Global silicone market size to grow at a CAGR of 5% in the forecast period of 2023-2028
The silicones market has been growing rapidly owing to its increasing use in the industrial processing of gas, pulp, oil, and paper. It helps in the production of silicone rubbers and oil and greases, and in the bonding and sealing of lacquers and materials which thereby increases the silicone demand from such industries.
Further, the healthcare sector is also contributing to the growth of the market by increasing the demand for silicones for use in the production of catheters, silicone hydrogen lenses, implants, and dressings.
Silicone being a natural ingredient, friendly to the skin, and non-toxic is widely used in the personal care products. Derivative of silicones act as humectants, film formers, viscosity controlling agents, binding agents, emollients, surfactants, anti-foaming, and antistatic which makes it viable for use in these personal care products.
Products made using silicones are usually easy to use, aesthetically pleasing, and long lasting and these advantageous properties are increasing its demand from transportation, construction materials, and industrial processing sectors, among others.
Other properties such as versatility, conditioning benefits, high permeability, biocompatibility, and low surface tension are increasing its demand in home and personal care products thereby fuelling the growth of the silicones market.
Silicones Industry Definition and Major Segments
Silicones are also known as polysiloxanes and are a type of polymer that consists of inert and synthetic compounds made up of units of siloxanes. They are colourless oils or rubber-like substances whose molecules consist of chains comprising of alternating oxygen and silicon that are combined with carbon and hydrogen.
On the basis of type, the market has been classified into:
Based on application, the market has been divided into:
lHome and Personal Care
On the basis of region, the market has been classified into:
lMiddle East and Africa
Silicones Market Trends
The easy availability of the raw materials are a key trend in the global silicones market. Due to the availability, prices tend to be lower for silicones which is subjected to enhance the demand for silicone products from various industries. Increasing use in the construction industry because of high stability, water repellence, weather resistance, and inert properties is also increasing the demand for the market.
Increasing population and urbanisation have also enhanced the need for silicones in construction materials for the development of residential and commercial infrastructure. Characteristics such as moisture resistance, electrical insulation, heat and chemical resistance, weatherability, tear strength, and high strength are further enhancing the growth of the market.
Asia Pacific has held a significant share in the silicones market, further supported by the presence of low cost raw materials in countries like China. Presence of large number of end users such as building and construction, transportation, industrial processing, electronics, and personal care and consumer products industries is helping in the growth of the market in the region. Silicone elastomers are highly in demand in the region, from various end-user industries.