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Global Silicone Solutions Market size is expected to grow at a substantial CAGR over the projected timeline 2021-2027. This growth will be primarily driven by the increasing product demand across leather and textile applications. There is a strong demand for new and innovative high-performance leather and textile products that offer improved comfort and safety. Silicone solutions are preferred for a wide range of leather products and textiles as they are easy to process, versatile, and offer excellent durability.
The global silicone solutions industry will witness increased demand owing to robust physical characteristics such as high tensile and tear strength, and resistance to high temperatures, fire, abrasion, and UV rays. Thanks to these properties, these solutions are suitable for a wide range of textile materials. Rapidly evolving fashion trends and increased consumer spending on clothing and apparel will boost the product consumption significantly.
Growing demand from hospitality, healthcare, and furniture sectors will propel the global silicone solutions market forward through 2027. The product demand across these sectors is increasing owing to the antibacterial and antimicrobial properties of silicone solutions. The scope of application of silicone products is expected to further expand over the next few years, creating favorable opportunities for manufacturers and suppliers.
In terms of the applications, the healthcare sector is projected to hold a substantial share of the silicone solutions industry in the coming years. The product is mainly utilized for lubrication in medical applications. Silicone polymers and low-crosslink density silicone coatings are typically used as lubricants across healthcare facilities. These solutions are also available in the form of gels, fluids, elastomers, adhesives, and dispersions. Besides lubrication purposes, the use of these solutions in healthcare environments has increased owing to their antimicrobial properties to curb the spread of infections such as COVID-19. Increased focus over health and hygiene will drive up the product demand significantly.
Considering the regional landscape, North America silicone solutions market size is slated to expand substantially from 2021 to 2027. The expansion of leather and textile sectors is a key factor influencing the regional product consumption. With changing trends in fashion and lifestyle, consumer preference towards apparel and clothing is evolving as well. In addition, there is an increased demand for leather products such as jackets, belts, shows, watches, wallets, and others. These factors along with the demand for premium-range furniture products and increased consumer spending on home décor will bolster the regional outlook.
BASF SE, The CHT Group, The Dow Chemical Company, Shin-Etsu Chemical Co., Ltd., Wolfson Silicone Ltd., Lanxess, Wacker Chemie AG, Momentive Performance Materials, Inc., Arihant Dyechem, Elkem ASA, Siltech Corporation, and Elkay Chemicals Pvt. Ltd., are among the leading players in the silicone solutions industry. As the range of application of silicone products expands, manufacturers are laying emphasis on product innovation to bring new solutions to the market. For instance, in October 2019, BASF had introduced Hydropalat WE 3225, a new silicone wetting agent that combines high defoaming performance with substrate wetting.
COVD-19 impact on silicone solutions market trends
When the COVID-19 pandemic started, textile, clothing, and leather industries experienced tremendous setback, as factories were forced to shut down, workers were told to stay at home, and global supply chains faced significant disruption. In addition, millions of orders were either delayed or cancelled, leading to little or no production. All these factors have affected the demand for silicone solutions. However, the silicone solutions industry has experienced promising opportunities across the healthcare sector due to the increasing influx of patients.