will also be driven by the rising demand for specialized products. In addition to that, increasing intervention of government regulatory bodies, rising demand for lightweight parts from the manufacturing industry, and the development of new technologies will contribute to the market growth.
Silicone is also gaining wide traction due to its use in labels making, leather packaging, textiles, and airbags. As a result, it will surge the growth of the global silicone market.
Regional Analysis
On the basis of region, the Asia-Pacific silicone market is forecast to emerge as the largest market. The region holds one of the largest automotive and consumer electronics industries. Furthermore, a large population base, combined with the increasing demand for electronics, will fuel the growth of the market. Growing disposable income and rising demand for luxury vehicles will also benefit the market. In addition to that, the presence of giant automotive manufacturers will also contribute to the industry's growth.
COVID-19 Impact Analysis
The wake of the COVID-19 pandemic affected the overall automotive and consumer electronics industry. As a result, it hampered the growth of the silicone industry. Travel restrictions affected the trade of automobiles. In addition, a decline in the employment rate affected consumer purchasing power. As a result, it impeded the demand for silicone. However, the market witnessed slight growth due to its applications in the healthcare sector, which remained growing even after the drastic effect of the pandemic. On the contrary, the personal care, consumer goods, energy, and industrial process sector witnessed a sharp decline. Therefore, it also hampered the growth of the global silicone market.
Competitors in the Market
Market Segmentation
The global silicone market segmentation focuses on Product, End-Use, and Region.
By Product Outlook
By End-use Outlook
By Regional Outlook
