The global silicone market size is expected to grow from USD 16.7 million in 2021 to USD 23.4 billion by 2026, at a CAGR of 7.0% during the forecast period. The major factors driving the silicone industry include the superior properties of the material and its high demand in different end-use industries, such as building & construction, personal care & consumer products, transportation, and electronics. Further, the booming demand from the medical & healthcare industry owing to the COVID-19 pandemic is expected to drive the market.
Medical-grade silicone elastomers are tested for biocompatibility and are suitable for the healthcare industry. Owing to their low toxicity, silicone elastomers used for medical applications present a low risk of unfavourable biological reactions and have, thus, gained acceptance in food and medical applications. However, bacteria and other microorganisms can affect silicone elastomer properties. Biocides are used to fight these microorganisms and prevent the build-up of harmful bacteria that increase the risk of contamination or transmission of infections in humans.
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Despite all the preventive measures undertaken, the incidence of hospital-acquired infections (HAIs) is increasing globally, thereby driving the need for better preventative techniques and technologies to reduce the infection rates. In the US, hospitals are compelled to bear the costs of treating HAIs because of the changing health insurance policies. Therefore, manufacturers of medical devices are seeking newer technologies to help reduce the growth of microorganisms on their devices. For this purpose, additives known as antimicrobials or biocides are being used. Antimicrobial silicone elastomers are used for enhancing the performance of end products by reducing microbial contamination of elastomers. The growth of microbes can harm the end products and can cause foul smell, discoloration, and formation of fungus in many medical device applications such as wound drains and catheters. Antimicrobial silicone elastomer controls the growth of microbes in or on the human body. Therefore, the development of these elastomers is expected to provide new growth opportunities to the market.
The industrial process is the largest end-use industry for silicone in 2020 in terms of value and volume. Silicones are extensively used in numerous industrial processes. In industrial processes, they are widely used in a plethora of applications such as lubricants, anti-foaming agents in offshore drilling and paper production, industrial coatings, and paint additives. Silicones have become highly popular due to their high-performance characteristics and are replacing other conventional materials in several industrial applications.
The APAC region is projected to lead the silicone market in terms of both value and volume from 2021 to 2026. The growth in this region can be attributed to the rapidly increasing demand for silicone from the end-use industries, especially electronics, building & construction, personal care & consumer products, and transportation. Moreover, several silicone manufacturers, such as Wacker Chemie AG (Germany) and Shin-Etsu Chemical Co. Ltd., (Japan) are setting up or expanding their manufacturing facilities in this region to leverage low manufacturing and labor costs and high demand from end-use industries, thereby boosting the demand for silicone in the region.
The Dow Chemical Company (US), Wacker Chemie AG (Germany), Shin-Etsu Chemical Co. Ltd. (Japan), Elkem ASA (Norway), Momentive (US), KCC Corporation (South Korea), Evonik Industries AG (Germany), Gelest Inc. (US), and Innospec Inc. (US), are the leading silicone manufacturers, globally.
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