Silicone Additives Market Forecast 2022-2028

1. Silicone Additives Market- Global Industry Size, Share, Growth, Opportunity and Forecast, 2022-2028

2. Global Silicone Additives Market- Industry Trends & Forecast Report 2028 A recent study by the strategic consulting and market research firm BlueWeave Consulting revealed that the global silicone additives market was worth USD 1,596.4 million in 2021 and is projected to reach USD 2,544.1 million by the year 2028. The growth in the silicone additives market is attributed to the increasing demand from plastics and composites manufacturers as well as from automobile industries, predominantly for paint and coating application. Furthermore, the increasing demand from cosmetics and personal products is also fuelling the market the global silicone additives market.

3. Growth Drivers  Increasing Demand in Automobile and Paints Segments Silicone additives are used in a wide range of applications across automobile, healthcare, cosmetics, textile industries, and mostly in paint and coating sectors, due to its multiple properties such as adhesiveness, waterproofing, and resistance to extreme conditions. The ever-increasing demand for automobiles has directly resulted in boosting the requirement for paints and coatings in new vehicles, and it is being used in other applications such as airbags, textiles, leather goods, and decorative labels production in the automobile units. Automobile production worldwide crossed 100 million units in 2018; this expanding automobile production has contributed towards augmenting consumption of silicone additives across the globe.

4. Restraints  Health Hazards from Silicone Additives to Impede Market Growth Carcinogenicity, genotoxicity, modifications in protein conformation, immune system degradation, teratogenicity, skin rashes and irritations, and increased intraocular pressure are some of the aspects as to how silicone additives can adversely affect humans and the environment. These are all serious health concerns that can even be fatal. Furthermore, prolonged direct contact with silicone compounds might injure human skin and organs. All these factors may hamper the growth of the global silicone additives market during the forecast period.

5. Impact of COVID-19 COVID-19 pandemic has had a very negative impact on the silicone market as due to COVID-19, the need for automobiles has dropped dramatically, which resulted in the downfall of automobile products manufacturing. Consequently, the demand for silicone additives has also diminished as the paints and coatings for the automotive form a crucial part of the silicone additives market. Therefore, the requirements for silicone additives have also been affected. Also, with turbulent economic scenario across the globe, demand for cosmetics and personal care products has also declined significantly, resulting in reduced demand for silicone additives.

6. Regional Insights In terms of regional analysis, the global silicone additives market is fragmented into North America, Europe, The Asia Pacific, Latin America, The Middle East, And Africa. Among all the regions, the Asia-Pacific region holds the highest share in the global silicone additives market due to big paints and coatings and the paper manufacturing units in the region and also due to the easy availability of raw materials used for manufacturing silicone additives. The Asia Pacific region provides expansion opportunities to silicone additive manufacturers, owing to low-cost manufacturing in China, South Korea, and India.

7. Competitive Landscape The key players operating in the global silicone additives market are Dow Corning, Siltech, Momentive Performance Materials, KCC Corporation, BYK Additives, BRB International, Evonik, WackerChemie AG, Shin-Etsu Chemical Co., Ltd., Elkem ASA, Momentive Performance Materials Inc., ALTANA, Supreme Silicones, BYK Additives, and other prominent players. The global silicone additives market is characterized by the presence of many local, regional, and global vendors. The silicone additives market is highly competitive, with all the players continually competing to gain a larger market share. Sample Copy: https://www.blueweaveconsulting.com/report/silicone-additives-market/report-sample

8. Recent Development In 2021: BYK introduced two new additives- BYK-329 and BYK-092, for its different clients. One of BYK's newly launched additives, BYK-329, is a silicone surface additive for both solvent-borne and solvent-free systems that support a reduction in surface tension, particularly in general industrial coatings and floor coatings. In November 2021: BRB International, rebranded to reflect its evolution as a PETRONAS Chemicals Group Berhad subsidiary (PCG): BRB,a global manufacturer of silicone additives, lubricating oil additives, and other specialty chemicals,will continue to operate independently, guided by an innovation strategy focused on anticipating current and future demands from customers and sectors.

9. Key Players The key players operating in the global silicone additives market are Dow Corning, Siltech, Momentive Performance Materials, KCC Corporation, BYK Additives, BRB International, Evonik, WackerChemie AG, Shin-Etsu Chemical Co., Ltd., Elkem ASA, Momentive Performance Materials Inc., ALTANA, Supreme Silicones, BYK Additives, and other prominent players.

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