Silicone Market expected to expand at a CAGR of 4.3% from 2021 to 2028
Silicone Industry Overview The global silicone market size was valued at USD 14.4 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 4.3% from 2021 to 2028. The growing demand for silicone in various end-user industries including construction, personal care, industrial process, and consumer goods is expected to drive market growth. Properties like chemical stability, versatility, and high resistance to temperature are expected to drive the demand for silicone in the aforementioned end-user industries. Additionally, expanding use of silicone-based products in the evolving market such as electronics, renewable energy, and electric vehicles is expected to boost up the demand for silicone over the forecast period. Based on grades, silicones are divided into three categories, namely medical-grade, food-grade, and industrial grade. Price variations in these grades majorly depend on the type of process involved in the manufacturing, types of catalyst...