The report "Silicone Market by Type (Elastomers, Fluids, Resins, Gels), End-use Industry (Industrial Process, Building & Construction, Personal Care & Consumer Products, Transportation, Electronics, Medical & Healthcare, Energy), Region - Global Forecast to 2026" The global silicone market size is expected to grow from USD 16.7 million in 2021 to USD 23.4 billion by 2026, at a CAGR of 7.0% during the forecast period.
The major factors driving the silicone industry include the superior properties of the material and its high demand in different end-use industries, such as building & construction, personal care & consumer products, transportation, and electronics.
Further, the booming demand from the medical & healthcare industry owing to the COVID-19 pandemic is expected to drive the market.Get PDF brochure of the report: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=709Browse 209 market data Tables and 40 Figures spread through 212 Pages and in-depth TOC on "Silicone Market”By type, the elastomers segment is estimated to lead the silicone market in 2020, in terms of value & volume.The silicone market has been segmented based on type into elastomers, fluids, resins, and gels & other products.
Among these types, the elastomers segment accounted for the largest share of the market in 2020 and is likely to witness significant growth during the forecast period.
The market growth in this segment is attributed to its increasing use in various products, including voltage line insulators, cooking, baking, and food storage products; undergarments, sportswear, and footwear; electronics; medical devices, and implants; and in household gaskets and O-rings.
Silicones are extensively used in numerous industrial processes.