The global silicone additives market is estimated to witness a healthy growth, at an estimated CAGR of over 6%, over the forecast period. The major factor driving the growth of the market studied is increasing demand from the personal care sector.
- Additive migration when exposed to high temperatures is likely to hinder the markets growth.
- Increasing investments and ever-increasing population with high consumption power in the Asia-Pacific region are likely to create opportunities for the market in the coming years.
- Asia-Pacific region is expected to dominate the market and is also likely to witness highest CAGR during the forecast period.
Key Market Trends
Increasing Demand from the Personal Care Sector
- One of the major factors attributing to the silicone additives market growth is the growth in awareness related to personal care and the rising demand for good quality cosmetics that are silicone additive-based.
- Silicon additives find wide usage in creams, lotions, hydrating creams, sun protection creams, tanning lotions, hair sprays & styling sprays, hair shines land others.
- The demand for products, like shampoo, hair foams & gels, gel toothpastes, etc. has also been rising with the increasing hygiene awareness among the population. With change in fashion trends, teenagers’ demand for personal care has also increased substantially. Besides this, strong urge of the aging population to retain their youthful appearance is further nurturing the growth of personal care industry.
- Silicon additives improve the aesthetics, performance, appearance, texture, durability and protection properties of personal care products. Hence, with the rising demand in production of personal care products, the demand for silicone additives has also been increasing from the personal care industry.
- Owing to all these factors, the market for silicone additives is likely to grow across the world during the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region is expected to dominate the market owing to the increasing demand from various end-user industries such as paints and coatings, adhesives and sealants, and personal care in the countries like as China and India.
- In Asia-Pacific, the growth of the construction sector is majorly driven by rising in residential construction projects, in order to meet the accommodation requirements of the growing population. This, in turn, is expected to drive the demand from paints & coatings, and adhesives & sealants.
- Also, penetration of personal care products in India is comparatively lower when compared to developed or even other developing economies. However, improving economic environment and increasing purchasing power of the Indian population is expected to increase the adoption of personal care products in the country.
- According to a report published by the Ministry of Economy and Industry, the beauty and personal care (BPC) industry in the country is expected to reach more than USD 10 billion by 2021, at an estimated growth rate of 5%-6% annually. The personal care and cosmetics sector in India is expected to register continuous growth, with increasing shelf space in retail stores and boutiques in India.
- Due to all such factors, the market for silicone additives in the region is expected to have a steady growth during the forecast period.
The silicone additives market is partially consolidated in nature. Some of the major players in the market include Wacker Chemie AG, Shin-Etsu Chemical Co., Ltd., Elkem ASA, Momentive Performance Materials Inc., and ALTANA, among others.
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