The global silicone gel market is projected to reach USD 1.96 billion by 2026 at a CAGR of 6.9% from 2016 to 2026 in terms of value. The base year considered for the study is 2015 while the forecast period (midterm) is from 2016 to 2021 and (long term) is from 2016 to 2026.
Browse 137 Market Data Tables and 49 Figures spread through 153 Pages and in-depth TOC on "Silicone Market"
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Market Dynamics
Drivers
- Efficient and superior properties of silicones gels are boosting the demand
- High growth of electrical & electronics industry across the world
- Upcoming demand from various new end-use industries
Restraints
- High manufacturing cost
Opportunities
- High growth opportunities in emerging economies of Asia-Pacific
- Growing solar energy sector and LED lighting market provide market opportunity for silicone gel manufacturers
Challenges
- Fluctuation in raw material prices
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The global silicone gel market is dominated by the electrical & electronics industry. This end-use industry is projected to lead the silicone gel market, in terms of value and volume, from 2016 to 2026. This is due to the key properties of silicone gels such as hydrophobicity, high dielectric breakdown, resistance to high and low temperatures, which enable these gels to be used in critical and harsh environments in the electrical & electronics industry. However, the high manufacturing cost of the silicone gel, as compared to its substitutes, is restricting their use to certain specific applications. This is hampering the growth of the market. The growing demand from the medical industry is a key opportunity for companies in this market. This is due to the increasing aging population, worldwide, along with increasing awareness about health concerns drives medical applications of silicone gel.
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