According to a new market research report published by sheer analytics and insights, “The Global Silicone Market was $13.2 Bn in 2020, and it is expected to reach $32.6 Bn by 2031. It is eventually growing at a commendable high compound annual growth rate CAGR of 8.5% between 2021-2031”, as per the latest market research report titled Global Silicone Market - Industry analysis, size, share, growth, trends and forecast, 2021 – 2031.
Increased demand from the end-use segments like consumer goods, construction, industrial processes, and personal care will help to accelerate the growth of this market during the forecasted period. Chemical stability and the consistent performance of the silicones over this wide temperature range are the main factors that is driving the growth of this market. Also, the increased adoption of silicone-based products in emerging markets like electronics, electric vehicles, renewable energy will also help the market to grow. High demand for medical devices and equipment like respiratory masks, ventilators, and needle-free valves because of the increased health issues because of the current COVID-19 pandemic will help to boost the demand of this market during the forecasted period.
Geographically, The Global Silicone Market is divided into global regions like North America, Europe, Asia- Pacific, South America, Middle East, and Africa.
The primary key players in Global Silicone Market include Shin-Etsu Chemical Co., Ltd., Wacker Chemie AG, Evonik Industries AG, Elkay Chemicals Pvt. Ltd., Supreme Silicones, Dow Inc., KCC CORPORATION, Elkem ASA, Silchem Inc., Specialty Silicone Products, Inc., CHT Group, Emerald Performance Materials, GELEST, INC., Jiangsu Mingzhu Silicone Rubber Material Co., Ltd., Momentive.
The Global Silicone Market Has Been Segmented Into:
Global Silicone Market, By Product
Global Silicone Market, By End-Use
Global Silicone Market, By Region