Silicone market forecast at $32 billion by 2030

Selbyville, DE – The silicone market value is anticipated to cross USD 32 billion by 2030 according to a new research report by Global Market Insights Inc. Increasing industrial infrastructure, expanding healthcare sector and automotive production will benefit the industry expansion.

There is substantial growth witnessed in personal care and cosmetic products owing to changing lifestyle and increasing product penetration. People are now following global trends due to extreme media exposure which eventually changes the preferences, tastes, and daily habits of people. Now, use of daily life products such as cosmetics & lotions, shampoo & conditioners, deodorants & antiperspirants, sunscreens, etc. increased heavily.

Many silicone polymers and monomers are used in this personal care & cosmetic product. Silicone polymers are colorless, tasteless, and odorless in nature and can evaporate at high speed from human skin in normal environmental conditions. It is highly used in haircare, skincare and sun care lotions and gives shiny, soft & smooth feel.

Some major findings of the silicone market report include:

Increasing use of silicone in personal care & consumer goods across the globe will drive the market revenue.

Steady growth of transportation segment expected during the forecast period owning to positive outlook for automotive, marine, aviation, and aerospace industries.

Availability in various forms like liquids, pastes/greases, oils and solids with excellent electric & thermal resistivity, low toxicity, water repellent properties, etc. are some of the key characteristics behind extensive use of silicon in various applications.

Mergers & acquisitions, expansion of R&D and production facilities, product launch, joint ventures are among key strategies adopted by manufacturers to enhance their market shares.

Silicone market from personal care & consumer goods segment is expected to reach USD 5 billion by 2030. Excellent flexibility & elasticity along with antibacterial properties made silicone ideal material used in households. It is most commonly used in detergents, floor cleaners, kitchen utensils, fabric softeners, toys, and pet products. is likely to grow owing to low cost, excellent stability, high corrosion resistance and superior strength.

Silicone market from elastomers segment accounts for 40% of overall revenue generation by 2030. Silicone elastomers are cost effective alternative for the electrical insulation applications due to its high dielectric strength and high thermal resistivity. Also, elastomers are hydrophobic in nature, chemically inert with many acids, salts, and bases. Elastomers have high demand from electric and electronics products for insulation, coating, and packaging applications.

North America silicone market will capture over 20% revenue share by 2030 growing at a CAGR of over 5.5%. Rising demand of light-weight automobile parts, thermal and acoustic sealants, antimicrobial sealants, coatings, and paints in the region propels the market progression. The regional growth is highly dependent on market trends associated with automobile, construction, and medical sector along with governments rules and regulations.