Press Release

Global Silicones Market Attained a Volume of Over 2.63 Million Metric Tons in 2023, Driven by the Flourishing Electronics Sector

Global Silicones Market

According to a new report by EMR titled, ‘Global Silicones Market Report and Forecast 2024-2032’, the global silicones market size reached a production volume of more than 2.63 million metric tons in 2023 and estimated to reach a volume of over 4.18 million metric tons by 2032, registering a CAGR of nearly 5.30% during 2024-2032.

The growing demand for smaller, lighter, and more powerful devices across the electronics sector is contributing to the demand for silicones. Silicone finds application in the electronics sector for component and product insulation, sealing, protection, and helping in reducing the size and weight of electronic products. Furthermore, growing technological advancements in the electronics sector are fuelling the adoption of silicones.

 

Additionally, the growing construction sector is fuelling the adoption of silicones at a significant rate. The characteristics of silicone such as durability and resistance to decay make it an essential material in residential and office buildings, bridges, oil rigs, industrial plants, and pipelines.

 

The expansion of production capacities by key players is favouring the market growth. In May 2022, Ferroglobe PLC (NASDAQ: GSM), a prominent manufacturer of silicon metal, silicon-based alloys, and manganese-based speciality alloys, announced the restarting of its second furnace at the Selma, Alabama (United States) facility. With the restart, the annual silicon metal capacity for the domestic market in the United States is anticipated to increase to 11,000 tons.

 

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Market Analysis by Type, Application, and Region:

  • The market, on the basis of type, can be divided into elastomers, fluids, gels, and resins.
  • Based on application, the market can be divided into industrial process, construction materials, home and personal care, transportation, energy, healthcare, and electronics, among others.
  • The major regional markets for silicones include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

Key Findings of the Report:

  • The growing demand for lightweight and powerful devices in the electronics sector is increasing the demand for silicones at a significant rate.
  • The easy availability of raw materials for the production of silicones is contributing to the growth of the market.
  • The rising demand for silicone elastomers from the medical sector is fuelling the market for silicones.
  • The high-performance characteristics of silicones are increasing their demand in various industrial applications.

 

Key Offerings of the Report:

  • The EMR report gives an overview of the global silicones market for the periods (2018-2023) and (2024-2032).
  • The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the types, applications, and major regions of silicone.
  • It assesses the regional price trends for the (2018-2023) and (2024-2032) periods.
  • The market report also analyses the trade data by covering the major importing and exporting countries.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

 

The major players in the global silicones market are Elkem ASA, The Dow Chemical Company, Wacker Chemie AG, Shin-Etsu Chemical Co., Ltd., and Ferroglobe PLC, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Type
  • Application
  • Region
Breakup by Type
  • Elastomers
  • Fluids
  • Gels
  • Resins
Breakup by Application
  • Industrial Process
  • Construction Materials
  • Home and Personal Care
  • Transportation
  • Energy
  • Healthcare
  • Electronics
  • Others
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Elkem ASA
  • The Dow Chemical Company
  • Wacker Chemie AG
  • Shin-Etsu Chemical Co., Ltd.
  • Ferroglobe PLC
  • Others

 

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

 

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