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.

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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.