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Worldwide Silicone Market is forecast to reach 11.21 Million Tonnes by 2030
Silicone market has shown promising growth in the past five years and is anticipated to achieve a CAGR of 4.55% during the forecast period.
Silicone is an inert synthetic polymer manufactured by polymerizing siloxanes which are monomers containing silicon atoms connected by oxygen, carbon and hydrogen atoms. The different types of Silicone are elastomers, resins, fluids, and gels. They are utilized in making lubricants, adhesives, medical applications, insulations, and cookware. Due to its versatile properties, Silicones have several end use industries such as building and construction, industrial process, personal care and consumer products, electronics, transportation, medical and healthcare, energy. Surging demand form the construction as well electronics industry is estimated to drive the demand of Silicone for the forecast period.
In 2020, the spread of COVID-19 in major global economies caused nationwide lockdowns which had an impact on a number of industries including Silicone associated industries because the manufacturing plants were not operational coupled with the disruption the demand and supply chain during the lockdowns. However, Due to heavy demand from end use industries such as healthcare, construction, and electronics the market for Silicone was resumed back with full potential after the relaxation in lockdowns. Additionally, increasing use of liquid silicon rubber in Automotive and Medical industries is likely to boost the silicone market over the forecast period.
Read Full Report Here: https://www.chemanalyst.com/