Silicones Market Industry Analysis, Drivers, Trends, Challenges & Forecast

Major trend being witnessed in the global silicones market is the use of silicones in medical applications. Silicones are used in implants, transdermal drug delivery, catheters and tubing, skin adhesives, and other equipment. Silicones used in making medical products show superior performance properties and are more reliable. Owing to excellent chemical and physical properties exhibited by silicones, the growing demand from end-use industries, including construction, electrical and electronics, chemicals, automotive, medical and personal care are driving the growth of the market.

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Based on region, the silicones market is categorized into Europe, North America, Asia-Pacific, Latin America, and the Middle East and Africa. Among all these regions, Asia-pacific held a significant share in the market during the historical period. This can be majorly attributed to the growing construction industry in the region. Silicone is widely used in the development of high-performance structures. Moreover, it is widely used in green buildings, owing to its nature of being an energy-efficient material. Development of smart cities and green buildings in countries such as China and India is expected to boost the market during the forecast period.

Major restraint identified in the silicones market is the price fluctuation of raw materials used in the production of silicones. Owing to the rising cost of the raw materials, companies engaged in the production of silicones are witnessing alteration in profit margins due to which they are unable to formulate their expansion plans. The unpredictability in expansion plans are likely to restrain the growth of the market.

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The silicones market is characterized by the presence of multinational corporations. Some of the major companies operating in the global market are 3M, Allergan, Inc., BASF SE, Bostik SA, China National Bluestar (Group) Co Ltd., Amber Chemical Company Ltd., Ashland Inc., Clariant, CSL Silicones Inc., Emerald Performance Materials, Dongyue Group Co. Ltd., Solvay SA, Evonik Industries Ag, Henkel AG & Co. KGaA, Jiangsu Hongda Chemical Co. Ltd., Kaneka Corporation, Gelest Inc., Handy & Harman LTD., and Silchem Inc.

The study provides the historical as well the forecast market size data for various countries, including the U.S., Canada, France, Germany, the U.K., Italy, Spain, Japan, China, India, Brazil, Saudi Arabia, and South Africa.

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