Global silicone market forecast at $35 billion by 2032
Pune, India – According to Future Market Insights research the global Silicone market is estimated to be valued at US$ 18.5 Billion in the year 2022 and is projected to grow at a CAGR of 6.7% from 2022 to 2032.
The rising demand for Silicone across a range of end-user sectors, including consumer goods, personal care, construction, and industrial process, is anticipated to drive the market over the projection period. By the end of the year 2032, the global Silicone market is projected to reach US$ 35.4 Billion.
Silicones also referred to as poly-siloxanes, are synthetic polymers made of carbon, hydrogen, and other elements with repeating siloxane monomers – a chain of alternating Silicone and oxygen atoms – in their structure. It is a resilient synthetic substance made from Silicone that is used in polish production and plastic and cosmetic surgery. Due to their exceptional qualities, poly-siloxanes can be used in a variety of applications. It offers excellent water resistance, robust insulation, adaptability, stability, and aging resistance. Because of their anti-foaming properties, poly-siloxanes are also well-suited for industrial applications.
The global Silicone market witnessed a CAGR of 6.3% during the historic with a market value of US$ 17.3 Million in 2021. However, as per the current estimates by FMI, the forecast growth outlook for Silicone is to remain around 6.8% from 2022 to 2032. This growth in demand is attributed to the growth in various end-use industries. The rise in demand for Silicone from the healthcare industry, automotive industry, and renewable energy sectors is expected to bolster the market growth in the projection period.
Along with this, the global silicone market is growing along with the growth in the automobile industry. Silicone is used in the automobile industry as a lubricant for brake components and in the insulation of spark plug wires to stop sparks and misfires. Gaskets for car engines are made from silicone sheets, and silicone rubber is utilized as an airbag sealant. Automotive silicones aid in lowering the overall vehicle weight, which lowers hazardous emissions and improves fuel economy. Demand for silicone from the automotive industry may be driven by rising auto manufacturing and stricter environmental rules for dangerous emissions.
Silicone is becoming more useful in a variety of electronic applications because of its excellent thermal conductivity, ability to endure both high and low temperatures and flame-retardant properties. Primarily Silicone is utilized in semiconductor applications, electronics products, highly sensitive circuits, refrigerator wires, ignition wires, electronics components, and heater wires. The use of Silicone in electrical circuits provides strong insulation properties to the surfaces acting as heat, dust, and dirt protectors for screens of computers, televisions, aircraft displays, etc.
Due to the global expansion in demand for electronics, semiconductors, and consumer goods around the world, the demand for Silicone is anticipated to rise significantly over the projection period.
The fluctuating prices of raw materials are the key concern affecting the growth of the silicone market. These fluctuations cause the increase in prices of silicones making it a less viable choice compared to its alternatives. For instance, in April 2022, Shin Etsu Chemicals Co. Ltd which primarily operates in the silicone business announced to increase in the prices of silicone goods by 10%.
Apart from this, government agencies are implementing strong regulations for the usage of silicones in the personal care industry. For instance, the United Kingdom Competent Authorities and the European Chemicals Agency (ECHA) have limited the usage of cyclosiloxanes D4 and D5 in cosmetics and personal care products. Such restrictions are expected to affect the market growth in the forecast period.