According to a recent business publication by IndusryARC 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)”, the Asia Pacific has emerged as the leading region, which contributes to more than 35% as the regional silicone market share. The countries such as China and India have started consuming more silicone owing to the demand influx from the construction industry which has eventually augmented the growth of the market. The transportation segment occupies the major application CAGR of around 5% of the silicone market. Moreover, the analysts have valued the silicone market at around $15 billion and have estimated the CAGR of around 6% during the forecast period of 2019 to 2025.
Silicone is a polymer made up of repeating units of siloxane which is nothing but a chain of silicon atoms and oxygen atoms. The application i.e. the transportation sector has an estimated CAGR of around 5% through to 2025. Silicone rubbers are frequently used in the construction industry owing to the various applications of buildings. The demand for silicone in the construction industry is going uphill, especially in the small manufacturing units. Silicone market has a very effective impact on the plant’s biomass production. The silicone elastomers division is expected to witness significant growth during the forecast period.
Silicone Market: Recent Development
In the era of innovation where the industries are influenced by the latest technologies, there has been a significant change in the market. However, the silicone market has also observed a drastic change in recent times.
- Allergan to Acquire Keller Medical, Inc. Adding Keller Funnel
In 2017, Allergan, a pharmaceutical company, announced that Allergan wholly-owned subsidiary, Allergan Sales LLC, to acquire Keller Medical, Inc., a medical device company. The growth of the company is inter-related with the growth of the silicone market. This medical device will help in the reduction of the contact between the patient and the surgeon by guiding silicone gel implants into surgical pockets during breast implantation or reconstruction procedure. This is a new trend in the medical devices market to follow the “no-touch” technique which is further flourishing the silicone market.
- 3M Introduces Elastic Blend Nonwoven Tape for Improved Comfort
In 2018, 3M Company announced its expansion for advanced adhesive for medical devices with Single Coated Medical Extended Wear Adhesive Nonwoven Tape for Liner (3M 4077). 3M uses silicone in the manufacturing of various safety equipment and personal protective equipment that is made up of silicone which influences the silicone market perpetually to increase its demand. 3M 4077 features extended eyewear backed with the silicone release liner.
- Gelest Launches D5 Alternative- SiBRID TM-031
In 2017, Gelest, Inc. has newly launched a new SiBRID TM-031, a personal care silicone vehicle with emulsifiable and volatile features similar to cyclomethicone D5. This is a new invention by Gelest, Inc. that will deliver performance and volatility that will allow their formulators to meet their product performance goal. This is an alternative particularly for the skin and sun care, gels, and lotions for body care globally.
Silicone market will flourish on the essential need for reducing harmful chemicals from the products. Silicone market is not only valuable in the medical devices or pharmaceutical industry but also used widely in the automotive, construction, and body and personal care products industry. The scope for growth in the silicone market is tremendous.
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- Silicone Adhesive Market
- Medical Grade Silicone Market
- Liquid Silicone Rubber Market