The latest report by IMARC Group, titled “Silicones and Siloxanes Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the global silicones and siloxanes market reached a value of US$
22.0 Billion in 2022. Siloxanes refer to the class of chemical compounds composed of recurring silicon-oxygen (Si-O) bonds that occur in either linear or cyclic form. They are physiologically inert, highly stable, and have lubricating properties. On the other hand, silicones are polymeric, synthetic materials formulated from siloxanes. They are odorless, water repellent, flexible, resistant to chemicals and moisture and have high oxidation and temperature stability. As a result, silicones find extensive applications in the cosmetics, construction, and food and beverage (F&B) industries.
Global Silicones and Siloxanes Market Trends:
The increasing usage of cyclic siloxanes and silicone polymers in personal care products, such as cosmetics, deodorants, sun-care products, and hair creams and conditioners, is primarily driving the market growth. This can be attributed to their benefits such as low skin irritation and surface tension, and anti-foaming properties. Moreover, siloxanes are utilized in the food and beverage (F&B) industry as an oil substitute to prepare low-calorie food products. Besides this, silicone-based materials, such as sealants, adhesives and protective coatings, are strong, durable, and weather-resistant. As a result, they are widely utilized to manufacture building materials and polyurethane foam to improve the insulation and energy efficiency of buildings. This, in confluence with the expanding construction industry and increasing infrastructural development in various countries, is contributing to the market growth. Looking forward, IMARC Group expects the market to reach a value of US$
30.8 Billion by 2028, exhibiting a CAGR of
5.85% during the forecast period (2023-2028).
- Based on the type, the silicones market has been classified into elastomers, fluids, resins, and gels. At present, elastomers account for more than a third of the global market. On the other hand, the siloxanes market has been segregated into linear and cyclic, wherein linear siloxanes exhibit a clear dominance in the market.
- On the basis of the application, the silicones market has been segmented into construction materials, energy, industrial applications, home and personal care, transportation, healthcare, and electronics. At present, industrial applications represent the largest segment. On the other hand, the siloxanes market has been bifurcated into silicones and other applications. Presently, a significant part of siloxanes is used in the production of silicones.
- Region-wise, Asia Pacific holds the leading position in the global market. Other major regions include Europe, North America, Central and South America, and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Dow Chemical Company, Momentive Performance Materials Inc., Wacker Chemie AG, Shin-Etsu Chemical Co., Ltd., and Elkem ASA.
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