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(Construction.IndustryNews247.Com, February 06, 2023 ) The global Silicone Fluids Market size to grow from USD 5.1 billion in 2021 to USD 6.6 billion by 2026, at a CAGR of 5.5% from 2021 to 2026. The market for silicone fluids is segmented, based on type, into straight and modified. Modified silicone fluids has been the larger market in 2021. Modified silicone fluids are used in various applications, as ingredients in cosmetics, resin modifiers, textile treatment agents, additives for waxes, water repellents for construction applications, and release agents. They are also used in various industries to improve the function of existing polymeric materials and develop new materials. Modified silicone fluids are of two types- reactive and non-reactive. However, in 2020 with the outbreak of COVID-19 and the closure of manufacturing capacities of respective industries, the demand for silicone fluids has witnessed a decline in growth. The growth is expected to boost during the forecast period at a significant CAGR with the improving market conditions and demand from various industrial applications.
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Based on end-use industry, personal care & beauty is projected to be the larger segment in the Silicone Fluids Market. Personal care products are applied to the external body surface for cleaning, protecting, and keeping it in good condition. A considerable amount of personal care products, which require silicone fluids, are utilized in day-to-day life, owing to the changes in consumer lifestyles, thus increasing the market for the same.
The silicone fluids market is studied for five regions, namely, North America, APAC, Europe, Middle East & Africa and South America. The APAC region accounted for the largest market share in 2020, in terms of both value and volume. Furthermore, the market for silicone fluids in the APAC region is projected to grow at the highest CAGR from 2021 to 2026, in terms of both value and volume.
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In 2020, the silicone fluids market declined amid the COVID-19 pandemic, with a marginal decline in its CAGR. The market was affected, mainly by the slow raw material production in many countries, supply chain disruptions, and hampered trade movements in 2020. In the first quarter of 2021, the market for silicone fluids witnessed an increase in demand worldwide, compared to the same period in 2020.
The Dow Chemical Company (US), Wacker Chemie AG (Germany), Elkem ASA (Norway), Momentive (US), and Shin-Etsu Chemical Co., Ltd. (Japan), amongst others, are the key players operating in the silicone fluids market.
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