Global Silicones Market Report and Forecast 2024-2032

Silicones, also known as polysiloxanes, are modern-class synthetic polymers having a silicon-oxygen backbone. Due to their molecular structure, these oligomers can take a wide variety of physical forms which can range from semi-viscous pastes, greases and oils to water-thin liquids and solids. Silicones maintain their physical properties over a broad temperature range, making them suitable for applications subjected to extreme heat or cold.

Products manufactured with silicones are aesthetically pleasing, longer lasting, and easy to use, and on account of these numerous beneficial properties, silicones are widely used in industrial processes, cosmetic products, construction, transportation, among others. The growth in the home and personal care sector, as well as the automotive sector in the Asia-Pacific and Latin American regions, has driven the demand for silicone fluids, elastomers, and resins.

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Key Trends and Developments

Silicones Market Trends

The trend towards developing more environmentally friendly silicone products is part of a broader movement within the materials science and manufacturing sectors to reduce the environmental footprint of products throughout their lifecycle. Recyclable silicones are being developed to address the challenge of silicone waste. For example, chemical recycling techniques can depolymerise silicones back into their constituent monomers, which can then be purified and reused to manufacture new silicone products. Bio-based silicones represent another innovative approach to making silicone production more sustainable as these silicones are derived from renewable resources, such as plant-based materials, rather than traditional petroleum-based feedstocks, and contribute greatly to the silicones market development.

In February 2024, Kerecis unveiled a new product Shield Standard, which features a combination of a fish skin graft and a silicone backing, highlighting an innovative approach in the medical field, specifically in wound care. It represents a cutting-edge approach to wound management, combining natural biomaterials with synthetic components for optimised healing. It also utilises fish skin, a byproduct of the fishing sector, which adds an element of sustainability to medical treatments.

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Market Segmentation

Industrial processes account for a major silicones market share as silicones are widely used in the industrial production of various products

Industrial processes dominate the market, accounting for more than one-third of the global demand for silicones. Silicones are widely used as release agents in manufacturing processes. Their non-stick properties ensure easy removal of products from moulds, which is essential in the production of plastics, rubber, and composite materials. They also serve as anti-foaming agents in industrial processes where foam formation is undesirable, such as in the production of paints, coatings, and food products.

The home and personal care sector is also responsible for generating a considerable demand for silicones, as silicone fluids are extensively used in various home and personal care products owing to their versatility, biocompatibility, conditioning benefits, low surface tension, and high permeability properties. Silicones are prized for their ability to improve the texture, spreadability, and absorption of skin care products. They provide a silky, smooth feel to lotions and creams and can help form protective barriers on the skin that retain moisture without feeling greasy. In cosmetics, silicones are used in formulations to give makeup products a long-lasting, easy-to-apply, and non-smearing finish.

Silicone elastomers maintain their dominance in the silicones market owing to their rising demand from several end-use sectors

Silicone elastomers are experiencing extensive demand from sectors such as electronics, healthcare, and transportation, adding to the overall silicones market growth. Silicone elastomers can withstand extreme temperatures, from very low to very high, without losing their mechanical properties which makes them suitable for applications in environments where temperature fluctuations are common, such as automotive engine parts and aerospace components. They also exhibit excellent resistance to chemicals, including oils, acids, and alkalis, contributing to their longevity and reliability in chemical processing equipment, seals, and gaskets.

Meanwhile, silicone fluids are expected to witness a significant growth in the silicones market as they are often used as lubricants, hydraulic fluids, and in cosmetic formulations. Their wide range of viscosities and excellent thermal stability make them suitable for a broad spectrum of applications across end-use sectors, especially in the automotive, manufacturing, and personal care sectors.

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Competitive Landscape

The market players are introducing novel products to stay ahead in the competition, further increasing their collaboration efforts to meet the evolving regulatory landscape

Silicones Market Analysis by Region

The Asia Pacific holds the largest market share in the global market followed by Europe. Key end-users such as industrial processes, building and construction, personal care and consumer products, transportation and electronics contribute to the growing demand for silicones in the region. The Asia Pacific, home to some of the world's fastest-growing economies like China, India, and several ASEAN countries, has witnessed rapid industrialisation and this economic expansion has led to increased demand for silicones in manufacturing and industrial applications. The region is also a global hub for the electronics sector, with countries like China, South Korea, and Taiwan leading in electronics manufacturing. Silicones are widely used in the electronics sector for their insulating properties and thermal stability and as sealants and adhesives in electronic devices.

The Europe silicones market is also expected to witness a sizeable growth. The region’s stringent regulatory standards, particularly those related to environmental protection and consumer safety, play a significant role in shaping the market. There is a strong emphasis on developing and using silicones that are environmentally friendly and comply with regulations such as REACH (Registration, Evaluation, Authorisation, and Restriction of Chemicals) which has led to innovation in silicone products that are more sustainable and have less environmental impact.