Silicone Market Growth Propelled By Increasing Demand From Healthcare Sector

Increasing demand from healthcare and energy sectors are collectively driving the growth of the silicone market, and the market players can expect substantial profits in the near future, as per the findings of a recent business publication from IndustryARC. As per the findings of the report, the global silicone market size was around $15 billion in 2018. The health care sector uses silicone products in the applications of medical devices such as compression molding, pharmaceuticals, and liquid silicone. The demand in the global silicone market is projected to grow at a good CAGR of around 6% during the forecast period of 2019 to 2025. The report is titled “Silicone Market: by type (fluids, elastomers, resins, gels, others) by end-user (industrial, electronics, machinery, aerospace, medical, others) application (vehicles & binders, elastomeric components, surfactants, conditioning agents, others) – forecast (2019 - 2025).”

APAC emerges as the key region in the global silicone market, constituting for more than 35% of the overall demand in 2018. The surge in this region is due to increasing demand from end use industries such as electronics, medical, and packaging. Annually, more than 60,000 tons of silicones are used to protect against heat, contaminants, and shock in various electronic goods, which include semiconductors, information communications technologies, and LED devices. 

Transportation application is dominating among other diverse applications such as surfactants, conditioning agents, and elastomeric components; it is estimated to grow with a CAGR around 5% during the forecast period 2019-2025. Silicone products are used in the various applications of transportation sector. Globally, automotive, marine, aviation, and aerospace applications mainly uses 117,000 tons of silicone in a year. Silicones are mainly used in the improvement safety features in modern vehicles. They are used in enabling airbags in cars and preserving the cabin pressure in airplanes.

The manufacturing of renewable energy sources such as solar panels and wind turbines uses 788,000 tons of silicone products in a year. In the manufacturing of solar panels, silicones are used as conductive adhesives and encapsulants. The manufacturers also uses these silicone products in the traditional energy sources such as gas, oil, and electricity. Silicones are used to improve panel efficiency due to their properties such as ozone and UV resistance and superior transparency. Silicones chemical and mechanical properties are used to reduce repair costs and ensures the durability of panels. 

Silicones are polymers with a chemical structure based on chains of alternate silicon and oxygen atoms, with organic groups attached to the silicon atoms. There are various types of silicone substitutes like resin elastomers, rubbers, lubricants, plastic adhesives, and sealants. Due to their properties such as strength, adhesion, and durability, they are widely used in spacecraft, automotive, aviation, and marine vessels applications.

Allergan, Inc., Berkshire Hathaway, Inc., 3M Company, and Gelest Incorp are some of the major players operating in the global silicone market. Since September 28, 2018, Allergan is supporting breast health research aesthetics by donating $2,000,000 pledge for selecting non-profit organizations in the next three years. Its Natrelle Breast Implants product is approved for breast augmentation for women at least 22 years old for silicone-filled implants.

Silicone Elastomers Market: Type (High Consistency Rubber, Fluorosilicone Rubber, Liquid Silicone Rubber, Room Temperature Vulcanize, Others) End User(Construction, Automotive, Electronics, Medical Devices, Consumer Goods, Others) & Geography - Forecast(2018 - 2023)

Silicone Adhesives Market: By Type (Single Component Silicone Adhesives, Two Component Silicone Adhesives, Others); By End-User Industry (Building and Construction Industry, Automotive, Electronics, Healthcare, Others); By Geography - Forecast(2018-2023)

 https://www.industryarc.com/Report/18765/silicone-adhesives-market