GVR Report cover Silicone Market Size, Share & Trends Report

Silicone Market Size, Share & Trends Analysis Report By Product (Fluids, Gels, Resins, Elastomers), By End-use (Electronics, Transportation, Construction, Healthcare, Industrial Processes, Energy), By Region, And Segment Forecasts, 2023 - 2030

  • Report ID: GVR-1-68038-063-7
  • Number of Pages: 180
  • Format: Electronic (PDF)

Report Overview

The global silicone market size was valued at USD 19.94 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 6.1% from 2023 to 2030. The growing demand for silicone in various end-user industries including personal care, consumer goods, industrial process, and construction is expected to drive market growth. The U.S. silicone market is expected to perform moderately owing to limited opportunities by market maturity of both manufacturing industries in general and the use of silicones. However, continuous product innovation and ongoing technological developments are expected to promote the application of silicone in emerging markets.

U.S. silicone market size, by end-use, 2020 - 2030 (USD Billion)

The emerging applications include electric vehicles (EVs) and health & personal care, which, in turn, are expected to fuel the market growth over the forecast period. Moreover, suppliers continue to gain market share through value-added product development and by creating inroads into applications that conventionally use other materials.

Silicone is widely used construction industry owing to weather resistant, highly stable, and inert & high-water repellent, properties. It is used in conjugation with several materials such as marble, glass, concrete, aluminium, steel, and polymers, which find application in residential and commercial constructions. In addition, they are also used in construction of roads, bridges, pipelines, oil rigs, and industrial units. Rising population, increasing urbanization, and rapid industrial growth have resulted in the growing need for construction and infrastructure development across the globe.

The silicone market is expected to grow owing to the increasing application scope of silicone in various end-use industries. In the electronics industry, silicone is used in a broad range of electronic applications such as for protecting insulators from salt air damage, moisture-proofing of boards, modification of semiconductor encapsulating materials, and protecting the ends of heating element wires in printed circuit boards (PCBs), semi-conductors, and electronic control units (ECUs), LED devices, and others.

An increase in prices of silicones is expected to be a market restraint for the silicone market. For instance, In April 2022, Shin-Etsu Chemical Co., Ltd announced an increase the prices of silicone products by 10% which is one of the main business segments of the company both in Japan and globally.

In addition, in March 2021, Wacker Chemie AG announced a raise in prices for its silicone product range. The increased price varies between 10 to 20 percent and the measure had been necessitated by the increase in rising costs for support- and packaging materials, raw material costs, and multiple corona pandemic measures.

Product Insights

The elastomers segment dominated the market and accounted for more than 41.0% share of the global market revenue in 2022. Silicone elastomers are vulcanized silicone-based polymers that are made with the amalgamation of cross linkers, reinforcing agents, linear polymers, and a catalyst. Based on the processing temperature and the type of basic straight-chain molecule, these elastomers have been classified as high-temperature vulcanizing (HTV), liquid silicone rubber (LSR), and room-temperature vulcanization (RTV).

Room temperature vulcanized (RTV) silicone rubber is made up of a two-component system available in the soft to medium hardness range. It can aggressively adhere to and release from most surfaces and can be cured under room temperature without heating. Room-temperature vulcanized silicone rubber possesses excellent thermal resistance and dielectric properties. It is used as sealing and filler between surfaces and gasketing in various applications of electrical vehicles. Apart from electric vehicles, RTV silicone rubbers are extensively used in architectural elements, aerospace, energy, consumer electronics, and electronics industries.

Global silicone market share, by product, 2022 (%)

Silicone gel is a clear jelly-like sheet, which is primarily used in the personal care industry to prevent scars of freshly healed wounds and reduce the prominent immature scars. In addition, silicone gels are used in potting and encapsulation of electronic equipment including LEDs and solar devices. Silicone gels possess superior water repellence, high dielectric strength, and excellent ability to dampen mechanical vibrations. Growing personal care industry owing to the rising increasing aging population and growing concern over appearance is expected to fuel the demand for silicone gels over the forecast period.

Silicone resins are polymers and carry a relatively low molecular weight with a three-dimensional network structure. They possess excellent thermal stability, heat resistance, weather ability, dielectric properties, and water repellency, which make them suitable as binders in varnishes, paints, and impregnation products. Rising demand for silicone resins from the paints and coatings industry to enhance the heat resistance in coating and rendering is expected to fuel the market demand over the forecast period.

End-use Insights

The industrial process segment led the market and accounted for more than 25.0% share of the global revenue in 2022. Silicones are extensively used within various industrial processes for a wide range of applications such as antifoaming agents and lubricants in offshore drilling and paper production, industrial coatings, and paint additives. In paints and coatings, silicone is used to boost performance by offering different components with enhanced durability, thermal resistance, and resistance to corrosion & chemicals, thus reducing unplanned maintenance or maintenance costs for industrial infrastructure and machinery.

In terms of revenue, construction is the second major application segment and is expected to grow at a compound annual growth rate (CAGR) of 5.8% from 2023 to 2030. Silicones in the building & construction industry are widely used owing to their high strength and moisture resistance properties. They can be used in conjugation with numerous materials used for residential and commercial constructions, including concrete, steel, marble, glass, aluminium, and polymers. In addition, they are used in roads, bridges, pipelines, oil rigs, and industrial units. The superior flexibility of silicones helps in minimizing the damage caused during the occurrence of low to medium-intensity earthquakes, which makes them a viable option over other materials.

