Market Size of Asia-Pacific Silicone Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 4.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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APAC Silicone Market Analysis
The Asia-Pacific silicone market is expected to register a CAGR of over 4% during the forecast period.
The silicone market was significantly impacted by the COVID-19 pandemic. Due to the global lockdown imposed by various governments in response to the pandemic, there has been a decrease in the demand for silicone products from a variety of end-user sectors. Due to this, there was a decline in the production and sales of silicone products, which had an impact on the market expansion. However, the market rebounded back in 2021 as a result of the rising demand for silicone products across the automotive, building, electronics, and medical industries.
- Over the short term, the demand for silicone products in the automotive industry is anticipated to grow in response to the growing desire for lightweight and fuel-efficient vehicles. Furthermore, the region's expanding construction sector is anticipated to fuel the demand for silicone products.
- However, the high cost of silicone goods and the strict rules enforced by regional governments are predicted to hinder the market expansion.
- Nevertheless, the growing demand for medical devices and equipment is expected to drive the demand for silicone products in the region.
- China is expected to dominate the European market during the forecast period.
