Global Silicone Market 2024

Silicone Market Size

In 2023, the global silicone market decreased by X% to $X for the first time since 2019, thus ending a three-year rising trend. Over the period under review, the total consumption indicated a buoyant expansion from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, consumption increased by X% against 2012 indices. Global consumption peaked at $X in 2022, and then fell in the following year.

Silicone Production

In value terms, silicone production fell modestly to $X in 2023 estimated in export price. Overall, production recorded prominent growth. The most prominent rate of growth was recorded in 2018 when the production volume increased by X% against the previous year. Global production peaked at $X in 2022, and then dropped slightly in the following year.

Silicone Exports

Exports

In 2023, shipments abroad of silicones (in primary forms) decreased by X% to X tons for the first time since 2019, thus ending a three-year rising trend. The total export volume increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 when exports increased by X% against the previous year. Over the period under review, the global exports reached the maximum at X tons in 2022, and then declined in the following year.

In value terms, silicone exports plummeted to $X in 2023. Overall, total exports indicated notable growth from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 when exports increased by X% against the previous year. The global exports peaked at $X in 2022, and then shrank notably in the following year.

Exports by Country

China was the main exporting country with an export of around X tons, which accounted for X% of total exports. It was distantly followed by the United States (X tons), the UK (X tons), Belgium (X tons), the Netherlands (X tons), Japan (X tons) and France (X tons), together comprising a X% share of total exports. The following exporters - Thailand (X tons), South Korea (X tons), Italy (X tons), India (X tons) and Vietnam (X tons) - together made up X% of total exports.

Exports from China increased at an average annual rate of X% from 2012 to 2023. At the same time, Vietnam (X%), India (X%) and Italy (X%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in the world, with a CAGR of X% from 2012-2023. Thailand and the United States experienced a relatively flat trend pattern. By contrast, South Korea (X%), the Netherlands (X%), Japan (X%), Belgium (X%), the UK (X%) and France (X%) illustrated a downward trend over the same period. While the share of China (X p.p.), France (X p.p.) and Vietnam (X p.p.) increased significantly in terms of the global exports from 2012-2023, the share of South Korea (X p.p.), the Netherlands (X p.p.), Japan (X p.p.), Belgium (X p.p.), the United States (X p.p.) and the UK (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($X), China ($X) and Japan ($X) were the countries with the highest levels of exports in 2023, together comprising X% of global exports. The Netherlands, Belgium, the UK, France, South Korea, Thailand, Italy, India and Vietnam lagged somewhat behind, together comprising a further X%.

In terms of the main exporting countries, Vietnam, with a CAGR of X%, saw the highest rates of growth with regard to 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 2023, the average silicone export price amounted to $X per ton, falling by X% against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2022 when the average export price increased by X% against the previous year. As a result, the export price attained the peak level of $X per ton, and then reduced in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Japan ($X per ton), while Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by France (X%), while the other global leaders experienced more modest paces of growth.

Silicone Imports

Imports

In 2023, purchases abroad of silicones (in primary forms) decreased by X% to X tons for the first time since 2019, thus ending a three-year rising trend. The total import volume increased at an average annual rate of X% over the period from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Global imports peaked at X tons in 2022, and then contracted in the following year.

In value terms, silicone imports declined rapidly to $X in 2023. Overall, total imports indicated a measured expansion from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 with an increase of X%. Over the period under review, global imports reached the peak figure at $X in 2022, and then fell notably in the following year.

Imports by Country

Belgium (X tons), South Korea (X tons), the Netherlands (X tons), China (X tons), the United States (X tons), India (X tons), Germany (X tons), Mexico (X tons), Italy (X tons), Turkey (X tons), Vietnam (X tons) and France (X tons) represented roughly X% of total imports in 2023. Brazil (X tons) followed a long way behind the leaders.

From 2012 to 2023, the biggest increases were recorded for Vietnam (with a CAGR of X%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, China ($X), the Netherlands ($X) and the United States ($X) were the countries with the highest levels of imports in 2023, together comprising X% of global imports. Belgium, South Korea, Germany, Italy, Mexico, France, India, Vietnam, Brazil and Turkey lagged somewhat behind, together accounting for a further X%.

Vietnam, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices by Country

The average silicone import price stood at $X per ton in 2023, which is down by X% against the previous year. Over the period from 2012 to 2023, it increased at an average annual rate of X%. The growth pace was the most rapid in 2022 when the average import price increased by X%. As a result, import price reached the peak level of $X per ton, and then dropped in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was France ($X per ton), while India ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by China (X%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Platform