Silicone Market Size

Silicone Market Size

Silicone Market size exceeded USD 16.7 billion in 2021 and is poised to register around 6% CAGR from 2022 to 2030. The growing usage of silicone in a wide range of health and medical applications will propel industry growth in the coming years.

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Silicones, also known as poly-siloxanes, are synthetic polymers comprising carbon, hydrogen, and other elements with repeating monomers of siloxane, a chain of alternating silicon & oxygen atoms. It is a durable synthetic material derived from silicon, which is used in plastic & cosmetic surgeries and to make polishes. Poly-siloxanes has remarkable properties, making it suitable for a wide range of applications. It has strong insulation, high water resistance, versatility, stability, and resistance to aging. Poly-siloxanes is also suited for industrial applications owing to its anti-foaming qualities.

The increasing product demand from the global construction sector is a major factor driving the silicone market expansion during the projected period. Poly-siloxanes materials are utilized significantly in building and construction applications including the sealing of expansion joints in buildings & roads, weatherproofing of joints in porous & non-porous substrates, electrical conduits, and electrical wiring in walls & ceilings.

On the other hand, the expensive process to produce silicone along with problems associated with its maintenance when applied as a sealant on any surface. This may offer a significant barrier to product penetration. Additionally, due to the COVID-19 pandemic, various governments have implemented lockdowns to prevent the virus from spreading, which caused some manufacturers to halt their production lines. In addition to government restrictions, manufacturers have shut down their businesses due to decreased demand, a disrupted supply chain, and worker safety concerns.