Chicago, June 20, 2024 (GLOBE NEWSWIRE) -- The Global Silicone Market 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, as per the recent study by MarketsandMarkets™. Rising demand for silicone elastomers from industries such as building & construction, foams, automotive & transportation, electrical & electronics, healthcare, consumer goods, and others for a variety of applications is leading the market. During the forecast period, this is anticipated to expand the silicone elastomers market even more.

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List of Key Players in Silicone Market:

• Wacker Chemie AG (Germany)
• Shin-Etsu Chemical Co., Ltd. (Japan)
• Momentive Performance Materials Inc. (US)
• Elken ASA (Norway)
• Dow Inc. (US)

Drivers, Restraints, Opportunities and Challenges in Silicone Market:

• Drivers: High demand for silicone in wearable electronics industry
• Restraints: Stringent regulatory policies
• Opportunity: Antimicrobial silicone elastomers for healthcare industry
• Challenges: Fluctuating raw material prices

Key Findings of the Study:

• Elastomers are estimated to dominate the market.
• The industrial process segment is expected to dominate the silicone market.
• Asia Pacific is the largest market for silicone.

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 The silicone market involves creating, distributing, and selling products made from silicone-based materials. Silicones are a type of synthetic polymer made from elements like silicon, oxygen, carbon, and hydrogen, and they have a range of unique characteristics. These materials can be transformed into various types such as fluids, resins, gels, elastomers, and rubber, each designed to serve different functions. This adaptability allows silicone to be used across multiple industries for a variety of applications. The silicone market covers several industries, including electronics, automotive, construction, healthcare, personal care, energy, and more. The growth of the silicone market is fuelled by the increasing range of applications for silicone-based materials, along with continued research and innovation that uncover new uses for silicone products.

The silicone market is categorized, by type, into elastomers, fluids, resins, and gel & other products. Elastomers are projected to register the fastest growth in the silicone market during the forecast period. The elastomers have outstanding flexibility and elasticity allowing them to be used in a wide range of applications. As industries focus more on durability and performance, silicone elastomers are remarkably significant because they retain their physical properties even when exposed to varying temperatures and environmental factors. The expansion of elastomers in the silicone market is propelled by their diverse applications across a range of industries, due to their distinctive properties that align with the changing requirements of modern technology and consumer goods.

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The silicone market is categorized, based on the end-use industry, industrial process, building & construction, personal care & consumer products, transportation, electronics, medical & healthcare, energy, and others. The industrial process end-use industry accounted for the biggest share of the silicone market in terms of value. The industrial process end-use industry is experiencing rapid growth in the silicone market due to a need for high-performance, durable materials capable of enduring harsh conditions. Silicone's ability to provide energy efficiency, adapt to advanced manufacturing techniques, and comply with safety regulations makes it a suitable choice. These factors are fuelling its growing demand in industrial processes.

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