According to the research report by IMARC Group, titled “Silicones Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global silicone market reached a value of US$ 19.6 Billion in 2018. Looking forward, the market projected to reach a volume of 2.8 Million Metric Tons by 2024, growing at a CAGR of 4.9% during 2019-2024.
Also known as polysiloxanes, silicones are polymeric organic compounds made from silicon and oxygen atoms. They are chemically inert, resistant to water, oxidation and temperature, and manufactured as fluids, resins and elastomers. Owing to this, they are employed in the construction and food industries across the globe. They are also utilized in protective coatings, lubricants, varnishes, binders, glass cloth lamination, electrical-wire insulation and biomedical implants.
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Silicones are widely used in the automotive industry for reducing the weight and improving the fuel efficiency of the vehicle. In addition to this, they are utilized in the electronics, construction and medical industries on account of their high thermal stability, durability, low volatility and biocompatibility. Furthermore, they are employed for absorbing vibrations and lubrication of moving parts in the aerospace industry. Besides this, some of the leading companies are collaborating with healthcare companies to develop silicone-based wearable devices. This is expected to create a positive outlook for the market in the coming years.
Browse full report: https://www.imarcgroup.com/silicones-market
Breakup by Type
Breakup by Application
- Industrial Processes
- Construction Materials
- Home and Personal Care
Breakup by Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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