Market Size of North America Silicone Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 5.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Silicone Market Analysis
The North American silicone market is expected to register a CAGR of over 5% during the forecast period.
The COVID-19 pandemic negatively impacted the silicone market in North America. During COVID-19, major end-user industries like construction, industrial, and automotive were closed due to the lockdown, which decreased the consumption of silicone. After 2020, the market grew steadily due to the continuous activities in the major end-user sectors.
- Growing usage of silicone in the healthcare segment and increasing demand in the construction industry are expected to drive the growth of the North American silicone market.
- Growing use in the electronics industry is likely to act as an opportunity in the future.
- High capital requirements and fluctuating raw material prices are likely to impede market expansion.
- United States is expected to dominate the North American silicone market and is also likely to witness the highest CAGR during the forecast period.
