Newark, NJ, May 26, 2022 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, The global silicone gel market is expected to grow from USD 1.42 billion in 2019 to USD 2.39 billion by 2027, at a CAGR of 6.72% during the forecast period 2020-2027. The Asia Pacific market is anticipated to witness significant growth in China and India, owing to increasing the output in the chemical industry, increased investments in construction, chemical, electrical and electronics, and pharmaceuticals. The market in North America will have a positive impact, due to increasing use of silicone gel in pharmaceuticals and supportive government regulations and expenditure on healthcare industry. Europe is anticipated to be the fastest-growing market, owing to the increasing use of silicone in personal care goods and the presence of a large number of cosmetic manufacturers. Middle East region has supportive government regulations and is anticipated to fuel the market growth. Silicone gel acts as a catalyst support in the petrochemical industry for the production of chemical separation, polyolefin, filtration, and plastic products.
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Some of the notable players in the market are China National Bluestar, Merck Group, Nissan Chemical Industries, Evonik Industries, MedResults Millennium Chemicals, Dow Chemical, DuPont, Clariant, Solvay, Fuji Silysia Chemical, and Qingdao Haiyang Chemical.
The thickness segment includes below 2.5nm, 5nm to 5nm, 5nm to 7nm, above 7nm. The 5nm to 7nm segment holds the largest market share, owing to the wide range of applications in various end-use industries. The 4.5nm to 5nm segment is also expected to witness significant growth. The product segment includes organic and inorganic gel. The inorganic gel segment holds the largest market share, owing to low cost and easy availability of the products. The organic gel segment is anticipated to show significant growth, owing to the rising awareness about the benefits of organic gel among consumers. Based on end-users, the market is segmented into medical and pharmaceuticals, cosmetics and personal care, electrical and electronics, and others. The medical and pharmaceuticals holds the largest market share, due to various uses of silicone gel in cosmetic treatment and surgical equipment. The electrical and electronic segment is expected to grow, owing to the use of silicone gel in different electrical and electronic components.
The factors driving the market are high growth of electronic and electronics industry across the world, efficient and superior quality of silicone gels, and low toxicity. High growth opportunities, growing solar energy sector and LED lighting market possess great opportunity for silicone gel manufacturers. The factor hampering the market growth is the high manufacturing cost. Challenge faced by the manufacturers is the fluctuation in raw material prices.
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About the report:
The global silicone gel market is analysed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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