The global silicone market is anticipated to grow at a CAGR of around 4% during the forecast period. The factor such as increasing demand from the electronics industry due to its large thermal stability and resistance to ozone, UV radiation, and moisture is expected to fuel the growth of the silicone market during the forecast period. The rising demand for lightweight materials in the automotive sector and growing R&D activities for the innovation of products are anticipated to boost the industrial growth in the near future. Lightweight materials are being used to decrease automobile weight that leads to reducing the overall fuel consumption. High thermal stability along with silicone fluids is expected to fuel the growth of the market.
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The growing vehicle industry and advancements in tire technology are witnessing the positive impact on the growth of the market. The growth in the vehicle industry will result in a rise in demand for tires from original equipment manufacturers (OEM) and also aftermarkets. Silicon metal is a blue-grey lustrous and hard semi-conductive metal that is used to make the solar cells, microchips, and steel together with various other commodities. Due to properties such as high corrosion resistivity, high thermal conductivity, and machinability, silicone metal is utilized to obtain silicones, alloys, and semiconductors.
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Global Silicone Market Segmentation
By Product
- Fluids
- Gels
- Resins
- Elastomers
By Application
- Electrical & electronics
- Transportation
- Construction
- Personal Care & Pharma
- Textiles
- Others
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
