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

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

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