by The Global Silicone Gel Market comprises silicone gel used in various applications such as electronics, medical devices, personal care and cosmetics due to its superior properties. Silicone gel provides properties such as heat resistance, elasticity, chemical inertness and biocompatibility. It is widely used in skincare and cosmetic products as moisturizers and primers due to its skin-friendly nature. In electronic applications, silicone gel protects circuits and components from vibration, moisture and thermal shock. It is also used in medical devices and implants owing to its non-toxicity and compatibility with human tissues.
The Global Silicone Gel Market is estimated to be valued at US$ 18.88 Bn in 2024 and is expected to exhibit a CAGR of 7.4% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Global Silicone Gel Market are DOW Corning Corporation, Shin-Etsu Chemical Co., Ltd., Wacker Chemie AG, Momentive Performance Materials Inc., Bluestar Silicones, ACC Silicones Ltd., Gelest Inc., KCC Corporation, Nusil Technology LLC., Henkel AG & Co, Ashirwad Chemicals, Akshar international, Royal Packaging industries, Swambe Chemicals, Otto Chemie Pvt Ltd, Sorbead India, Aquablue mfg, Elkkem. DOW Corning Corporation and Shin-Etsu Chemical Co., Ltd. are the market leaders with wide product portfolio and global presence.
The growing demand for skincare and cosmetic products is driving the silicone gel market. Silicone gel is widely used in formulations of moisturizers, primers, facial masks due to its skin friendly properties. The increasing spending on personal care around the world is positively impacting the silicone gel market.
Key players are expanding globally to cater to the growing demand. Companies are investing in R&D to develop innovative grades and setting up manufacturing plants in Asia Pacific and Middle East & Africa. The focus is also on mergers and acquisitions to enhance market reach.
Market Key Trends: One of the key trends in the Global Silicone Gel Market is the growing application in health and wound care. Silicone gel dressings are gaining popularity in treatment of burns and pressure ulcers due to advantages like maintaining moist environment for healing and minimizing scar formation. They are cost-effective and provide good breathability. The increasing incidence of burns and other injuries is expected to drive this growth.
Porter’s Analysis
Threat of new entrants: Low capital requirements restrict the threat of new entrants in the silicone gel market.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of product substitutes.
Bargaining power of suppliers: Silicone gel manufacturers hold high bargaining power over suppliers due to the lack of substitute products.
Threat of new substitutes: There is low threat from substitutes due to silicone gel’s superior properties over substitutes.
Competitive rivalry: The silicone gel market faces high competitive rivalry due to large number of players competing on product quality.
North America dominates the global silicone gel market in terms of value and is expected to grow due to increasing demand from end use industries. Asia Pacific region is expected to be the fastest growing market during the forecast period driven by rapidly expanding electronics, automotive and healthcare industries in China and India.
Geographical Regions
North America holds the highest share in the global silicone gel market led by the United States due to high demand from medical devices manufacturing sector. Asia Pacific is anticipated to witness the fastest growth over the forecast period owing to rise in consumption of silicone gel in electronics and personal care industries of major economies like China and India.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research.
2. We have leveraged AI tools to mine information and compile it.
