Reports And Data

Increase in demand for Silicone from various global industries is the major factor influencing market growth during the forecast period.

NEW YORK CITY, NEW YORK, UNITED STATES, November 17, 2022 /EINPresswire.com/ -- The Silicone Market is expected to reach USD 24.86 Billion by 2028, according to a new report by Reports and Data. This can be mainly associated with increasing demand for automotive vehicles in various industries globally. Based on statistics, increase in demand from healthcare industry is expected to become the most common growth interest globally in the coming years. Abundant availability of raw materials including metals and polymers coupled with technological expertise has lead to the development of emerging economies which are resulting in high growth rates for the market.

Silicones belong to the family of specialty, high-performance materials. They are mainly polymers with large molecules consisting of various repeated sub-units. These polymers comprise siloxane, which is a chain of silicon atoms and alternating oxygen coupled with carbon and hydrogen. Production of silicones needs multiple steps. The initial phase consists of the reaction between methyl chloride and silicon. The reacted product is then treated with water to separate chlorine atoms. Silanes are exhibited first during the production process. These act as agents in the production of siloxanes and eventually silicones. Silicones contain a wide range of chemical and physical properties. They are resistant to moisture, cold, ultraviolet radiation, heat, and several chemicals.

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Key Players - Dow Corning Corp., Shin-Etsu, Hutchinson, Evonik Industries AG, Kemira Oyj, CSL Silicones Incorporated, RUSNANO, Silchem, Inc., Wacker Chemie GmbH, Silteq Ltd., Quantum Silicones

Further key findings from the report suggest

A key feature of Silicone is their relative chemical inertness towards the chemistry of the human body. Silicone can operate as medical devices without the risk of unfavorable effects on the patient. Common uses for silicones in this field are gels or tubing for bandage coating. These substances are also broadly used as lenses for eye and medical implants.
The global Silicone Market is growing at a rapid speed owing to the increase in demand from automotive industry.
The elastomer sector of the product segment accounts for the largest market share of 44.81% in 2020. This is due to the rise in demand from the automotive and medical industries globally.
The wide variety of utilization in various sectors makes the market for Silicone most productive. The growth in the automotive industry is one of the most significant factors for the market.
Among the raw materials, silicon is expected to grow at a CAGR of 4.8% during the forecast period. Silicon is a dominant player in contemporary electronics because it's an absolute semiconductor of electricity. When fused into a molten state, silicon can be molded into semi-conductive wafers that can be used as the base for integrated circuits (microchips).
The fluid sector of the product segment of the market is projected to grow at a CAGR of 4.8 % during the forecast period.
Industrial process accounts for the largest share of 39.30% in 2020 of the global silicone market. This large share is associated with the fact that silicones provide resistance and high durability in industrial coatings and enhance the performance of lubricants.

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Product Outlook (Volume, Kilo Tons; and Revenue, USD Million; 2020-2028)

Elastomers
Fluid
Gels
Resins

Raw material Outlook (Volume, Kilo Tons; and Revenue, USD Million; 2020-2028)

Silicon
Oxygen
Others

Application Outlook (Volume, Kilo Tons; and Revenue, USD Million; 2020-2028)

Industrial process
Building & Construction
Electrical & Electronics
Medical & Healthcare
Others

Key Regional Markets Covered in the Report:

North America (U.S.A., Canada, Mexico)
Europe (Italy, U.K., Germany, France, Rest of Europe)
Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)

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Key Questions answered by the Report:

What is the expected year-on-year growth of the during the forecast period?
What key trends are expected influence revenue growth of the market going ahead?
Which region is expected to account for largest revenue share over the forecast period?
Which key companies are profiled in the report?

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