GLOBAL SILICONE GEL MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Global Silicone Gel Market Size and Trends

The silicone gel market is estimated to be valued at USD 18.88 Bn in 2024 and is expected to reach USD 31.15 Bn by 2031, growing at a compound annual growth rate (CAGR) of 7.4% from 2024 to 2031.

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The silicone gel market is expected to witness positive growth over the forecast period. The increasing application of silicone gel in various industries like electrical & electronics, medical implants, and prosthetics is expected to drive the market growth. Silicone gel provides benefits like biocompatibility and flexibility which makes it suitable for advanced medical applications. Additionally, the growing electronics industry and demand for compact consumer electronics will also augment the market growth during the period. Rising product usage in solar panels owing to non-corrosive and UV resistant properties is another factor expected to present lucrative opportunities. However, availability of substitutes may hinder the market expansion to some extent over the next few years.

Growing Demand in the Medical Industry

The use of silicone gel has been increasing steadily in the medical industry over the past few years. Due to its unique properties like biocompatibility, flexibility and softness, silicone gel is being used extensively in various medical devices and applications. A major driver has been the growing demand for silicone gel in medical implants. Breast implants composed of silicone gel have been growing in popularity among people undergoing reconstructive surgeries after mastectomies. The use of silicone gel implants allows for a more natural look and feel compared to saline implants. Many patients also prefer them for cosmetic breast augmentations due to their ability to mimic the movement and feel of natural breasts. Silicone gel is priming to provide a safer and more durable alternative to traditional silicone implants which have been associated with autoimmune disorders. Apart from breast implants, silicone gel is also used in reconstructive surgeries of the face for filling wrinkles and facial scars. Other medical applications pushing the growth of silicone gel include its use in catheters, tubes, wound dressings and prosthetics where it’s elastic and durable properties are well-suited, therefore the growing medical industry is expected to drive the market growth. For instance, according to data provided by Invest India in 2020, the Indian Med-tech industry was estimated to be US$10.63 Bn in 2020 and is expected to reach US$50 bn by 2025.

Market Concentration and Competitive Landscape

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Another key factor augmenting the demand for silicone gel is its increasing adoption in the electronics industry. Silicone gel plays an indispensable role in electronic components due to its thermostability, high dielectric strength and water resistance. It prevents shorts and corrosion which ensures the reliability and longevity of delicate electronic circuitry. A lot of progress is being made in the development of advanced gel formulations to enhance the thermal endurance and electric insulation of next-gen electronics. For instance, silicone gels fortified with ceramic additives are gaining acceptance in applications like potting and encasing of circuit boards. They help disperse heat efficiently and provide protection from mechanical stresses, moisture ingress, and EMI/RFI interference. Growing miniaturization and functionality of devices is also driving the usage of silicone gels for shock absorption in tiny components. They are able to fill intricately designed spaces and cavities precisely. The advent of 5G technology and proliferation of IoT devices will further bolster the consumption of high-performance silicone gels in the electronics market going forward.

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The silicone gel market faces several challenges. As an emerging market, silicone gel still needs greater awareness and acceptance globally. Further, the presence of substitutes like mineral oil presents stiff competition. High production costs associated with silicone gel also hinder volume growth. Manufacturers operating at small scale find it difficult to price silicone gel competitively. Meeting stringent regulatory standards related to the production and applications of silicone gel adds to production challenges.

 Market Opportunities: Rising demand from medical applications

Rising demand from medical applications like scar treatment and wound care spells volume growth. Increasing preference for silicone gel over mineral oil-based products in personal care and cosmetics offers an attractive avenue. Further, innovations allowing for the wider commercial uses of silicone gel and demand from emerging economies are set to drive the market growth. Increased R&D on cost effective production technologies would aid greater penetration.

