The Global Silicon Market Size accounted for USD 15,251 Million in 2021 and is estimated to achieve a market size of USD 23,464 Million by 2030 growing at a CAGR of 5.1% from 2022 to 2030. Governments limiting the use of single-use plastic, together with increased public awareness of the negative consequences of plastic waste, are among the key trends driving the silicon market growth. Moreover, the growing inclination toward a reduction in carbon emissions is expected to drive the silicon market value over the forecasting years.
Silicon Market Report Key Highlights
Silicon is a chemical compound with the formula Si and the atomic number 14. It is a tetravalent metallic element and semiconductor that is a strong, brittle crystalline solid with a blue-grey metallic sheen. Silicon is utilized in construction activities, semiconductors, microchips, photovoltaic panels, waterproofing systems, as well as silicones.
Global Silicon Market Trends
Silicon Market Report Coverage
|Silicon Market Size 2021
|USD 15,251 Million
|Silicon Market Forecast 2030
|USD 23,464 Million
|Silicon Market CAGR During 2022 - 2030
|Silicon Market Analysis Period
|2018 - 2030
|Silicon Market Base Year
|Silicon Market Forecast Data
|2022 - 2030
|By Product, By Application, And By Geography
|North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
|Key Companies Profiled
|Quantum Silicones, RUSNANO, Shin-Etsu, CRI-SIL Silicone Technologies, LLC, Silchem, Inc., Silteq Ltd., ICM Products Inc., Wacker Chemie GmbH, Cow Corning Corp., Specialty Silicone Products, Inc., CSL Silicones Incorporated, Evonik Industries AG, Ashland Incorporated, Hutchinson, and Allergan.
|Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis
Rising mindfulness with respect to the great properties of silicone, for example, concoction strength, ozone and UV obstruction, and reliable execution over a wide temperature extent are one of the key patterns animating business sector development.
The rising utilization of energy and the developing significance of transmission and appropriation gadgets for power is relied upon to give a driving force to the electronics industry. As for this, showcase players are probably going to take advantage of impressive open doors in the hardware business soon.
Silicon Market Insights
Simple restoring properties of fluid or liquid silicone rubber outcomes in decreasing lead time for a trim process in car parts creation. Along these lines, the thriving significance of fluid silicone rubber as liquid injection molding system (LIMS) materials in wire bridles for indispensable wiring framework is anticipated to feed the development of the silicone market growth.
The high deceivability of substitutes incorporating fluoropolymers and polyolefin in the development area on a worldwide dimension is ready to lessen silicone infiltration over the not so distant. Notwithstanding, the surging utilization of lightweight car parts because of lower emissions and improved eco-friendliness is evaluated to fuel the need for silicone elastomers.
As elastomers, the product discovers application in wire protection, insulation, lighting, lamps, and power dissemination attributable to its prevalent dielectric and great warm dependability. Quick cooling attributes of high-temperature vulcanized (HTV) silicone and fluid silicone elastic (LSR) in gaskets, sealants, and hardware applications are foreseen to expand the silicone market value over the up and coming years.
Silicon Market Segmentation
The worldwide silicon market segmentation is based on the product, application, and geography.
Silicon Market By Product
According to a silicon industry analysis, the elastomers segment leads the market in 2021. Silicone elastomers are vulcanized silicone-based polymers composed of linear polymers, reinforcing agents, crosslinkers, and a catalyst. Furthermore, silicone gel is a transparent jelly-like sheet that is largely used in the personal grooming business to prevent scars from newly healed injuries and diminish the visibility of juvenile scars. Furthermore, silicone gels are employed in the potting and encapsulating of electronic devices such as LEDs and solar panels.
Silicon Market By Application
According to the silicon market forecast, the construction segment is predicted to grow significantly in the industry over the next several years. Silicones are frequently employed in the construction and building industries due to their excellent strength and water resistance. They can be combined with a wide range of materials used in commercial and residential buildings, such as steel, marble, concrete, glass, aluminum, and polymeric materials. They're also employed in highways, pipelines, bridges, oil rigs, as well as industrial units.
Silicon Market Regional Outlook
The Middle East & Africa
Asia-Pacific Holds The Largest Share Of The Global Silicon Market
Asia-Pacific is ready to be the main territorial market through the estimated time frame. The nearness of blasting electronic industry in Taiwan, China, Korea, India, and Japan is assessed to enhance the development of the market amid the figure time frame. What's more, the residence of a portion of the main car fabricating organizations including Kia, Hyundai, and Daewoo is heightening the development of the local market.
The administration and government of South Korea have consented to various arrangements with European Union nations and the U.S. to build their fare volume in the car business by diminishing duties. The pattern in the car business of South Korea is foreseen to build the utilization of silicone-based products over the up and coming years.
The strong presence of electronic makes, for example, LG, Foxconn, Dell, Flextronics, Lenovo, Multilaser, and IntelBras is relied upon to open new roads for silicone producers in Latin America. A wide raw petroleum creation base foundation in Chile, Brazil, and Venezuela is probably going to advance the utilization of silicone polymers just as liquids over the not so distant.
Silicon Market Players
Some of the top silicon market companies offered in the professional report include Quantum Silicones, RUSNANO, Shin-Etsu, CRI-SIL Silicone Technologies, LLC, Silchem, Inc., Silteq Ltd., ICM Products Inc., Wacker Chemie GmbH, Cow Corning Corp., Specialty Silicone Products, Inc., CSL Silicones Incorporated, Evonik Industries AG, Ashland Incorporated, Hutchinson, and Allergan.
The estimated value of global silicon market in 2021 was accounted to be USD 15,251 Million.
The projected CAGR silicon market during the analysis period of 2022 to 2030 is 5.1%.
The prominent players of the global silicon market are Quantum Silicones, RUSNANO, Shin-Etsu, CRI-SIL Silicone Technologies, LLC, Silchem, Inc., Silteq Ltd., ICM Products Inc., Wacker Chemie GmbH, Cow Corning Corp., Specialty Silicone Products, Inc., CSL Silicones Incorporated, Evonik Industries AG, Ashland Incorporated, Hutchinson, and Allergan.
Asia-Pacific held the dominating silicon during the analysis period of 2022 to 2030.
Europe region exhibited fastest growing CAGR for silicon during the analysis period of 2022 to 2030.
Growing use of silicone-based materials in building and construction, and rising application of silicone in numerous automotive components drives the growth of global silicon market.
Based on product, elastomers segment is expected to hold the maximum share of the silicon market.