Global Silicone Gel Market: Snapshot
The global silicone gel market has welcomed several new application avenues in the last few years thanks to its versatility of use. Silicone gel is now commonly used in several modern medical devices, electronic goods, lubricants, and, most importantly, cosmetics. The steady growth of numerous end use sectors has been the key driver for the global silicone gel market, as sectors such as cosmetics, electronics, and medical devices are likely to remain leading consumers in the global silicone gel market.
Asia Pacific is likely to be a key region for the global silicone gel market in the coming years. Countries in the region, including China, India, and Japan, have been leading pioneers in the solar energy sector in Asia Pacific, which has been a major factor in driving the Asia Pacific silicone gel market. The abundant availability of sunlight in the subtropical region has led to the solar power sector receiving significant government support throughout Asia Pacific, while the rising geopolitical complexities in the region have also heated up the alternative energy scenario, as power constitutes a key part of the economic dynamics in the region.
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The medical devices sector in rising Asia Pacific countries has been subject to significant investment in the last few years from government agencies as well as private investors keen to enter the increasingly lucrative healthcare market in Asia Pacific. Rising private investment in the healthcare sector in ASEAN countries is likely to remain a key driver for the Asia Pacific silicone gel market in the coming years. The rising standard of care in emerging economies has also enabled growth of the geriatric demographic in Asia Pacific, leading to further growth of the silicone gel market.
Global Silicone Gel Market: Overview
The increasing use of prosthetics and implants in the medical application segment is expected to boost the market for silicone gel, according to new findings. Silicone gel is characterized by resinous, rubbery, and fluid texture. It is water-repellent. It is chiefly used in the manufacturing of lubricants, adhesives, hydraulic oils, electrical insulation, and cosmetics.
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The report discusses the key market opportunities, trends, growth drivers and restraints. Key market segments have been analyzed in detail along with statistical data and figures. The supply-demand dynamics, market size, and market projections have been discussed in the report. The major players in the market for silicone gel have been discussed in terms of their business strategies, product analysis, and market shares.
Global Silicone Gel Market: Drivers and Restraints
The silicone gel market will grow to a great extent on account of new applications. Some of these applications are chemistry, LED lighting, cosmetics and personal care, photovoltaic sectors, automotive electronics, aerospace and defense, comfort pads, agriculture, pharmaceutical industries, footwear and medical industries. The rapidly expanding electrical & electronics industry will boost the demand for silicone gel. Silicone gel has some primary properties such as high dielectric breakdown, hydrophobicity, and resistance for humidity, water, and high and low temperatures. It is also easy to use. As these properties are of great benefit to the electrical & electronics industry, it has been demanding silicone gel increasingly. Therefore, the market for silicone gel will rise at a considerable pace.
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On the other hand, the high costs of silicone gel in terms of manufacturing and unstable prices of raw materials have been key market restraints. However, extensive opportunities are to be found in the medical sector, as the geriatric population increases on a global scale.
The medical application segment is projected to expand at a substantial rate due to the usage of silicone gel in medical implants. Apart from medical applications, silicone gel will gain prominence on account of the growth of LED lighting industry. Silicone gel plays an important role in the protection of the diode, along with improving light transmission. Moreover, it can also be used as a packaging material to cover and protect ready-to-ship lighting or display units.
Global Silicone Gel Market: Regional Outlook
On the basis of geography, Latin America, Europe, Asia Pacific, and MEA can be the key market segments. The region of Asia Pacific is expected to grow at a phenomenal rate over the coming years, with a promising CAGR, on account of the high demand displayed by end-user industries in the region.
China is likely to emerge as be the most prominent regional segment in Asia Pacific. Latin America and MEA will exhibit a sluggish rate of growth, whereas Europe will display decreased demand for silicone on account of vast stakes at risk. However, countries such as Japan, India, South Korea, and China have been exhibiting increased usage in their photovoltaic sector, boosting growth. Popularity of low-cost, small, and advanced electronics components in these countries is also expected to fuel the market for silicone gel, apart from the factors such as increased healthcare expenditure, rising disposable incomes of people, and rapid infrastructural development.
Companies Mentioned in the Report
Some of the key players operating in the global market for silicone gel are North Coast Medical Inc., DOW Corning Corporation, Applied Silicone Corporation, KCC Corporation, and ACC Silicones Ltd. One of the key developments in the competitive scenario is that ACC Silicones has announced that currently it will supply silicone gel only for short term ‘out-of-body’ exposure, and not ‘inside-the-body’ applications such as breast implants.