Silicone Additives Market to Reach USD 2544 Million by 2028
Published | 09 March 2022
The growth in the silicone additives market is primarily attributed to the increasing demand for paints and coating from the automotive industry…
A recent study by the strategic consulting and market research firm BlueWeave Consulting revealed that the global silicone additives market was worth USD 1,596.4 million in 2021 and is projected to reach USD 2,544.1 million by the year 2028. The growth in the silicone additives market is attributed to the increasing demand from plastics and composites manufacturers as well as from automobile industries, predominantly for paint and coating application. Furthermore, the increasing demand from cosmetics and personal products is also fuelling the market the global silicone additives market.
Technological Advancements and Continuous Investments Driving
The extensive usage of silicon additives results in more focus on R&D in the field, which is expected to expand the future scope of the silicone additives. For instance, researchers in the medical field in Zurich developed bio-inspired artificial heart valves made of silicone additives. Furthermore, Wacker Chemie AG has introduced Genioplast Pellet 345, a novel silicone additive for thermoplastic polyurethanes that helps to reduce TPU hardness while increasing flexibility.
Increasing Application in Personal Care Segment is the Key Factor In Accelerating Global Silicone Market Growth
Due to the COVID-19 pandemic, there has been an increase in demand for personal care products worldwide. Furthermore, people are becoming more interested in personal cleanliness and self-care, which could help them avoid getting infected. Demand for shampoo, hair foams and gels, gel toothpastes, antiseptic lotions, and other hygiene products has increased as people's awareness about maintaining proper hygiene has grown. Silicone additives are known for repairing signs of damage, filling gaps and crevices in the hair's surface, and extending the life of most cosmetics. Silicone additives are critical in many foundation formulations to give them a more spreadability and comfortable feel on the skin. Silicon additives also increase water resistance in a formula, making them highly useful for sun-protection products and powder. These factors are expected to have a positive impact on the overall silicone additives market during the forecasted period.
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Impact of COVID-19 on Global Silicone Additives Market
The global silicone additives market was negatively affected by the COVID-19 pandemic. Due to the COVID-19 pandemic, the majority of industries faced a decline in terms of their growth. Similarly, the silicone additives market has faced critical situations as a result of the pandemic. The major contributing industries such as paints, automobiles, food, and beverages paused their operations due to the strict lockdown guidelines by the government. Moreover, the decrease in disposable income also plays an important role in lowering the global silicone market growth.
Asia Pacific Accounts for Largest Market Share in Global Silicone Additives Market.
Asia Pacific account for the largest share in the global silicone additives market, owing to the presence of large paints and coatings as well as paper and pulp industries in the region. Furthermore, the rising demand for paints from the region’s automotive sector is expected to boost demand in the coming years. Furthermore, North America is predicted to the next major regional market in the global silicone additives market that would see significant growth in the future years. The fast-paced growth of the skin and personal care industries in countries such as Canada and the United States are some of the most prominent drivers influencing the global silicone additives market's future growth in North America.
Competitive Landscape
The key players operating in the global silicone additives market are Dow Corning, Siltech, Momentive Performance Materials, KCC Corporation, BYK Additives, BRB International, Evonik, Wacker Chemie AG, Shin-Etsu Chemical Co., Ltd., Elkem ASA, Momentive Performance Materials Inc., ALTANA, Supreme Silicones, BYK Additives, and other prominent players. The global silicone additives market is characterized by the presence of many local, regional, and global vendors. The silicone additives market is highly competitive, with all the players continually competing to gain a larger market share.
The report's in-depth analysis provides information about growth potential, upcoming trends, and the global silicone additives market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global silicone additives market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the market's growth drivers, challenges, and competitive dynamics.
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