The Silicones Market is being driven by Increasing growth of construction industry
The Silicones Market is expected to grow at a CAGR of 7.32% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 8.76 billion. In the electrical and electronics sector, silicone products play a pivotal role due to their exceptional properties. Specifically, silicone gels are utilized extensively to absorb thermomechanical stress, thereby safeguarding adjacent components. Their application span includes printed circuit boards, semiconductors, electronic control units, LED devices, and automotive electronic controllers. Moreover, their durability and flexibility make them an ideal choice for encapsulating cable accessories in power transmission and distribution systems, owing to their superior electrical properties and heat stability. Silicone elastomers are also widely adopted, particularly in the automotive and general electronic components industry.
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
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Report Coverage |
Details |
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Page number |
183 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 7.32% |
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Market growth 2024-2028 |
USD 8.76 billion |
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Market structure |
fragmentation |
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YoY growth 2023-2024(%) |
6.74 |
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Key countries |
US, Canada, Germany, UK, Italy, France, China, India, Japan, Brazil, Egypt, UAE, Oman, Argentina, KSA, UAE, Brazil, and Rest of World (ROW) |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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The global silicones market is experiencing significant growth due to increasing urbanization and a rising population. This market includes various types of silicone products such as elastomers, gels, fluids, and resins. The industry is driven by subsidies and incentives from governments to promote the use of silicones in various sectors. Silicones find extensive applications in industries like construction, automotive, and electronics. In construction, they are used as insulators in buildings and infrastructure, replacing traditional materials like steel, aluminum, concrete, glass, and marble due to their superior insulation properties. In the automotive industry, silicones are used in the production of elastomers for tires and gaskets, fluids for brakes and transmission systems, and resins for engine parts. The rising demand for electric vehicles (EVs) and LED devices is driving the growth of the silicones market in the electronics industry. Silicones are used as raw materials in the production of insulators, semiconductors, and electronic chips. The prices of raw materials like oil, which are used in the production of polymers, have been increasing, leading to a rise in the cost of silicones. However, the highly stable nature of silicones makes them a preferred choice over other materials in various applications.
According to Technavio, the global silicones market is a segment of the broader global commodity chemicals market, encompassing businesses that manufacture industrial and basic chemicals such as plastics, synthetic fibers, films, commodity-based paints and pigments, explosives, and petrochemicals. Notably, this market excludes entities producing diversified chemicals, fertilizers and agricultural chemicals, industrial gases, and specialty chemicals. The size of the global commodity chemicals market is determined by the consolidated revenue generated by industrial and basic chemical manufacturers. Key growth drivers for this market include the escalating demand for plastic packaging, as plastic remains the most frequently utilized material in the global packaging industry.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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