Press release
Silicone Market Continues its Stride with Anticipated Growth to $24.8 Billion in 2024
Silicone Market Analysis
The silicone market has witnessed rapid growth, surging from $21.21 billion in 2023 to an anticipated $24.8 billion in 2024, showcasing a remarkable compound annual growth rate (CAGR) of 16.9%. This growth trajectory is expected to continue, with the market projected to reach $43.47 billion in 2028 at a CAGR of 15.1%.
Automotive Sector Expansion Fueling Demand For Silicon (Except Resins) Market:
The automotive sector's growth is poised to drive the silicon (except resins) market, with silicones playing a crucial role in manufacturing engine gaskets, seals, and hoses. The demand is fueled by the need for components that can withstand high temperatures, pressure, and exposure to chemicals. The increase in sales and production of passenger cars globally, as reported by the European Automobile Manufacturers' Association, underlines the automotive sector's impact on the silicon market.
Explore the Global Silicone Market with a Detailed Sample Report:
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Expanding Role Of Silicon As The Enabler Of Electronic Device Proliferation:
The burgeoning demand for electronic devices is a significant factor propelling the silicon market, given silicon's essential role in the semiconductor industry. The versatile material is crucial for creating various electronic components and integrated circuits (ICs), forming the backbone of modern electronics. The rising adoption of smartphones, as indicated by Cybercrew's report, exemplifies the increasing demand for electronic devices driving the growth of the silicon market.
Innovative Heat Stable Hardener For Enhanced Silicone-Based Products:
Major companies are introducing innovative products to boost their presence in the silicon market. The Heat Stable Hardener, launched by Evonik Industries, is one such product designed to create various goods, including silicones, for sectors like coatings, adhesives, and sealants. Its unique feature of curing at room temperature enhances its appeal, making it suitable for applications requiring high-temperature resistance.
CSIRO Unveils Advanced Silicone Resins For Next-Generation 3D Printing Applications In Healthcare And Beyond:
Innovations in silicone resins are contributing to the market's growth, particularly in 3D printing applications. CSIRO's silicone resins, tailored for applications like dental tools, hearing aids, and medical equipment, stand out due to their non-cytotoxicity, high transparency, and adjustable mechanical qualities. This unveiling exemplifies companies' efforts to introduce cutting-edge products to meet evolving market demands.
Regional Insights:
Asia-Pacific emerged as the largest region in the silicone market in 2023, followed by North America. The regions covered in the market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Market Segmentation:
The silicone market covered in this report is segmented -
1) By Product Type: Elastomers, Fluids, Gels, Other Product Types
2) By Application: Construction, Transportation, Electrical & Electronics, Textiles, Personal Care & Pharmaceuticals, Other Applications
3) By End User: Industrial, Electronics, Machinery, Aerospace, Medical
Access the Complete Report for In-Depth Analysis:
https://www.thebusinessresearchcompany.com/report/silicone-global-market-report
Silicone Global Market Report 2024 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Silicone Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on silicone market size, silicone market drivers and trends, silicone market major players, competitors' revenues, market positioning, and market growth across geographies. The silicone market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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