According to ChemAnalyst report, “Silicone Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Technology, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, global Silicone market stood at 7.21 Million Tonnes in 2020 and is forecast to reach 11.21 Million Tonnes by 2030, growing at a healthy CAGR of 4.55% until 2030, due to its many useful qualities, including toughness, heat resistance, foam control, adhesion, UV stability, discharge safety, transparency, glossiness, radiation resistance, and flexibility. Due to these characteristics, silicone can be used to create seals and gaskets for hot air or autoclaves, which need to be sterilised at a high temperature. Due to its low toxicity and risk for any unfavourable biological responses, silicone elastomers are now widely used in both culinary and medical applications.

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Siloxanes, which are monomers made of silicon atoms joined by oxygen, carbon, and hydrogen atoms, are polymerized to create silicone, an inert synthetic polymer. Elastomers, resins, fluids, and gels are the various forms of silicon. They are used to produce cookware, lubricants, adhesives, and medical purposes. Due to their adaptable qualities, silicones are used in a variety of end markets, including building and construction, industrial processes, personal care and consumer goods, electronics, transportation, medical and healthcare, and energy. During the forecast period, Silicone demand is anticipated to be driven by booming demand from the electronics and construction industries.

The spread of COVID-19 in 2020's major world economies led to widespread lockdowns that had an effect on a number of industries, including Silicone-related industries because manufacturing facilities were shut down and the demand and supply chains were disrupted. However, after lockdowns were lifted, the market for silicon resumed with full potential due to strong demand from end-use sectors like healthcare, construction, and electronics. The silicone market is also expected to grow throughout the projected period due to the rising use of liquid silicon rubber in the automotive and medical industries.

Region wise, Asia pacific region holds the major share of global demand for silicone due to increasing demand of application industries such as Construction, Automobile, Electronics, Personal Care and Healthcare etc. Moreover, rising population and per capita income in emerging economies like India and China coupled with growing number of products using Silicone is another factor influencing demand growth in the Asia Pacific region. A significant rise is expected to be observed in North America in the forecasted region due to the presence of various end use industries and its increasing demand in Building and Construction sector in the region.

Read Full Report Here: https://www.chemanalyst.com/industry-report/silicone-market-580

Major Players:

Dow,
Emerald Performance Materials,
Evonik Industries AG,
Jiangsu Mingzhu Silicone Rubber Material Co., Ltd,
Kaneka Corporation,
Shin-Etsu Chemical Co. Ltd,
Wynca Group,
Hoshine Silicon Industry Co. Ltd,
Elkay Chemicals Pvt. Ltd.,
Supreme Silicones,
Specialty Silicone Products, Inc.

“Being linked to the automotive and construction sectors, the global Silicone industry has shown a robust growth alongside urbanization and changing consumer preference towards environment friendly materials. Moreover, growing demand from other sectors including personal care, medical and healthcare sectors, will also extend the market for Silicone in the forecast period. In Asia Pacific, China and India serve as the key growth region with sufficiently installed capacities for Silicone. With new competitors emerging across the Asia Pacific Silicone market, players anticipate that there will be sufficient supply demand gaps in future. At this, it is extremely important to keep an eye which region will grab the biggest market share in the upcoming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm promoting ChemAnalyst.

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