The global silicone market size is anticipated to reach USD 32.26 billion by 2030, according to a new report by Grand View Research, Inc., advancing at a CAGR of 6.0% from 2024 to 2030. The industry is expected to grow on the account of the increasing product demand from various end-use industries. The electronics end-use segment is expected to register the fastest CAGR over the projected period. In the electronics industry, silicone is used in the form of greases, fluids, varnishes, rubbers, and oil in a broad range of applications, such as for 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 various ICT equipment. This is attributed to substantial growth in the future.

 Major players are involved in mergers and acquisition activities to gain higher market shares. For instance, in November 2021, Momentive Performance Materials, Inc. announced the acquisition of KCC Corp.’s silicone business in the U.K. and South Korea. In addition, Momentive has acquired KCC’s sales operations in China as well, further boosting Momentive’s global footprint in specialized applications and advanced silicones. Moreover, silicones are biologically inert and are known for bio durability and biocompatibility owing to their inherent thermal and chemical stability, hydrophobicity, low surface tension, and resistance to sterilization methods. These favorable properties make them ideal for a wide range of healthcare applications. Silicones are used in catheters, drains and shunts, orthopedics, blood-oxygenator, heart-bypass machines, heart valves, components in kidney dialysis, and aesthetic implants, among others.

Gather more insights about the market drivers, restrains and growth of the Global Silicone Market

The rising disposable income of consumers and the growing aging population, coupled with an increasing number of initiatives by governments across the globe, particularly in emerging economies including China and India, to provide basic healthcare facilities are expected to augment the product demand. The rising number of accidents is expected to drive the demand for bandages and cosmetic surgeries, which, in turn, is likely to have a positive impact on segment growth. Major players are involved in expansion activities for silicone that provides improved features. For instance, in March 2022, Wacker Chemie AG announced a new production site for silicone in Panagarh, India. The facility will manufacture silicone rubber and ready-to-use silicone compounds for electrical transmission & distribution, electromobility, and medical technology.

 

Silicone Market Report Highlights

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.The elastomers segment accounted for a more than 41.0% share of the global industry in 2023 and is estimated to maintain its leading position over the forecast periodThis can be attributed to the rising demand for lightweight automobile vehiclesFluids are one of the largest product segments and are likely to expand at a significant CAGR over the forecast periodThis is owing to the properties of fluid silicone products, such as low surface tension, shear stability, and excellent thermos-oxidative resistanceFluctuating raw material prices of methanol are expected to pose a challenge for the industry players to achieve economies of scale and profitability

 

Browse through Grand View Research's Plastics, Polymers & Resins Industry Research Reports.

Silicone Solutions For Leather & Textiles Market: The global silicone solutions for leather & textiles market size was valued at USD 647.5 million in 2023 and is projected to grow at a CAGR of 6.7% from 2024 to 2030.Adhesion Promoter Market: The global adhesion promoter market size was estimated at USD 5.21 billion in 2024 and is projected to grow at a CAGR of 9.6% from 2025 to 2030.

 

Silicone Market Segmentation

Grand View Research has segmented the global silicone market on the basis of product, end-use, and region:

Silicone Product Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

FluidsStraight Silicone FluidsModified Silicone FluidsGelsResinsElastomersHigh-Temperature Vulcanized (HTV)Liquid Silicone Rubber (LSR)Room Temperature Vulcanized (RTV)OthersAdhesivesEmulsions

Silicone End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

ElectronicsTransportationConstructionHealthcarePersonal Care and Consumer goodsEnergyIndustrial ProcessesOthers

Silicone Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

North AmericaS.CanadaMexicoEuropeGermanyUKFranceRussiaSpainAsia PacificChinaIndiaJapanAustraliaCentral & South AmericaBrazilMiddle East & AfricaSaudi Arabia

Order a free sample PDF of the Silicone Market Intelligence Study, published by Grand View Research.