Silicone Companies

The silicone market was valued at 24,502.4 million in 2024 and is projected to reach USD 33,246.3 million by 2030, at a CAGR of 5.2% during the forecast period. The reason why silicone demand is increasing is because of its exceptional resistance to heat, flexibility and chemical resistance, traits that have made it a must-have in different high growth industries. Due to the onward trend of electric vehicles (EVs), silicones are also important in battery encapsulation, thermal interface materials, and high-voltage insulation all of which are important in the automotive and e-mobility industry. The miniaturization trend in the electronic sector and wearable products has also increased the demand for silicone because of its dielectric characteristics and flexibility qualities, which give the material an ability to endure high performance in small components. Green construction and energy-efficient designs are driving the need of silicone sealants and adhesives as weatherproofing sealants, glazing adhesives, and structure adhesives. There is also a robust demand in medical-grade silicones as implantable and wearable health devices are on the increase with trends in personalized healthcare and the aging population. Renewable energy industries, especially solar and wind power, are also having an increasing role in the demand as an encapsulants, sealants, and coatings. Additionally, increasing demand of high-performance lubricants and coatings in industries and in aerospace further consolidates silicone in terms of market share. This multifarious application base, along with the regulatory attention on long-term, low-VOC materials, explains why the demand in silicones keeps ramping up on a global basis.

Leading companies in the silicone market include Wacker Chemie AG (Germany), Shin-Etsu Chemical Co., Ltd. (Japan), Elkem ASA (Norway),  DOW (US),  Momentive Performance Materials, Inc. (US), Gelest Inc. (US), Evonik Industries AG (Germany), Innospec Inc. (US), Specialty Silicone Products, Inc. (US), Hesheng Silicon Industry Co., Ltd. (China), and Others. These companies and many other regional players meet the global requirements for silicone.

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Wacker Chemie AG (Germany) is a worldwide corporation producing and supplying chemical products. The company offers more than 3,000 products in its portfolio and has customers in more than 100 countries. The main clients of the company represent various industries such as chemical, construction, automotive, semiconductor, consumer goods, pharmaceutical, etc. The global production system that the company uses is integrated, possessing 27 production sites including ten in Europe, eight in the Americas, and nine in Asia. The Wacker Chemie AG companies have 25 production sites along with 22 technical centers spread over the world. The business segments in which the company functions are Wacker Silicones, Wacker Polymers, Wacker Biosolutions, Wacker Polysilicon, and Others. Wacker Silicones offers the widest product range; with more than 2,800 products, it also has the widest product portfolio, extending from silanes to siloxanes, silicone fluids, emulsions, elastomers, sealants and resins to pyrogenic silicas. The Wacker Chemie AG is the second largest manufacture of silicone in the world. The company is one of the global market leaders in protection silicone. Silicone is applied in all industries due to the vastness of properties that silicone has. The products being offered by the company under silicone-based products include construction, automotive transportation, energy, and electrical, coating, and paint, healthcare, and others.

Shin-Etsu Chemical Co., Ltd. (Japan) is the largest producer of silicones in Japan and the 4th largest manufacturer in the world. It deals in the production and sales of industrial chemicals. The business of the company has been conducted through four main categories which are Infrastructure Materials, Electronics Materials, Functional Materials, and Processing & Specialized Services. It has a Functional Materials business segment, which provides silicone products. The company has developed a variety of products with multiple useful features of silicones. It has more than 5,000 products to offer to users in different industries such as electrical/electronic manufacturing, automotive, construction, cosmetics, healthcare, and chemicals. The company operates production sites and sales offices in other countries around the world including Japan, the US, South Korea, China, Brazil, Taiwan, Germany, Singapore, Thailand, Vietnam, India, and the Netherlands.

Elkem ASA (Norway) is among the leading companies in production and supply of advanced materials that are based on silicon. The firm has 31 major production plants and a large presence of sales offices across the world. The firm operates in three key divisions, namely, silicones, silicon products, and carbon solutions. It provides silicone under the silicone business unit. The Silicones division products serve the electric vehicles and construction, electronics and aerospace, healthcare and personal care, packaging and airbag coatings industries. Elkem has a broad range of silicone products.

Its products, and especially stock-keeping units, are more than 5000, with leading positions in the market in engineering elastomers in electric cars, coatings of packaging and the hygiene industry, bakery paper, and airbag coatings. The company supplies silicone through the Elkem Silicones division as BLUESIL, CAF, and LSR SELECT, MIX ANA FIX CENTER, SILBIONE, SILCOLEASE, SILCOLAPSE, LYNDCOAT and MIRASIL brands. The Silicones division has research and innovation centers in Europe and the Asia Pacific regions, global sales offices, and four manufacturing facilities, located in China, France, Germany, Italy, and Spain, as well as the US, Brazil, India, and South Korea.

MARKET RANKING

The silicone market is consolidated where the top five players hold  a share of approximately 70-75 per cent of the market. Wacker Chemie AG (Germany), Shin-Etsu Chemical Company Ltd. (Japan), Elkem ASA (Norway), Dow (US), and Momentive performance material Inc (US) are some of the leading companies involved in the production of this commodity. These companies are sustaining their leadership on the basis of higher production technologies, effective R&D bases and well-established global distribution channels. The combination of collaboration and long-term supply deals, volume production expansion, and innovation investments in high-performance silicone products across the platform segments is part of their strategic focus.

These leading players serve a diverse mix of industries including automotive and transportation, building, electronics, medical and healthcare and renewable energy and thus are featured as preferred solution providers in high-growth areas like e-mobility, green construction materials, and thermal management of EV batteries. Vertical integration in conjunction with products diversification enhance their market footholds and they are able to cater to the needs of multifaceted customers, be it specialty elastomers and fluids or advanced sealants and coatings. Competition is also emerging in the region as well as in niche companies with focused solutions and cost advantageous products especially in the Asia Pacific region. Mergers between the key players and rising sustainability-focused product invention are the key forces defining the competitive landscape of the international silicone market.

Related Reports:

Silicone Market by Type (Elastomer, Fluid, Resin, Gel, & Other), End-use Industry (Industrial Process, Building & Construction, Transportation, Personal Care & Consumer, Electronic, Medical & Healthcare, Energy), and Region - Global Forecast to 2030