Silicone Market

The global silicone market size is projected to grow from USD 21.5 billion in 2024 to USD 31.5 billion by 2029, at a CAGR of 8.0% during the forecast period.

Silicone Companies

The superior properties of silicone and the high demand for silicone in the electronics, automotive, healthcare, industrial, textile, construction, and transportation industries will drive the silicone market during the forecast period. Silicone is one of the most versatile materials used across various industries due to its unique properties like durability, flexibility, heat resistance, adhesive quality, water repellency, and others. These attributes allow it to be applied in a diverse range of applications, from electronics to healthcare and construction.

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A few of the major players are, Wacker Chemie AG (Germany), Shin-Etsu Chemical Co., Ltd. (Japan), Momentive Performance Materials Inc. (US), Elken ASA (Norway), and Dow Inc. (US). These players have implemented various growth strategies, such as acquisitions, investments, expansions, joint ventures, and partnerships to enhance their market shares and boost their product portfolios.

Wacker Chemie AG, founded in 1914, is a global company that manufactures and distributes chemical products headquartered in Munich, Germany. The company’s portfolio includes over 3,000 products and serves customers in over 100 countries. The company’s primary clients span industries including chemical, construction, automotive, semiconductor, consumer goods, pharmaceuticals, etc. The company’s integrated global production system consists of 27 production sites, with ten in Europe, eight in the Americas, and nine in Asia. Wacker Chemie AG has 25 production sites and 22 technical centers globally. The company has an excellent geographical presence and has been ranked the highest for the breadth of applications served. Wacker Chemie AG is the second-largest producer of silicone globally. The company is one of the global market leaders in manufacturing protection silicones. Wacker Chemie AG is an innovative chemical company that aims to develop and supply solutions to meet customers' demands. The company is adopting many growth strategies, such as new facility expansions, product launches, and agreements, to attain long-term growth and sustain its current market position.

Shin-Etsu Chemical Co., Ltd., founded in 1926 is the largest manufacturer of silicones in Japan and the fourth-largest manufacturer globally headquartered in Tokyo, Japan. The company has created a diverse line of products designed to exploit several useful properties of silicones. It offers over 5,000 products for users in various industries, including electrical/electronic manufacturing, auto manufacturing, construction, cosmetics, healthcare, and chemicals. The company has production facilities and sales offices in countries globally, including Japan, the US, South Korea, China, Brazil, Taiwan, Germany, Singapore, Thailand, Vietnam, India, and the Netherlands. The company strives to maintain and further strengthen its leadership position in the silicone market by continuously expanding its business and launching new products that meet the increasing global demand.

Momentive Performance Materials Inc. was established in 2006 and headquartered in New York, US. In March 2024, KCC Corporation entered an agreement to acquire Momentive Performance Materials Group completely. Momentive Performance Materials Inc. is an indirect wholly-owned subsidiary of MPM Holdings Inc. Momentive Performance Materials Inc. is one of the largest producers of silicone and its derivatives worldwide. It is also a renowned developer and manufacturer of quartz and specialty ceramics-derived products. The company serves a diverse customer base of over 4,000 customers in 100 + countries. The company offers silicone surfactants under the formulated and basic silicones segment. The company offers its silicone products to industries such as automotive, electronics, personal care, consumer products, aerospace, and building and construction. The company operates a network of over 40 locations spanning more than 20 countries worldwide. The company provides science-based solutions by connecting tailored technology platforms with customer opportunities.

Elkem ASA founded in 1904 is one of the leading manufacturers and suppliers of advanced silicon-based materials headquartered in Oslo, Norway. The company operates 31 primary production facilities and maintains a widespread network of global sales offices. It offers an extensive selection of silicone products, exceeding 5000 stock-keeping units, with prominent market standings in engineering elastomers for electric vehicles, coatings for packaging, hygiene, bakery paper, and airbag coatings. The silicone division operates research and innovation centers in Europe and Asia Pacific, maintains global sales offices, and operates manufacturing facilities in China, France, Germany, Italy, Spain, the USA, Brazil, India, and South Korea. The company focuses on fast growth by combining acquisitions, product innovations, organic growth projects, and specialization.

