The silicon market in the medical sector will continue to surge, with the nation's aging population driving demand for medical equipment and the ongoing technological development of new products, which is expanding the range of applications for silicones. The long-lasting and better performing appliances or parts in which silicon materials are used are some of the other factors driving the global silicones market. Rising opportunities from healthcare light emitting diodes (LEDs), solar cells and others are expected to boost the global silicones market during the forecast period.

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Silicones are basically polymers that contain silicon along with carbon, oxygen and hydrogen. They are one of the most versatile polymers in existence today. Silicones produce a wide range of formulations and have many aesthetic and technical uses. These exist in various forms such as fluids, resins, gels to make elastomers stiff and tough. Silicones have unique properties such as low chemical reactivity, low thermal conductivity, low toxicity and thermal stability that make these materials more aesthetic, stronger, user friendly, durable and more stable.

Asia-Pacific dominates the global silicones market, both in terms of production and consumption, followed by North America. The growth in Asia-Pacific is primarily driven by the rising demand from electrical and construction industries due to rapid industrialization, mainly in evolving economies of China and India. Moreover, China is the most attractive market in Asia-Pacific with enormous potential and massive growth opportunities in the silicon industry.

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Some of the major competitors in the silicones market include 3M, Allergan, Inc., BASF SE, Bostik SA, JP Morgan Chase & Co., China National Bluestar (Group) Co, Ltd., Amber Chemical Company Ltd., Ashland, Clariant, CSL Silicones Inc., Emerald Performance Materials,v Dongyue Group, Solway, Rogers Communications, Evonik Industries Ag, Henkel AG & Co. KGaA, Jiangsu Hongda Chemical Co., Ltd, Kaneka Corporation, Gelest, Inc., Handy & Harman LTD., Silchem Silicone Chemicals, and others.