In the automotive industry, silicone is used in the form of rubber, grease, coating, and sheets. Silicone rubber is used as a coating for spark plug wires, airbags, and adhesive owing to its resistance to high impact, excellent electrical insulation, weatherability, heat & chemical resistance, and tear strength. In the form of grease, it is widely used as a lubricant for brakes owing to its stability over a wide temperature range.

Silicone in the consumer goods industry is used in a broad range of products from cookware to household goods to sporting goods. Silicone is biocompatible, virtually inert, and chemically resistant, and has excellent electrical & thermal insulation properties, which make it an ideal material for application in products such as bakeware, utensils, wrist & hair bands, grips in pens, hairbrushes, shower heads, swim goggles, and masks.

Regional Insights

The Asia Pacific dominated the market and accounted for more than 44.0% share of global market revenue in 2022. The large market share of the region is attributed to the presence of several small-sized, medium, and large market players in the region. Market players shifting production facilities from North America and Europe to the Asia Pacific, owing to the factors such as cheap labour, easy availability of raw materials, and more market penetration opportunities in industries including construction, electronics, transportation, industrial process, personal care, and consumer products, energy, and healthcare, is anticipated to propel the regional production of silicone over the forecast period.

Silicone Market Trends, by Region, 2023 - 2030

Europe was the second largest market, and it is expected to grow at a compound annual growth rate (CAGR) of 5.2% from 2023 to 2030. Expanding the construction sector in various countries including Germany, UK, France, Russia, and Spain is expected to drive the product demand over the forecast period. An increase in funding from the EU and the supportive measures (such as incentives, subsidies, and tax breaks) undertaken by several governments is expected to boost the growth of the construction sector in the region. In addition, the growing utilization of silicone in the renewable energy sector for applications in windmills and solar panels and in the healthcare sector for aesthetic implants is expected to boost the silicone market growth.

North America is one of the leading markets for silicone additives owing to its high demand in plastics and composites, manufacturing chemicals, paints and coatings, and food and beverages. In addition, the region has high growth potential for medical-grade silicones driven by strong demand from the healthcare industry and presence of several large manufacturers in the region.

Key Companies & Market Share Insights

The global silicone market is significantly fragmented in nature with the presence of big manufacturing players across the globe. The market player competes mainly on the basis of technology used for the production of silicone and the quality of products. Key market players are inclined towards adopting marketing strategies such as mergers & acquisitions, new and innovative products along with production capacity expansions are some of the popular strategies adopted by a majority of the market players operating in the global silicone market.

In October 2021, Evonik Industries AG and joint venture partner Wynca have started a fumed silica plant in Zhenjiang, China. This facility is expected to support the local demand for coatings, silicones, and industrial applications.

In December 2020, Wacker Chemie AG announced the launch of new silicone sealants produced from renewable raw materials. It is launched under the brand name ELASTOSIL eco and with the launch of this new product, the company can provide products manufactured using bio-based methanol to silicone sealant suppliers. Some of the prominent players in the silicone market include:

  • Elkay Chemicals Pvt. Ltd.

  • Supreme Silicones

  • Shin-Etsu Chemical Co., Ltd.

  • Silchem Inc.

  • Silteq Ltd

  • Amul Polymers

  • Wacker Chemie AG

  • Specialty Silicone Products, Inc.

  • Illinois Tool Works Inc.

  • Evonik Industries AG

  • Hutchinson

  • Kemira Oyj

  • Dow Inc.

  • Nano Tech Chemical Brothers Private Limited

  • Elkem ASA

Silicone Market Report Scope

Report Attribute


Market size value in 2023

USD 21.33 billion

Revenue forecast in 2030

USD 32.26 billion

Growth Rate

CAGR of 6.1% from 2023 to 2030

Base year for estimation


Historical data

2019 - 2021

Forecast period

2023 - 2030

Quantitative units

Volume in kilotons, revenue in USD million and CAGR from 2023 to 2030

Report coverage

Volume forecast, revenue forecast, competitive landscape, growth factors and trends

Segments covered

Product, end-use, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country Scope

U.S.; Canada; Mexico; Germany; U.K.; France; Russia; Spain; China; India; Japan; Australia; Brazil; Saudi Arabia

Key companies profiled

Elkay Chemicals Pvt. Ltd.; Supreme Silicones; Shin-Etsu Chemical Co., Ltd.; Silchem Inc.; Silteq Ltd; Amul Polymers; Wacker Chemie AG; Specialty Silicone Products, Inc.; Illinois Tool Works Inc.; Evonik Industries AG; Hutchinson; Kemira Oyj; Dow Inc.; Nano Tech Chemical Brothers Private Limited; Elkem ASA

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options


Global Silicone Market Report Segmentation

This report forecasts revenue growth at global, regional & country levels and provides an analysis of the industry trends in each of the sub-segments from 2023 to 2030. For the purpose of this study, Grand View Research has segmented the global silicone market report on the basis of product, end-use, and region:

Global Silicone Market Report Segmentation

  • Product Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)

    • Fluids

      • Straight Silicone Fluids

      • Modified Silicone Fluids

    • Gels

    • Resins

    • Elastomers

      • High-Temperature Vulcanized (HTV)

      • Liquid Silicone Rubber (LSR)

      • Room Temperature Vulcanized (RTV)

    • Others

      • Adhesives

      • Emulsions

  • End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)

    • Electronics

    • Transportation

    • Construction

    • Healthcare

    • Personal Care and Consumer goods

    • Energy

    • Industrial Processes

    • Others

  • Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • UK

      • France

      • Russia

      • Spain

    • Asia Pacific

      • China

      • India

      • Japan

      • Australia

    • Central & South America

      • Brazil

    • Middle East & Africa

      • Saudi Arabia

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