Silicone Market is Anticipated To Reach USD 16760 Million By 2029, Witnessing A CAGR of 3.3% | Valuates Reports

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May 03, 2023, 10:45 ET

BANGALORE, India, May 3, 2023 /PRNewswire/ -- Silicon market is segmented by Type - Elastomers, Fluids & Emulsions, Resins, Gels, Segment by Application - Health Care, Automotive, Construction, Energy and Electronics, Consumer Care, Performance Additives/Functional Ingredients, Others. Global Opportunity Analysis and Industry Forecast 2023-2029. It is published in Valuates Reports under the Chemicals Industry Category.

The global Silicone market was valued at USD 12930 million in 2022 and is anticipated to reach USD 16760 million by 2029, witnessing a CAGR of 3.3% during the forecast period 2023-2029.

Major Factors Driving The Growth Of The Silicone Market

The silicone market is primarily driven by silicone's superior characteristics and strong demand in the electronics sector. Furthermore, the increasing adoption of silicon in the healthcare industry is expected to fuel the silicone market. Silicone elastomers with antimicrobial properties are widely used across the healthcare industry.

The Silicone Market is expected to increase as a result of rising demand from the industrial process as well as rising use in the transportation and building & construction industries.

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TRENDS INFLUENCING THE GROWTH OF SILICONE MARKET

High-performance applications, particularly in hostile situations where conventional polymeric materials may fail, require silicone elastomers. They are particularly well suited to insulating and safeguarding electronic equipment, including high-voltage lines, because of their dielectric characteristics and thermal resistance. These goods will keep their elastomeric characteristics, such as their excellent resistance to ripping and/or extremely high elongation before the breaking point. Additionally, safe for human use and resistant to the high temperatures needed for sterilization, silicone elastomers are perfect for medical applications. This factor is expected to drive the growth of the silicone market.

The frequency of hospital-acquired infections (HAIs) is rising internationally despite preventive measures, necessitating the development of new preventive methods to lower infection rates. Medical-grade silicone elastomers are approved for use in the healthcare sector and have passed biocompatibility tests. There is little chance of unfavorable biological interactions when silicone elastomers are utilized in medical applications. Silicone has become more widely accepted in food and medicinal applications due to its lower toxicity. This factor is expected to drive the growth of the silicone market.

Due to its weather resistance, extreme stability, and inert & high water-repelling qualities, silicone is extensively employed in the building industry. In both residential and commercial structures, it is used with a variety of materials, including marble, glass, concrete, aluminum, steel, and plastics. Additionally, they are employed in the building of industrial buildings, bridges, pipelines, oil rigs, and highways. Global demand for infrastructure development and building has increased as a result of increasing urbanization, rising population, and rapid industrial growth. This factor is expected to drive the growth of the silicone market.

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SILICONE MARKET SHARE ANALYSIS

Demand for the silicone market is driven by increasing investment in the electronics industry across the world especially in the Asia Pacific region. Silicones are also used across sectors in numerous specific products, including electronic chips, semiconductors, printed circuit boards (PCBs) and electronic control units (ECUs), LED devices, and various information & communications technology (ICT) equipment, such as mobile phones, computers, and tablets.

Elastomers had the highest CAGR by type over the predicted period. Silicone elastomers are in great demand because of rising demand in the electronics, automotive, personal care, and medical industries. Linear polymers, reinforcing agents, a crosslinker, and a catalyst are used to create silicone elastomers.

During the forecast period, the silicone market in the Asia Pacific is anticipated to exhibit the greatest CAGR. China, India, Japan, and South Korea are the region's top silicone markets. Due to the existence of numerous small, medium, and big market players, the region has a sizable market share.

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Market By Region

North America
Europe
Asia-Pacific
Latin America
Middle East & Africa

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Key players

Xinapse Systems Ltd.
Canon Medical Systems
Sciencesoft USA Corporation
Mim Software, Inc.
Koninklijke Philips N.V.
Image Analysis
Esaote S.P.A
Aquilab
AGFA Healthcare
Carestream Health, Inc.
General Electric Company (GE)
INFINITT Healthcare Co, Ltd.
Merge Healthcare Incorporated
Mirada Medical Limited
Siemens Healthineers

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SIMILAR REPORTS

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- Biopla stics Market size was valued at USD 5.8 Billion in 2020 and is projected to reach USD 16.8 Billion by 2030, growing at a CAGR of 11.5% from 2021 to 2030.

- Antimicrobial Engineering Plastics market was valued at USD million in 2022 and is anticipated to reach USD million by 2029, witnessing a CAGR of % during the forecast period 2023-2029.

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