The Silicone Additives Market is estimated to be USD 1.20 Billion in 2017 and is projected to reach USD 1.70 Billion by 2022, at a CAGR of 7.2% during the forecast period.
This growth can be attributed to the increased demand for silicone additives in the plastics & composites application. In addition, the demand for high-quality coating products in emerging economies is another significant factor contributing to the growth of the silicone additives market.
Silicone is a base material used in the manufacturing of silicone polymers, silicone resins, and additives. Silicone additives are predominantly used in the plastics and coatings industries, as they provide protection to substrates and enhance the performance of finished products. Key manufacturers of silicone additives are investing in R&D activities to develop advanced products with improved performance.
Based on application, the silicone additives market has been segmented into plastics & composites, paints & coatings, paper & pulp, personal & homecare, food & beverages, chemical manufacturing and oil & gas, agriculture, and others (textile and construction). The plastics & composites segment is the largest application segment of the silicone additives market. Moreover, the paints & coatings application segment is expected to grow at the highest CAGR during the forecast period. The increasing use of silicone additives, such as defoamers, surfactants, rheology modifiers, and surface wetting agents, in paints & coatings is projected to drive the growth of the paints & coatings application segment.
The silicone additives market in the Asia Pacific region is projected to grow at the highest CAGR from 2017 to 2022. This growth can be attributed 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. Limited regulations related to the use and manufacturing of silicone additives in the Asia Pacific are further influencing the growth of the silicone additives market in this region.
Methyl chloride is a primary raw material used in silicone manufacturing. Fluctuation in the price of methyl chloride affects the production of silicone additives. Thus, increasing raw material prices are acting as a restraint to the growth of the silicone additives market.
Dow Corning (US), Evonik (Germany), Shin-Etsu (Japan), Momentive Performance Materials (US), Elkem (Norway), and BYK Additives (Germany) are leading players in the silicone additives market.
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