PUNE, India—The global silicone additives market was worth $1.2 billion in 2017 and is projected to reach $1.7 billion by 2022, according to a new report.
The report, "Silicone Additives Market by Function (Defoamer, Rheology Modifier, Surfactants, Wetting and Dispersing Agents), Application (Plastics & Composites, Paints & Coatings, Pulp & Paper, Food & Beverage), and Region—Global Forecast to 2022" published by MarketsandMarkets, shows a compound annual growth rate of 7.2 percent during the forecast period.
The market's growth is primarily driven by the increasing use of silicone additives in plastics and coatings applications, according to a Marketsandmarkets release. Additionally, the rise in disposable income and increase in demand for qualitative products in emerging economies are influencing the growth of the market. New product launches, agreements and joint ventures by key players further fuel market growth.
The plastics and composites segment is the largest application segment of the silicone additives market, used in the plastics industry as additives to improve the processing and surface properties of plastics as well as thermoplastic materials.
The defoamers segment is the largest function segment in the market, as chemical additives used in various applications such as paints and coatings, as well as food and beverages. The increasing demand for qualitative coatings is driving the growth of the defoamers segment, according to the report.
North America is the largest market for silicone additives, considered to be a leading exporter of silicone additives. North America accounts for the largest share of the silicone additives market globally, and is projected for significant growth. That growth comes from the increased demand for silicone additives in applications such as plastics and composites, paints and coatings, paper and pulp, food and beverages, and chemical manufacturing. In addition, the expansion of the plastic manufacturing industry in North American countries is contributing to the growth of the market.
Major players such as Dow Corning, Evonik, Shin-Etsu, Momentive Performance Materials, BYK Additives and Elkem have adopted key growth strategies such as expansions, agreements and collaborations, and new product launches to strengthen their footholds in the silicone additives market.
The report is $5,650 for a single user license and $8,150 for a corporate user license. It is available at marketsandmarkets.com.