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

Browse in-depth TOC on "Silicone Market"

237 – Tables
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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.

The industrial process segment is expected to dominate the silicone market.

The industrial process end-use industry reported the most substantial demand for silicone market in 2023, in terms of value and volume. The industrial process end-use industry includes a wide range of sectors, such as manufacturing, chemical processing, oil and gas, power generation, food processing, and others, all of which need high-performance materials to ensure both efficiency and safety in their operations. Silicone, with its unique properties, plays a crucial role in these industries by offering durability, flexibility, and resistance to extreme conditions.

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Asia Pacific is the largest market for silicone.

The Asia-Pacific (APAC) region emerges as the largest market in the silicone industry among North America, Europe, the Middle East & Africa (MEA), and South America, primarily due to several key factors. The expansion of Asia-Pacific's silicone market is strongly linked to the growth of its industrial base. As countries like China and India continue to industrialize and urbanize, they generate significant demand for silicone products, particularly in construction and infrastructure projects. Silicone plays a crucial role in these developments, used in sealants, adhesives, and coatings to support the rapid construction of everything from skyscrapers to bridges. The rising disposable income of people, and shifting of manufacturing facilities from the developed regions, such as North America and Europe are expected to drive the market in this region.

Key Players

Wacker Chemie AG (Germany), Shin-Etsu Chemical Co., Ltd. (Japan), Momentive Performance Materials Inc. (US), Elken ASA (Norway), and Dow Inc. (US) are the key players operating in the silicone market. Expansions, acquisitions, joint ventures, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the silicone market.

Browse Adjacent Market: Coatings Adhesives Sealants and Elastomers Market Research Reports & Consulting

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Automotive Silicone Market - Global Forecast to 2028

Silicone Elastomers Market - Global Forecast to 2029

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