Silicone Elastomers Market Overview
Silicone Elastomers Market is projected to be worth USD 13.5 billion by 2022, registering a CAGR of 4.70% during the forecast period (2022-2030). Electrically conductive, thermally conductive, open-cell foams, solids, and closed-cell sponges are all examples of silicone elastomers, also known as vulcanized silicone-based polymers. Silicone elastomers are suited for usage in a variety of end-use industries, including healthcare, electrical and electronics, and transportation, due to their great features such as minimal compression set, excellent environmental resistance, and exceptional temperature resistance. In recent years, the global market for silicone elastomers has experienced tremendous expansion. The increasing demand from the construction and electronics industries are the primary reasons driving the Silicone Elastomers Market's growth in the medium term. On the other hand, silicone's negative health effects are anticipated to stifle Silicone Elastomer's expansion.
The fast-growing global automobile industry is principally responsible for the market's expansion. Silicone elastomers are commonly found in diaphragms, hoses, fuel system valves, gaskets, and connection seals in automobiles. Furthermore, factors such as the growing middle-class population, rising disposable income, and increasing product consumption in the electronics industry are expected to positively impact market growth in the next years. Furthermore, the expanding healthcare business in both established and developing economies is expected to provide attractive prospects for Silicone Elastomers Market participants.
Some of the key players in the global silicone elastomers market are
Silicone Elastomers Market Share, by Type, 2017 (%)
Asia-Pacific accounted for the largest share of the silicone elastomers markets in 2017 as a result of the presence of a wide industrial base in developing economies such as India, China, and Thailand. Market growth is heavily influenced by increasing automotive production as a result of the surging demand for automobiles coupled with the rising per capita income of consumers.
North America is a prominent region for the silicone elastomers market owing to the burgeoning electrical and electronics industry with the rising demand for consumer electronic devices such as wireless speakers and wearable devices.
In terms of market share, North America is followed by Europe, on account of the reviving automotive industry with a surge in demand for high energy-efficient and lightweight vehicles. Additionally, the expanding healthcare industry as a result of increased spending on healthcare coupled with the growing geriatric population and high per capita income is propelling market growth.
The Latin American market is expected to grow at a significant rate during the review period with the burgeoning automotive industry in Brazil and Mexico. The market in the Middle East & Africa is likely to grow at a considerable CAGR in the coming years due to the growing industrial base in the region.
The global silicone elastomers market has been segmented by type, application, and region.
On the basis of type, the market has been segmented into high temperature vulcanized (HTV), liquid silicone rubber (LSR), room temperature vulcanized (RTV), and others.
Based on application, the market has been segmented into automotive, electrical and electronics, healthcare, energy, aerospace, and others.
Based on region, the market has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
|Market Size||2027: USD 13.5 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, Application and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Momentive (US), Wacker Chemie AG (Germany), DowDuPont (US), Shin-Etsu Chemical Co., Ltd. (Japan), KCC CORPORATION (South Korea), China National Bluestar (Group) Co., Ltd. (China), Reiss Manufacturing, Inc. (US), MESGO S.p.A. (Italy), ALLERGAN (Ireland), Bentec Medical (US), Rogers Corporation (US), and Specialty Silicone Products, Inc. (US).|
|Key Market Opportunities||The growing electrical and electronics industry, with the surging demand for consumer electronics such as mobiles phones, TVs, home appliances, and wearable electronic devices|
|Key Market Drivers||The rapidly expanding automotive industry across the globe.|
Poor abrasion and resistance for oil & petroleum can deter the silicone elastomers market growth.
The Asia Pacific silicone elastomers market is the largest one.
Automotive, healthcare, electrical & electronics, aerospace, energy, and others are applications that have been studied for the assessment.
The silicone elastomers market players are Wacker Chemie AG (Germany), Momentive (US), Shin-Etsu Chemical Co., Ltd. (Japan), DowDuPont (US), China National Bluestar (Group) Co., Ltd. (China), KCC CORPORATION (South Korea), MESGO S.p.A. (Italy), Reiss Manufacturing, Inc. (US), Bentec Medical (US), Rogers Corporation (US), ALLERGAN (Ireland), and Specialty Silicone Products, Inc. (US).
The booming automotive industry can trigger better growth in the region.