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Silicones Market Overview
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.
Silicones are basically polymers that contain silicon along with carbon, oxygen, and hydrogen. Nowadays, these are one of the most versatile polymers in existence, which are used in producing a wide range of formulations and have many aesthetic and technical uses. These exist in various forms such as fluids, resins, and gels to make elastomers stiff and tough, and have unique properties such as low chemical reactivity, low thermal conductivity, low toxicity, and high thermal stability that make these materials more aesthetic, stronger, user friendly, and durable.
Based on type, the silicones market is categorized into elastomers, fluids, and resins. Elastomers were the largest category in the market, owing to growing usage of silicone elastomers in construction and automotive industries. Moreover, elastomers made up of silicone are widely used in medical devices such as liquid silicone rubber (LSR), which will continue to aid the growth of the market in the coming years.
On the basis of end-use industry, the silicones market is categorized into energy, electrical and electronics, building and construction, pharmaceutical and healthcare, automotive and transportation, chemicals, and aerospace and aviation.
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.
Silicones Market Dynamics
Major drivers for the silicones market are the growing vehicle industry and advancements in the tire technology. It is evident that growth in the vehicle industry will lead to an increase in demand for tires, from original equipment manufacturers (OEMs) as well as the aftermarket. Also, with rise in living standards and growing demand for personal transportation vehicles in developing countries such as China, India, and Indonesia, the tire industry is poised to grow considerably during the forecast period.
Besides, continuous efforts by OEMs to introduce innovative products in the industry are expected to drive the market growth. Technological advancements encourage OEMs in the market to develop tires using silicone material, thereby driving the silicones market.
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.
The silicones market is expected to witness significant growth in emerging nations. These countries are witnessing rapid growth in the economy characterized by large-scale expansion of construction and manufacturing sectors, which in turn, offer lucrative opportunities for players operating in the market.
Silicones Market Competitive Landscape
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.