BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects the Saudi Arabia silicone additives market size to grow at a steady CAGR of 6.3% during the forecast period between 2023 and 2029. The increasing demand for paints and coatings as a result of the Saudi Arabia’s expanding construction and automobile industries are two major development factors for the lucrative market growth for silicone additives in the country. Due to Saudi Arabia’s large investments in economic diversification, more buildings are being built for commercial and industrial uses. Saudi Arabia is also concentrating on increasing local auto production, which is predicted to increase demand for silicone additives throughout the forecast period, driving the growth of the Saudi Arabia market as a whole.
Saudi Arabia Silicone Additives Market – Overview
Silicone additive is a synthetic chemical substance made by the combination of silicon & oxygen atoms. It offers properties such as waterproofing and heat reduction and is used as a conditioning and emulsifying agent. Silicone additives are generally used in the coating as silicone additives reduce the surface tension of the liquid coating. Silicone additives are extensively used in paints, inks, and coatings. In addition, silicone additives application in food & beverage, personal & home care, chemical & petroleum plays a key role in driving the market.
Saudi Arabia Silicone Additives Market – By Application
Based on application, the Saudi Arabia silicone additives market is segmented into plastics & composites, paintings & coating, paper & pulp, personal & healthcare, food & beverages, chemical manufacturing and oil & gas, agriculture, construction, and textile. The plastics & composites segment accounts for the highest share in the market as they are used to improve the manufacturing process, the product’s surface polish, and its fire resistance. The paintings and coatings applications segment is expected to register growth at the highest CAGR during the forecast period owing to rising demand for high quality paints and coatings in the automobile industry.
Impact of COVID-19 on Saudi Arabia Silicone Additives Market
The COVID–19 pandemic outbreak affected the growth of the Saudi Arabia silicone additives market. The restrictions on the economic activities such as manufacturing in the country due to increasing cases of coronavirus led to a significant decline in the domestic demand for silicone additives. The automobile industry, which is the major end user industry for the silicone additives, underwent huge losses during the lockdown period. The demand for cosmetic and personal care products also registered a significant decline during this period, which also resulted in huge losses to the Saudi Arabia silicone additives market as well.
Major players operating in the Saudi Arabia silicone additives market include Dow Corning, Evonik, Shin-Etsu, Momentive Performance Materials, BYK Additives, BRB International, Wacker Chemie AG, Elkem ASA, and ALTANA. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
BlueWeave Research Blog
Phone No: +1 866 658 6826