Growing use of silicone in various sectors such as electrical, construction, transportation, pharmaceuticals, personal care, and textiles is pushing the global silicone market. Numerous vendors are chasing possibilities to strengthen their positions in this market. They are entering into partnerships and agreements to expand their geographical reach. Partnership of some players with healthcare companies is one of the latest trends. The key motive of this move is to produce silicone-based wearable devices. All these activities are estimated to help in the development of the global silicone market.
The global silicone market is gaining traction owing to its wide range of features of silicone. It offers high resistance to moisture, UV radiation, weathering, and ozone. Growing use of silicone owing to its high thermal stability is projected to push the demand.
Increased Demand from Automotive Industry Pushing Market Growth
In recent years, automotive industry has witnessed numerous changes. Many vendors have invested in research activities. The key motive of these research activities has been producing lightweight automobiles. This shift can be attributed to the fact that the light weight of a vehicle can help in reducing the consumption of fuel. Thus, there is swift growth in demand for silicone in automotive sector. To fulfill this increased demand, many vendors in the global silicone market are investing in strengthening their production capabilities. As a result, the market is projected to demonstrate sturdy growth in the upcoming period.
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The global silicone market will chart a high growth trajectory owing to increasing demand from electronics sector. In this sector, silicone material is utilized as a semiconductor. Silicone is highly conductive in nature. Thus, its use helps in maximizing the performance of various devices including printed circuit boards, transistors, and integrated circuits. Growing demand for products from electronics sector is pegged to drive the growth of the global silicone market during upcoming period.