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

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.