The silicone market is speculated to grow massively by 2030 owing to rising product penetration in the construction and healthcare industries. In addition, mounting awareness of the advantageous properties of silicone is likely to further augment market growth over the forecast period.

Silicone is a siloxane-based polymer that has multiple benefits, such as thermal stability, low toxicity, repelling water, UV light & oxygen resistance, good insulation, high gas permeability, and so on. Due to these properties, silicone is widely used in sealants, medicines, insulations, lubricants, and molds.

In the initial days of the COVID-19 outbreak, the industry witnessed a huge decline in demand specifically due to lockdowns and disruptions in the global supply chain. However, amidst the lockdown, increasing focus on hygienic habits among people, along with government protocols on protection from external infections, boosted silicone market growth.

Recently, major industry players have been focusing on forming strategic alliances to expand their business presence in the industry. For instance, in May 2022, Wacker Chemie AG, a German chemical company, announced its plan to increase its global silicone rubber production capacity to meet the growing uptake of silicone rubber across the globe. In line with this move, it earmarked over ?100?million ($104.4 million) for its HCR and LSR production facilities.

The silicone market has been bifurcated in terms of application, product, and region. With regards to application, the silicone industry has been segmented into electronics, transportation, industrial process, construction, personal care & consumer goods, healthcare, and others.

The electronics application segment is expected to witness substantial growth at a CAGR of over 6.5% through the assessment period. Silicone products are used extensively in the electronics sector due to their properties like thermal conductivity, ability to withstand high & low temperatures, flame retardance, and superior electrical insulation.

The silicone market share from the healthcare application segment is estimated to expand significantly to exceed $1.2 billion in revenue by the end of 2030. This growth is attributed to the medical applications of silicone, such as extracorporeal equipment in kidney dialysis, finger and foot joints, drains, catheters, contact lenses, shunts, and implants, among others.

The personal care & consumer goods application segment is slated to register a valuation of approximately $5 billion by the end of the analysis period driven by numerous benefits of silicone in personal care. Silicone gives skin preparations a luxurious texture and adds exquisite softness and shine to hair care products, which is likely to promote segmental uptake.

In the regional landscape, the silicone industry in Latin America is poised to grow at a CAGR of nearly 6% over the study timeframe as silicone is widely used in the LATAM region. Meanwhile, the Middle East & Africa silicone market is anticipated to register around $1.5 billion in revenue by the end of 2030 on account of huge investment in offshore exploration in the MEA oil & gas industry.