The market for specialty silicones is expected to expand at a CAGR of more than 7% during the forecast period. Increasing demand from and usage in the construction sector is one of the major factors driving the market studied.
- Specialty silicones are harmful to the human skin, this is likely to hinder the growth of the market studied.
- Shifting focus on usage in aerospace and defense applications is expected to act as an opportunity in the future.
Key Market Trends
Increasing Demand from the Healthcare Industry
- Specialty silicones are widely adopted in healthcare. Some of the medical equipment that is made from silicone include feeding tubes, drains, catheters, condoms, respiratory masks, non-stick containers, menstrual cups, syringe pistons, breast implants, pectoral implants, testicular implants, seals and gaskets in healthcare equipment, scar treatment silicone sheets, gels, and dental materials.
- Specialty silicones are extensively tested for bio-compatibility. Silicone fluids and silicone elastomers are widely used product groups in healthcare.
- Some of the administrative authorities that regulate the usage of silicones in healthcare are Center for Devices and Radiological Health (CDRH), Center for Food Safety and Nutrition (CFSAN) and Center for Drug Evaluation and Research (CDER).
- CFSAN and CDER are majorly involved in dental regulation as the dental materials come into contact with food.
- Specialty silicones used in healthcare are classified into non-implantable, short term implantable and long term implantable.
- Therefore, such demand in the healthcare industry is expected to increase the demand for the specialty silicone in the estimated period.
India is Expected to Expand with Lucrative Rate in Asia-Pacific
- India has a growing economy with continuous growth during the forecast period and has huge potential market opportunities.
- Despite an unfavorable global economic issue, the robust urban consumption and the increase in public investment have guided growth in the Indian economy.
- The industrial production and manufacturing sector has seen increased growth, which has driven forward the market for specialty silicones. After China, India is the third-largest end-user for the specialty silicones market in APAC.
- The specialty silicones market in India has great potential in the near future and the usage in different applications like automotive, health care, beauty & personal care, textiles, construction and so on, has increased; this is expected to drive the market for specialty silicones.
- Since in India there is tremendous growth in Income levels as well as household consumption, these industries are expected to have continued growth in the coming years.
The specialty silicones market is consolidated, with the top five players accounting for around 80% of the market. The major companies include Dow, Momentive, Wacker Chemie AG, Shin-Etsu Chemical Co. Ltd, and Elkem ASA , among others.
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support