The Silicone Market is expected to reach USD 22.48 Billion by 2026 , according to a new report by Reports and Data . This can be mainly associated with increasing demand for automotive vehicles in various industries globally . Based on statistics , increase in demand from healthcare industry is expected to become the most common growth interest globally in the coming years . Abundant availability of raw materials including metals and polymers coupled with technological expertise has lead to the development of emerging economies which are resulting in high growth rates for the market .
Further key findings from the report suggest
• A key feature of Silicone is their relative chemical inertness towards the chemistry of the human body . Silicone can operate as medical devices without the risk of unfavorable effects on the patient . Common uses for silicones in this field are gels or tubing for bandage coating . These substances are also broadly used as lenses for eye and medical implants .
• The global Silicone Market is growing at a rapid speed owing to the increase in demand from automotive industry .
• The elastomer sector of the product segment accounts for the largest market share of 44.81 % in 2018 . This is due to the rise in demand from the automotive and medical industries globally .