Silicone Market

The article provides a comprehensive analysis of the global silicone market, predicting a steady upward trend in consumption and market value from 2022 to 2030. It highlights the fluctuations in consumption volume, production output, import, and export trends over the past decade. Key insights include the top consuming countries, such as China, the United States, and India, as well as the major exporters like China and Germany. The data also reveals the average prices and growth rates in the silicone market, offering valuable information for industry players and stakeholders.

Market Forecast

Driven by increasing demand for silicones (in primary forms) worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +3.0% for the period from 2022 to 2030, which is projected to bring the market volume to 4.6M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.7% for the period from 2022 to 2030, which is projected to bring the market value to $30.3B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Silicones (In Primary Forms)

In 2022, after two years of growth, there was decline in consumption of silicones (in primary forms), when its volume decreased by -2.2% to 3.7M tons. The total consumption volume increased at an average annual rate of +4.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 when the consumption volume increased by 9.4%. As a result, consumption attained the peak volume of 3.7M tons, and then fell in the following year.

The global silicone market value amounted to $21B in 2022, therefore, remained relatively stable against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, the total consumption indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +6.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +22.5% against 2020 indices. Global consumption peaked in 2022 and is likely to continue growth in the near future.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (567K tons), the United States (409K tons) and India (303K tons), with a combined 35% share of global consumption. Germany, South Korea, Indonesia, Singapore, Japan, Mexico, the UK, Brazil, Turkey and Thailand lagged somewhat behind, together accounting for a further 37%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Singapore (with a CAGR of +48.0%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($3.2B), China ($2B) and Germany ($1.9B) constituted the countries with the highest levels of market value in 2022, together accounting for 34% of the global market. South Korea, Turkey, India, Japan, Singapore, Mexico, Brazil, the UK, Indonesia and Thailand lagged somewhat behind, together accounting for a further 38%.

Among the main consuming countries, Singapore, with a CAGR of +44.9%, saw the highest rates of growth with regard to market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of silicone per capita consumption was registered in Singapore (20 kg per person), followed by South Korea (4.9 kg per person), Germany (3.3 kg per person) and the UK (1.4 kg per person), while the world average per capita consumption of silicone was estimated at 0.5 kg per person.

In Singapore, silicone per capita consumption expanded at an average annual rate of +46.7% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: South Korea (+2.1% per year) and Germany (+3.0% per year).

Production

World Production of Silicones (In Primary Forms)

In 2022, after two years of growth, there was significant decline in production of silicones (in primary forms), when its volume decreased by -5.6% to 3.5M tons. The total output volume increased at an average annual rate of +4.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when the production volume increased by 11%. As a result, production reached the peak volume of 3.7M tons, and then fell in the following year.

In value terms, silicone production contracted to $18.6B in 2022 estimated in export price. Overall, the total production indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +20.3% against 2020 indices. The most prominent rate of growth was recorded in 2021 when the production volume increased by 27% against the previous year. As a result, production reached the peak level of $19.7B, and then reduced in the following year.

Production By Country

The countries with the highest volumes of production in 2022 were China (922K tons), Germany (490K tons) and the United States (357K tons), together accounting for 51% of global production. India, South Korea, Japan, the UK, Indonesia, Thailand, France, Mexico, Brazil and Turkey lagged somewhat behind, together comprising a further 36%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the leading producing countries, was attained by France (with a CAGR of +10.6%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Silicones (In Primary Forms)

In 2022, purchases abroad of silicones (in primary forms) increased by 6.8% to 1.8M tons, rising for the third consecutive year after two years of decline. The total import volume increased at an average annual rate of +3.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when imports increased by 14% against the previous year. Global imports peaked in 2022 and are likely to see gradual growth in years to come.

In value terms, silicone imports soared to $11.7B in 2022. Overall, total imports indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +5.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +59.1% against 2020 indices. The pace of growth appeared the most rapid in 2021 with an increase of 30%. Over the period under review, global imports attained the maximum in 2022 and are expected to retain growth in years to come.

Imports By Country

The United States (186K tons), Belgium (132K tons), Singapore (125K tons), the Netherlands (114K tons), South Korea (111K tons), China (98K tons), Germany (96K tons), India (84K tons), Italy (65K tons), France (51K tons), Turkey (47K tons) and Vietnam (46K tons) represented roughly 63% of total imports in 2022. Brazil (45K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Singapore (with a CAGR of +26.8%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the largest silicone importing markets worldwide were the United States ($1.2B), China ($914M) and the Netherlands ($800M), together comprising 25% of global imports. Germany, Belgium, South Korea, Italy, India, France, Brazil, Vietnam, Turkey and Singapore lagged somewhat behind, together accounting for a further 38%.

In terms of the main importing countries, Vietnam, with a CAGR of +16.7%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average silicone import price amounted to $6,346 per ton, with an increase of 15% against the previous year. Over the last decade, it increased at an average annual rate of +1.8%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was China ($9,358 per ton), while Singapore ($1,121 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+5.5%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Silicones (In Primary Forms)

In 2022, shipments abroad of silicones (in primary forms) decreased by -0.2% to 1.6M tons for the first time since 2019, thus ending a two-year rising trend. The total export volume increased at an average annual rate of +2.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 when exports increased by 19%. As a result, the exports attained the peak of 1.6M tons, leveling off in the following year.

In value terms, silicone exports skyrocketed to $11.2B in 2022. Over the period under review, total exports indicated a notable expansion from 2012 to 2022: its value increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +62.1% against 2020 indices. The growth pace was the most rapid in 2021 with an increase of 39%. Over the period under review, the global exports reached the peak figure in 2022 and are expected to retain growth in the immediate term.

Exports By Country

In 2022, China (453K tons) and Germany (311K tons) represented the major exporters of silicones (in primary forms)in the world, together committing 46% of total exports. The United States (134K tons) ranks next in terms of the total exports with an 8.1% share, followed by the UK (6.3%), Japan (5.4%) and Belgium (5%). The following exporters - the Netherlands (72K tons), France (68K tons), Thailand (65K tons), South Korea (46K tons) and Malaysia (34K tons) - together made up 17% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by China (with a CAGR of +16.8%), while the other global leaders experienced more modest paces of growth.

In value terms, the largest silicone supplying countries worldwide were Germany ($2.1B), China ($2B) and the United States ($1.6B), with a combined 51% share of global exports.

In terms of the main exporting countries, China, with a CAGR of +20.4%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average silicone export price amounted to $6,832 per ton, increasing by 17% against the previous year. Over the last decade, it increased at an average annual rate of +2.1%. The most prominent rate of growth was recorded in 2021 when the average export price increased by 17%. The global export price peaked in 2022 and is likely to see gradual growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United States ($11,774 per ton), while Malaysia ($2,386 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+30.0%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform