Market Size of Silicone Industry
| Study Period | 2019 - 2029 |
| Market Volume (2024) | 3.01 Million tons |
| Market Volume (2029) | 3.87 Million tons |
| CAGR (2024 - 2029) | 5.15 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Silicone Market Analysis
The Silicone Market size is estimated at 3.01 Million tons in 2024, and is expected to reach 3.87 Million tons by 2029, growing at a CAGR of 5.15% during the forecast period (2024-2029).
The COVID-19 pandemic, the series of nationwide lockdowns, strict social distancing norms, and disruption in the global supply chain network hampered the silicone market. Many factories and industries were shut down globally, affecting the demand for silicone. However, due to increasing awareness of health and hygiene, a further rise in demand from the healthcare, personal care, and consumer products sectors has stimulated the demand for silicone.
- Over the long term, the major factors driving the silicone market's growth are the increased usage in the healthcare industry, the growing demand from the power transmission and distribution sector, and rising applications in the automotive industry.
- On the flip side, the impact of geopolitical tensions and the rising number of government regulations are likely to hinder the growth of the market.
- Rising potential demand for electroactive polymers (EAP) from various end-users is likely to be an opportunity for the silicone market over the forecast period.
- Asia-Pacific is expected to dominate the market among other regions, with China and India leading the growth in the region.
