Silicone Market Growth Analysis Report, 2022 – 2030

Silicone is an eminent component in various industries, given its umpteen benefits such as high durability, foam control, UV stability, radiation resistance and adhesion. Non-toxicity of silicone drives its application in the food sector where optimum quality is imperative.

Over the last few years, silicone have been a key component in the automobile industry for reducing overall weight of vehicles which further enhances fuel-efficiency.  Further, the excellent properties of silicone allows market players to develop customized solutions as per end users’ requirement.

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Global Silicone Market – Growth Drivers

The electronics industry will remain the primary consumer of silicone material, where it is mainly used as a semiconductor.

Owing to high conductivity, silicone materials are used to maximize the performance of several devices such as transistors, printed circuit boards (PCB), and integrated circuits (IC). Recent study reveals that the electronics industry is anticipated to grow at 4% CAGR.

With a smooth texture, silicone finds application in the cosmetics industry. Silicone-based cosmetic products are used for hair and skin conditioning. The material works as an emulsifier, which helps in combining other ingredients in cosmetic products.

Global Silicone Market – Growth Restraints

Fluctuating prices of raw materials are majorly hampering the silicone market growth. Government agencies such as the UK Competent Authorities and the European Chemicals Agency (ECHA) has impose reduction on the usage of cyclosiloxanes D4 and D5, used in cosmetic and personal care industry.

Both the silicone products are expected to be limited to concentration of 0.1% by weight in cosmetic formulations.

In medical sector, silicone are considered medical-grade only if they meet the standards of USP Class V and VI. Furthermore, silicone manufacturers have to fulfil various regulations including, Restriction of Use of Hazardous Substances (RoHS), the Dodd-Frank Act, and the US government’s International Traffic in Arms Regulations (ITAR) for production of silicone rubber used in healthcare sector.

Impact of COVID-19 on Global Silicone Market

The COVID-19 pandemic has created a steep downfall in world economy by halting manufacturing processes and disrupting supplies in global trade.

Silicone is commonplace material in several industries – cosmetics, automotive and construction –  as such, drastic reduction in demand from these end-use industries is severely hitting the profit margins of manufacturers.

Consequently, manufacturers are partially or completely halting their production units, further causing turmoil in the supply chain.

Global Silicone Market – Regional Analysis

Asia Pacific (APAC) would remain in the vanguard of the global silicone market both in terms of revenue share and CAGR. The market growth in the region is majorly driven by well-established electronics and automotive industry.

High adoption of renewable energy and fast uptake of electric vehicles (EV) are providing lucrative opportunities for silicone manufacturers. China, Japan, India, and Australia are attracting huge stakeholders’ attention, given presence of large manufacturing sector in these countries.

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Global Silicone Market – Segmentation

The global silicone market is segmented on the basis of following,