Dow Inc. founded in 1897 is one of the leading chemicals and plastics manufacturers. Its integrated, market-driven portfolio delivers a wide range of technology-based products and solutions to customers in approximately 180 countries and high-growth sectors such as packaging, infrastructure, transportation, consumer care, electronics, and agriculture. A joint venture was formed between The Dow Chemical Company and Corning Corporation named Dow Corning. This Joint venture was created to carry out the silicone business. Later, in June 2016, Dow Chemical assumed full ownership of Dow Corning, which specializes in silicone and silicon-based technology, thereby becoming the largest producer of silicone globally. The company is in Europe, the Middle East, Africa, the US, Canada, Asia Pacific, and Latin America. The company is one of the largest producers of silicone and has a significant geographic presence. The company has been ranked the highest in terms of breadth and depth of product offerings, product features & functionalities, and product branding due to its extensive range of silicone-based products. The company's strategies included focusing on more efficient customer service, expanding its distribution network domestically and globally, and product innovation

The companies have initiated the following developments:

• In April 2024, Elkem ASA will showcase its newest innovations, PURESIL ESG 01 and MIRASIL N-DML 15, at NYSCC 2024; the products include a bio-based carrier performance silicone, an elastomeric emulsifier for water-in-silicone (oil) systems, and innovative prototype formulations designed to meet market trends and consumer demands.
• In March 2024, Shin-Etsu Chemical Co., Ltd. developed water-based, fast-curing silicone resin KRW-6000 Series, which is the industry's first silicone resin that innovatively eliminates the need for emulsifiers.
• In March 2024, Elkem ASA unveiled its newest innovation, Silbione RT Gel 4660, at EWMA in London. This silicone gel offers both ease of processing and high performance, ensuring superior outcomes for patients.
• In September 2023, Wacker Chemie AG expanded its specialty silicone manufacturing capacities in China. Around   USD 158.73 million has been allocated for the expansion project's investments.
• In September 2023, Shin-Etsu Chemical Co., Ltd. established a sustainable silicone business development department within its silicone division at the head office.  The sustainable silicone business development department will oversee the promotion of eco-friendly silicone products. This initiative aligns with the company's recent USD 0.71 billion investment in its silicone business, announced on July 27th, reflecting its commitment to sustainability and innovation.
• In July 2023 Shin-Etsu Chemical Co., Ltd. announced a new USD 0.71 billion investment in its silicone portfolio, a key component of its Functional Materials business segment.
• In February 2023, Momentive Performance Materials, Inc. opened a new manufacturing facility in Rayong, Thailand. This new site will expand Momentive's manufacturing capacity to serve the growing Southeast Asian market demand for specialty silicones in industries such as beauty & personal care, automotive, energy, healthcare, and agriculture.
• In October 2022, Elkem ASA opened a new specialized facility for manufacturing high-purity medical silicones in York, South Carolina. The 18,000 square foot plant features advanced ISO-certified Class 7 and Class 8 clean rooms. It is specifically designed to produce high-purity silicone materials that comply with the stringent requirements of the MedTech and pharmaceutical markets.
• In March 2022, Dow Inc. made investments in the mobility and transportation market. At the company's Jincheon site in South Korea, they funded the development of moldable optical silicone technologies for automotive and industrial lighting applications. Dow also planned further investments at its Midland, Songjiang, and Zhangjiagang facilities.
• In October 2021, Wacker Chemie AG acquired a 60% stake in specialty silane manufacturer SICO Performance Material Co., Ltd. (China). Wacker's partnership with SICO is their strategy to expand the share of high-margin specialties in their silicone business worldwide further.
• In October 2021, Elkem ASA planned to invest in unlocking new specialty silicone supply chains for customers in Europe, the Middle East & Africa, and the Americas. The company will invest around NOK USD 41.4 million to upgrade and debottleneck its silicone upstream plant in Roussillon, France.
• In July 2021, Dow Inc. increased its production capacity for silicones, propylene glycol, and specialty materials to address the rising demand for sustainable solutions across various industries, including mobility, building and infrastructure, consumer electronics, home and personal care, food, pharmaceuticals, and flavor and fragrance.
• In January 2021, Momentive Performance Materials, Inc. acquired KCC Corporation's ("KCC") silicone business in Korea and the UK, along with its sales operations in China. This acquisition strengthened Momentive's global reach and expertise in advanced silicones and specialized applications.

Related Reports:

Silicone Market by Type (Elastomers, Resins, Fluids, Gels), End-Use Industry (Industrial Process, Building & Construction, Personal Care & Consumer Products, Transportation, Electronics, Medical & Healthcare, Energy), & Region - Global Forecast to 2029

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