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 The electronics segment accounts for 32% share in the silicone gel market due to its unparalleled advantages. Silicone gel provides effective protection for delicate electronic components against shock, vibration, and thermal stress. It helps insulate circuits and wires while allowing for heat dissipation. The non-conductive and dielectric properties of silicone gel make it suitable for potting and encapsulating applications in the electronics industry.  Smartphones and wearable devices have seen tremendous growth in recent years. Manufacturers are continuously striving to make these gadgets smaller, thinner, and more durable. Silicone gel comes into play by enabling the fabrication of flexible printed circuits and displays. It protects flexible areas from damage during bending or twisting. Several smartphone and tablet models now feature edge-to-edge screens crafted using silicone gel. This has supported the increasing consumption of silicone gel adhesives, coatings and encapsulants in the electronics space. Advancements in 5G communication networks and artificial intelligence technologies are also driving the demand. Upcoming applications like internet of things devices rely on miniature flexible hybrid circuits that can withstand harsh outdoor environments. Here, silicone gel serves to moisture-proof circuit boards while facilitating miniaturization. Emerging opportunities in areas such as connected vehicles, smart homes, and industrial automation continue to propel the electronics segment forward, therefore the growing electronics industry is expected to drive the segment growth. For instance, according Invest India, in 2022, the country's electronics export is expected to reach US$120 Bn by FY26. During April-November 2023, electronic goods exports were recorded at US$17.74 Bn as compared to US$14.36 Bn during April-November 2022, registering a growth of 23.56%.

Regional Insights

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North America has been the dominant region in the global silicone gel market with a market share of 45.3%. Majority of the key manufacturers and suppliers of silicone gel are headquartered in countries like the U.S. and Canada. This gives North America an advantage in terms of strong R&D capabilities and innovation. Easy access to advanced manufacturing technologies and presence of a robust supply chain from raw materials to end-use industries further strengthens North America's position.  Another key factor for North America's dominance is its large consumer base demanding silicone gel in various applications. Growing awareness about the unique benefits of silicone gel such as elasticity, durability and flexibility drives its demand in sectors such as electronics, health care, and personal care. Countries in the region have stringent regulatory requirements, which encourages manufacturers to consistently invest in product quality and safety. This ensures consumer confidence in silicone gel products sourced from North America.

Among other regions, Asia Pacific has emerged as the fastest growing market. There is a rapidly expanding middle-class population with increasing spending power in countries like China, India, Indonesia, and Thailand. This growing consumer demand is attracting several international companies to set up manufacturing bases in these developing Asian economies. Governments in Asia Pacific offer tax incentives and other favorable business policies to promote domestic production. As a result, silicone gel manufacturing is shifting from North America to the low-cost Asia Pacific region. While North America still leads by virtue of technology expertise and established market position, Asia Pacific is projected to gain significantly in terms of production volumes. This is strengthening Asia Pacific's position as a key exporter of silicone gel to other global markets. In addition, China has become a manufacturing hub for various end-use industries like electronics and automobile. This gives a further impetus to the growth of its silicone gel market.

Market Report Scope

Global Silicone Gel Industry News

• In 2023, Sientra High-Strength Cohesive Silicone Gel Breast Implants Launch In Canada
• In November 2022, WACKER has introduced a highly adhesive silicone gel, SILPURAN 2124, for medical applications. This silicone gel is suitable for producing adhesive layers for atraumatic wound dressings and fixing medical devices to the skin. SILPURAN 2124 has a strong adhesive force, is transparent, biocompatible, water repellent, breathable, and gentle to the skin. It can be sterilized with ethylene oxide and leaves no residue on the skin when removed.
• In 2019, Elkem, a Norwegian silicon producer, acquired Basel Chemie, a South Korea-based producer of specialty silicone gels, for US$ 26.9 million. This acquisition provides Elkem access to leading technology in silicone segments for cosmetics and water repellents in the construction industry.

*Definition: The silicone gel market includes gel-based compounds made primarily from polymers containing silicone. Silicone gels are commonly used for insulating electrical equipment, sealing and caulking applications, and in the personal care and medical industries. Some key properties of silicone gels include flexibility over a wide temperature range, low thermal conductivity, optical clarity, and electrical insulation. The global silicone gel market has seen steady growth due to expanding demand from industries like electronics, automotive, industrial, and healthcare.

Market Segmentation

• End User Insights (Revenue, USD Bn, 2019 - 2031)
  • Automotive
  • Aerospace
  • Medical
  • Personal Care
  • Construction
  • Cookware
  • Electronics
  • Others
• Regional Insights (Revenue, USD Bn, 2019 - 2031)
  • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • U.K.
    • Spain
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • ASEAN
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC Countries
    • Israel
    • Rest of Middle East & Africa
• Key Players Insights
  • 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