New York, United States, March 14, 2024 (GLOBE NEWSWIRE) -- Silicone elastomers are synthetic rubber-like materials made from silicone polymers. They are known for their distinct combination of features, making them suitable for various applications in many industries.
Silicone elastomer's market share can be attributed to several critical factors, including increased demand from end-use industries. Silicone elastomers outperform other elastomers in terms of characteristics. Because of these features, it is required for industrial application, which benefits the global silicone market. The construction, automotive, and electrical and electronics end-use industries are expected to grow rapidly during the projection period.
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Wide Range of Applications Propels Market Growth
Silicone elastomers excel in many sectors and applications. This feature makes silicone elastomers appealing in many industries, driving the global market. Silicone elastomers are used in automotive gaskets, seals, hoses, and engine parts. They seal critical engine parts to prevent leaks and withstand temperature changes. Silicone elastomers' improved engine performance drove its automobile introduction.
Transformers and power lines are insulated by silicone elastomers, which help generate power. Their strong electrical insulation improves electricity infrastructure efficiency and reliability. The International Energy Agency (IEA) predicts a 4% yearly growth in global electricity demand from 2020 through 2030. Due to rising electricity consumption, silicone elastomers will be used in power generation applications. Adaptability and performance are driving the Silicone Elastomers Market trend.
Growth in the Healthcare Sector Creates Tremendous Opportunities
According to Straits Research, "The global silicone elastomers market size was valued at USD 9.1 billion in 2022 and is projected to reach USD 17.3 billion by 2031, registering a CAGR of 7.4% during the forecast period (2023-2031)." Silicone elastomers have great medical and pharmaceutical applications, making them a promising healthcare growth prospect. IBEF expects India's healthcare market to reach USD 372 billion by 2022 due to increased income, health awareness, lifestyle disorders, and insurance coverage. Due to their biocompatibility, sterilizability, and chemical resistance, silicone elastomers are essential in medical equipment. Silicone elastomers are used to make medical-grade silicone tubing for many applications.
Platinum-cured silicone tubing is used in drug-delivery peristaltic pumps. According to a Journal of Medical Engineering and Technology study, biocompatibility, durability, and ease of sterilization make silicone elastomers attractive in medical applications. The study's primary application is the catheter, pacemaker leads, and other implantable medical devices. Pharmaceutical vial stoppers made of silicone elastomers are also used to preserve injectable drugs.
Regional Insights
Asia-Pacific silicone elastomers were most popular due to rising auto production in 2023. Malaysia, Japan, Taiwan, and India are producing more cars. China pioneered low-cost consumer goods and utilities. IV flow regulators, makeup brushes, and pastry brushes are mass-produced there. The Asia Pacific silicone elastomers market has grown substantially in recent years.
Silicone elastomers in gaskets, cosmetics, and lenses have improved regional market positions. Rising lifestyle and automobile demand are also driving the market. However, variable raw material prices limit silicone elastomer sales. Government carbon emission regulations in production hinder the silicone elastomer business. Asia-Pacific silicone elastomer market growth is huge. The fast-growing construction, automotive, electronics, healthcare, and consumer products industries will drive silicone elastomer sales.
North American silicone elastomers market is driven by automotive, healthcare, electronics, construction, and aerospace applications. The US has a large market share in these industries, allowing it to dominate North America. In 2022, the U.S. had the world's biggest nominal GDP, USD 20.49 trillion, according to the IMF. According to the Bureau of Economic Analysis, US construction is one of the largest globally, accounting for 4.2% of GDP. This is a major reason the nation dominates the market.
In North America, silicone elastomers make surgical tools, tubing, closures, and implanted devices. The biocompatibility and stabilizability of these compounds make them popular. In 2020, the U.S. medical device market was worth approximately USD 180 billion, according to the Commerce Department. Silicone elastomers enable safe and reliable medical devices, which boosts this sector.
Key Highlights
- The product is further classified as High-temperature Vulcanize (HTV), Room-temperature Vulcanize (RTV), and Liquid Silicone Rubber (LSR). Liquid Silicone Rubber (LSR) is the market's major shareholder.
- By application, the market can be divided into Electrical and electronics, Automotive and transportation, Industrial Machinery, Consumer Goods, and Construction. Construction has an impact on the market expansion.
- Depending on the region, the market is analyzed in North America, Asia-Pacific, Europe, and LAMEA. Asia-Pacific is the most significant global Silicone Elastomers market shareholder and is estimated to grow at a CAGR of 4% over the forecast period. North America is anticipated to exhibit a CAGR of 4.3% over the forecast period.
Competitive Landscape
The key players in the global silicone elastomers market are China National BlueStar, Dow Corning, KCC Corporation, Momentive Performance Material Inc., Mesgo S.P.A, Shin-Etsu Chemical Co. Ltd, Reiss Manufacturing, Wacker Chemie, Zhejiang Xinan Chemical, Stockwell Elastomerics, and Specialty Silicone Products.
Market News
- In September 2023, Dow launched low-carbon, bio-based, and circular propylene glycol solutions throughout Europe.
- In September 2023, Shin-Etsu Chemical will expand its QST® substrate business for GaN power device applications.
Global Silicone Elastomers Market: Segmentation
By Product
- High-temperature Vulcanize (HTV)
- Room-temperature Vulcanize (RTV)
- Liquid Silicone Rubber (LSR)
By Application
- Electrical and Electronics
- Automotive and Transportation
- Industrial Machinery
- Consumer Goods
- Construction
- Others
By Region
- North America
- Asia-Pacific
- Europe
- The Middle East and Africa
- Latin America
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