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Silicone Market Size

Report ID: GMI297
Published Date: Jul 2022
Report Format: PDF

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Silicone Market Size

Silicone Market size exceeded USD 16.7 billion in 2021 and is poised to register around 6% CAGR from 2022 to 2030. The growing usage of silicone in a wide range of health and medical applications will propel industry growth in the coming years.

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Silicones, also known as poly-siloxanes, are synthetic polymers comprising carbon, hydrogen, and other elements with repeating monomers of siloxane, a chain of alternating silicon & oxygen atoms. It is a durable synthetic material derived from silicon, which is used in plastic & cosmetic surgeries and to make polishes. Poly-siloxanes has remarkable properties, making it suitable for a wide range of applications. It has strong insulation, high water resistance, versatility, stability, and resistance to aging. Poly-siloxanes is also suited for industrial applications owing to its anti-foaming qualities.

Silicone Market Report Attributes
Report Attribute	Details
Base Year:	2021
Silicone Market Size in 2021:	16.71 Billion (USD)
Forecast Period:	2022 to 2030
Forecast Period 2022 to 2030 CAGR:	6.0%
2030 Value Projection:	31.95 Billion (USD)
Historical Data for:	2018 to 2020
No. of Pages:	261
Tables, Charts & Figures:	350
Segments covered:	Product, Application
Growth Drivers:	Growing usage of silicone-based products in buildings and construction Increasing demand for silicone in the semiconductor and electronics industry Growing application of silicone in various automotive components Rising focus of the world on renewable energy
Pitfalls & Challenges:	Environmental concerns affecting the product consumption Availability of substitute products Supply chain bottlenecks leading to high product prices

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The increasing product demand from the global construction sector is a major factor driving the silicone market expansion during the projected period. Poly-siloxanes materials are utilized significantly in building and construction applications including the sealing of expansion joints in buildings & roads, weatherproofing of joints in porous & non-porous substrates, electrical conduits, and electrical wiring in walls & ceilings.

On the other hand, the expensive process to produce silicone along with problems associated with its maintenance when applied as a sealant on any surface. This may offer a significant barrier to product penetration. Additionally, due to the COVID-19 pandemic, various governments have implemented lockdowns to prevent the virus from spreading, which caused some manufacturers to halt their production lines. In addition to government restrictions, manufacturers have shut down their businesses due to decreased demand, a disrupted supply chain, and worker safety concerns.

Authors: Kiran Pulidindi, Hiralkumar Patel

Frequently Asked Questions (FAQ) :

Silicone industry share is divided into resins, elastomers, and fluid products, with applications in consumer goods, electronics, transportation, personal care, construction, and other sectors.

Global silicone market size was more than USD 16.7 billion during 2021 and could expand at over 6% CAGR through 2022-2030.

From the industrial process applications, silicone industry share could surpass USD 7.5 billion by 2030, due to use in paper manufacturing, sealants, industrial coatings, thermal insulation, and other products.

Europe silicone market size could witness around 5% CAGR over 2022-2030 with a growing construction sector in the region, along with the high demand for aesthetic implants, cosmetics, and personal care products.