Silicone Gel Market – Global Forecast to 2026

silicone-gel-market

The global silicone gel market is projected to register a CAGR of 6.9% in terms of value, from 2016 to 2026. It is expected to reach USD 1.96 billion by 2026. The silicone gel market is growing due to the increasing demand of silicone gel in various end-use industries for new applications and the high growth of electrical & electronics industry which will propel the demand for silicone gel in the near future. Fluctuation in the raw material price is a major challenge for the global silicone gel market.

In most of the countries across the globe, silicone gel market is regulated for breast implant application. In 2013, FDA approved two silicone gel filled breast implant manufacturers to use more cohesive silicone gel as compared to their previously approved in 2006. These are approved on the fulfillment of the condition that the manufacturers conduct a series of post-approval studies for safety and effectiveness.

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In 2015, the electrical & electronics industry dominated the silicone gel market and is expected to grow at the highest CAGR both in terms of volume and value. This growth is primarily attributed to the increasing demand of silicone gel in various applications of protective coating, encapsulation, and potting agent for sub-industries such as automotive electronics, LED lighting, high voltage (HV) insulation, and photovoltaic sectors. In addition, silicone gel increases heat resistance and reliability in the smaller electronics component and ensures profitability for the manufacturers. Medical & pharmaceuticals is the second-largest end-use industry where silicone gel is widely used in the implants and scar treatment applications. In recent years, consumption of silicone gel in the cosmetics & personal care and other industries that include agriculture, footwear, aerospace, and defense has increased at a significant rate.

Globally, APAC is the largest market with respect to demand as well as product innovation in terms of quality and application development. The market for silicone gel is expected to grow in APAC as the well-established and most potential end-use industries of silicone gel are driving the demand in this region. Increasing demand for silicone gel in the electrical & electronics and medical & pharmaceuticals end-use industries in China, Japan, and South Korea is driving the silicone gel market in Asia-Pacific. China dominated the silicone gel market in APAC due to the high volume requirement of silicone gel in all end-use industries and its low cost and abundant availability in the country. In addition, factors such as high demand from end-use industries, competitive manufacturing costs, and high economic growth rate are driving the silicone gel market in the region.

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There are several companies involved in silicone gel manufacturing such as Dow Corning Corporation (U.S.), Shin-Etsu Chemical Co. Ltd. (Japan), Wacker Chemie AG (Germany), Momentive Performance Materials Inc. (U.S.), and Bluestar Silicones (France). Expansions and new product launches are the major strategies that helped the companies to enhance their regional reach and their product portfolio of silicone gel. Mergers, investments & partnerships, and R&D also contributed toward the growth of the market players between 2013 and 2016.