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

• Global silicon market revenue is estimated to expand by USD 23,464 million by 2030, with a 5.1% CAGR from 2022 to 2030.
• Asia-Pacific silicon market share accounted for over 43.8% of total market shares in 2021
• Europe silicon market growth will observe highest CAGR from 2022 to 2030
• Based on product, elastomers segment accounted for over 41.2% of the overall market share in 2021
• Among application, industrial process segment engaged more than 24.9% of the total market share
• Growing use of silicone-based materials in building and construction, drives the silicone market size

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

Market Drivers

• Growing use of silicone-based materials in building and construction
• Rising application of silicone in numerous automotive components
• Increasing demand for silicone in the electronics and semiconductor industries
• Rapidly increasing focus of the world on alternative energy

Market Restraints

• Environmental concerns influence product consumption
• Availability of alternative products

Market Opportunities

• Constantly growing demand for aluminum-silicon alloys
• Flexibility of silicones-a key application of silicon metal

Silicon Market Report Coverage

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

• Fluids
• Resins
• Gels
• Elastomers
• Others

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

• Transportation
• Electronics
• Construction
• Healthcare
• Industrial Process
• Personal Care & Consumer Goods
• Others

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