The global silicone elastomers market is expected to reach $10.22 billion by 2026, according to a new report by Reports and Data. This can be mainly associated with increased demand from the global healthcare industry. Based on statistics, increasing demand for automotive vehicles is expected to become the most common growth interest globally in the coming years.
Asia Pacific is reportedly the largest user of silicone elastomers across the globe, and is expected to register 40%―the highest share―in 2026. The majority of the market is due to the spontaneous availability of low labor and raw materials in the region. In addition, the developing prosperity of countries such as Indonesia, Taiwan, China and India is reportedly inviting new international ventures in these countries thereby leading to the growth of various industries in this region.
For more information, visit www.reportsanddata.com.