Silicone Market To Boost By Growing Demand For Electroactive Materials In The Electrical Industry To 2028
Silicone Industry Overview The global silicone market size is anticipated to reach USD 19.7 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.3% from 2021 to 2028. The rising demand for lightweight automotive materials to decrease the overall vehicle weight and fuel consumption is likely to drive the market over the forecast period. The rising importance of liquid silicone rubber as Liquid Injection Molding System (LIMS) materials in wire harness for inducing indispensable wiring system is also expected to drive the market. Furthermore, the growing demand for electroactive materials in the electrical industry will fuel market growth. Silicone Market Segmentation Grand View Research has segmented the global silicone market report on the basis of product, end-use, and region: Based on the Product Insights, the market is segmented into fluids, gels, resins, elastom...