Silicone Market worth $31.5 billion by 2029 - Exclusive Report by MarketsandMarkets

CHICAGO, May 9, 2024 /PRNewswire/ -- The report "Silicone Market by Type (Elastomers, Resins, Fluids, Gels), End-Use Industry (Industrial Process, Building & Construction, Personal Care & Consumer Products, Transportation, Electronics, Medical & Healthcare, Energy), & Region - Global Forecast to 2029", size is projected to grow from USD 21.5 billion in 2024 to USD 31.5 billion by 2029, at a CAGR of 8.0% during the forecast period.

The growing demands of industrial processes drive the need for advanced materials like silicones, which can meet diverse industry requirements. As industries process industries evolve and innovate, silicones are set to become more essential, supporting efficiency, sustainability, and safety across a range of sectors. Silicones are crucial in driving growth in the construction industry, where they serve as fundamental elements in sealants, adhesives, and coatings. Their capacity to endure harsh environmental conditions while delivering exceptional bonding and sealing capabilities has cemented their indispensability in contemporary construction methods. The increasing demand for personal care and cosmetic products, particularly in Asia Pacific, is expected to fuel silicone demand in the personal care industry. North America and Europe have been key contributors to silicone demand, but the Asia Pacific region, notably China, has emerged as a major player. Rapid industrialization, urbanization, and growing manufacturing activities in the Asia Pacific have driven significant demand for silicones across various sectors.

Browse in-depth TOC on "Silicone Market"

237 – Tables
45 – Figures
274 – Pages

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=709

Elastomers are estimated to dominate the market.

Elastomers are reported as having the largest market share in the silicone market. Their versatility makes them crucial for numerous applications, leading to their increasing dominance in the silicone market. The automotive industry's transition to electric and hybrid vehicles, which require high-performance materials capable of withstanding temperature fluctuations and mechanical stress, further bolsters the significance of elastomers in the market. The healthcare and construction industry is another key factor contributing to elastomers' dominance in the silicone market.