Specialty Silicones are used in wide range of end-user industries owing to its excellent properties such as thermal stability, low toxicity, low chemical reactivity, and heat and water resistance among others. The rising demand for skin and healthcare products coupled with the increased application in construction, automobile, electronics, fertilizer and chemical manufacturing among others are also significantly contributing to the growth of the market.
The Global Specialty Silicones Market has been driven by the range of its application in various sectors such as textile, electrical, automobile, and agriculture, and others. Moreover, it is estimated that the silicone elastomer product segment is set to witness the highest growth in the market due to the growing consumption of silicone elastomers in medical devices, aerospace, automobiles, medical implants, and dental during the forecast period, 2018-2023.
The Global Specialty Silicones Market is spanned across five key regions: Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Among these, Asia Pacific holds a major share of the market and is expected to be the fastest growing market with an expanding CAGR. The presence of the most populated economies of the world such as India and China in this region has augmented the demand for various sectors such as construction and healthcare among others which in turn is anticipated to fuel the demand for Specialty Silicones in the region. Moreover, the growing automobile demand is further adding to the market growth owing to the excellent adhesive qualities of the product. In addition, the growing electrical and electronic sector mainly in Japan and China are also expected to contribute to the market growth owing to the vast usage of Specialty Silicones as an insulating material, construction material and processing aids in the electrical and electronics industry.
Europe region is estimated to witness a significant growth owing to the presence of the well-developed cosmetic and personal care industry. The use of Specialty Silicones as protection and repairing material for skin and hair has augmented its demand in the region, which is expected to be the major factor driving the European market.
The North American market of Specialty Silicones is mainly driven by the U.S. and Canada. The presence of the developed end-user industries coupled with the increasing adoption rate is the major factor contributing significantly to the growth of the market. Moreover, the growing investments in the infrastructural development are further expected to add to the growth of the market.
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The Global Specialty Silicone Market is segmented into type and end-use industry. On the basis of type, the market is segregated into antifoam / defoaming agents, silicone elastomers, silicone greases, silicone surfactants, silicone polish, silicone textile softeners, silicone water repellents, thin silicone membranes, and others. The market by the end use industry is further categorized textiles healthcare, electronics, construction, cosmetic and personal, automotive, and others.
The Silicone Elastomer Market type segment is anticipated to observe a higher CAGR during the forecast period. The efficiency and superior qualities of silicone elastomers such as low surface friction, thermal resistance, tear resistance, and self-adhesive properties pave its way into many end-use industries. The burgeoning construction in the developing region throughout the globe is expected to boost the market demand during the forecast period.
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