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Silicone Fluids Market Worth $6.6 Billion By 2026

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Abhijeet W
Silicone Fluids Market Worth $6.6 Billion By 2026

The global silicone fluids market size is projected to grow from USD 5.1 billion in 2021 to USD 6.6 billion by 2026, at a CAGR of 5.5% from 2021 to 2026. The silicone fluids market is expected to witness significant growth in the coming years due to its increased demand across the personal care & beauty, building & construction, automotive & transportation, and textile industries.

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COVID-19 impact on global silicone fluids market

With the rise in cases of COVID-19, implementation of emergency protocols and shutdown of various operations and facilities have been observed during 2020. The outbreak of COVID-19 in Wuhan, China, has spread across the major APAC, European, and North American countries, affecting the market for silicone fluids since most of the global companies have their headquarters in these countries. This impact of COVID-19 had caused disruption in the supply chain, which had slowed down the market growth due to lack of raw materials and unavailability of workforce.

APAC region to lead the global silicone fluids market by 2026.

APAC accounted for the largest market share of about 46.0%, in terms of value in 2020. The growing population and rapid urbanization are among the key factors propelling industry expansion in this region. High domestic demand, along with the easy availability of raw materials and low-cost labor, makes APAC a lucrative market for manufacturers that are focusing on this region to gain market share and increase profitability. Manufacturers of silicone fluids are targeting this country due to the advantages of setting up production facilities, the low cost of production, and the ability to better serve local emerging markets.

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Key Market Players

Key manufacturers in the silicone fluids market are The Dow Chemical Company (US), Wacker Chemie AG (Germany), Elkem ASA (Norway), Momentive (US), and Shin-Etsu Chemical Co., Ltd. (Japan), amongst others.

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