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The global silicones market was valued at US$ 15.1 Billion in 2020.
Extensive utilization of silicone-based materials, such as sealants, adhesives, and protective coatings, in numerous construction activities based on its strong, durable, and weather resistant properties, is currently driving the global silicones market.
Sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in the temporary shutdown of numerous end use industries for silicones.
Based on the product type, the global silicones market has been bifurcated into elastomers, fluids, gels, and resins. Among these, elastomers currently hold the largest market share.
Based on the application, the global silicones market can be segmented into industrial processes, construction materials, home and personal care products, transportation, energy, healthcare, electronics, and others. Currently, industrial processes represent the largest segment.
On a regional level, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where Asia Pacific currently dominates the global market.
Some of the major players in the global silicones market include DOW, Elkem, ShinEtsu, WACKER, and Momentive.
We expect the global silicones market to exhibit a CAGR of 7.7% during 2021-2026.
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