Silicone Market is forecast to grow by $114242.17 mn during 2022-2027, accelerating at a CAGR of 27.53% during the forecast period

Increase in demand for silicone across various end-user industries and rise in adoption of waterborne coatings fuel the growth of the global silicone market. On the other hand, high prices of silicone products restrain the growth to some extent. Nevertheless, high penetration of electric vehicle is expected to create multiple opportunities in the near future.

A complete and wide-ranging evaluation of the aspects that drive and restrain the market growth is also provided throughout the study. This detailed exploration of the market size and its proper segmentation help the market players define the prevalent opportunities that are looming large.

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The global silicone industry was estimated at $18.2 billion in 2018 and is anticipated to register $91.4 billion by 2026, registering a CAGR of 22.5% during the forecast period

Based on type, the elastomers segment contributed to more than two-fifths of the global silicone market share in 2018 and is expected to dominate during the study period. This is due to the high demand from numerous sectors such as construction, automobile sector, healthcare sector, and others. The resins segment, on the other hand, would grow at the fastest CAGR of 24.7% by 2026. Demand for silicone resin is majorly propelled by its physical properties such as electrical insulation, anti-corrosion, flexibility, and heat resistance.

The report helps clients in comprehending the first-hand knowledge of the global market while providing a full-fledged understanding of the regional-level analysis of each segment. At the same time, the study contain in-depth information of the frontrunners that are active in the industry along with their financial agenda, segmental profits, company trends, services/products offerings, and major adopted stratagems.

The Silicone market report keeps a perfect tab on the market share of several companies, recent market trends, revenue forecast, and new product launches across the market. The report includes company profiles that delineate the revenue share of the top competitors in the market. Simultaneously, the report provides revenue forecasts for four regions and more than twenty major countries across Asia-Pacific, LAMEA. North America and Europe.

Based on geography, the Asia-Pacific region, followed by Europe and North America, garnered the major share in 2018, holding nearly one-third of the global silicone market. The same province is also projected to register the fastest CAGR of 22.9% during 2019-2026. Factors such as high spending on infrastructural development, largest automotive manufacturing base in China, rise in electronics production, export in China & Japan, and growth in the economic status of the region have escalated the growth of silicone market in Asia-Pacific.

Silicone Covered Market:- Dow Inc., Shin-Etsu Chemical Co. Ltd., Wacker Chemie AG, Kaneka Corporation, Evonik Industries AG and Other.

Analysis of COVID-19 impact:

The outbreak of the pandemic has had a massive impact on the majority of industries and the Silicone market was also not an exception in this regard. The report provides a detailed study on the micro- and macro-economic impact during the pandemic. Additionally, it emphasizes the direct impact of the COVID-19 pandemic on the Silicone market in the form of qualitative study. The report offers explicit details regarding the market extent and shares during this unprecedented time. At the same time, the major strategies adopted by the market players to combat the global crisis is also covered under the report. Last but not the least, the report highlights how the pandemic has distorted the supply chain of the market and takes in a post-COVID-19 analysis too.

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