Dublin, April 19, 2024 (GLOBE NEWSWIRE) -- The "Global Silicone Elastomers Market by Type (HTV, RTV, LSR), Process (Extrusion, Liquid Injection Molding, Injection Molding), End-Use Industry (Building & Construction, Electrical & Electronics, Automotive & Transportation), & Region - Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The silicone elastomers market is poised for significant growth, with a projected value of USD 12.3 billion by 2029, exhibiting a robust CAGR of 7.4% from its 2024 value of USD 8.6 billion.
The silicone elastomers market is witnessing substantial growth, primarily driven by two key factors. The superior properties of silicone elastomers stand as an ideal driver driving the growth and evolution of the silicone elastomers market. Innovations in medical devices, application methods, and materials have significantly enhanced the performance, functionality, and flexibility of silicone elastomers. These combined forces are propelling the demand for silicone elastomers in various end-use industries.
Asia Pacific region experiences rapid growth in the silicone elastomers market due to several key factors. Firstly, the region's burgeoning manufacturing sector, especially in countries like China and India, drives demand for silicone elastomers across various industries including automotive & transportation, electrical & electronics, and building & construction. Secondly, increasing urbanization and infrastructure development fuel the need for high-performance materials like silicone elastomers in building and construction applications.
The key market players illustrated in the report include Dow Inc. (US), Wacker Chemie AG (Germany), Momentive Performance Materials Inc. (US), Shin-Etsu Chemical Co., Ltd. (Japan), China National Bluestar (Group) co. Ltd. (China), Reiss Manufacturing Inc. (US), Mesgo S.p.A (Germany), Cabot Corporation (US), Rogers Corporation (US), and DuPont de Nemours, Inc. (US).
High temperature vulcanized segment was the largest type of silicone elastomers in 2023, in terms of value.
High temperature vulcanized silicone elastomers secure the leading market share owing to their outstanding performance in challenging scenarios. With superior thermal stability, they prove ideal for industries like automotive & transportation and electrical, facing elevated temperature conditions. Their strong mechanical attributes and resilience against environmental factors make them extensively applied across diverse industries.
Moreover, the adaptability of high temperature vulcanized silicone elastomers facilitates customization for intricate designs and complex molds, reinforcing their dominance in the market. As industries emphasize high-performance materials to ensure durability and reliability, high temperature vulcanized silicone elastomers continue to be the preferred choice.
Liquid injection molding process was the largest segment in silicone elastomers market in 2023, in terms of value.
Liquid injection molding takes the lead as the primary segment in the silicone elastomers market, owing to its inherent advantages in precision, efficiency, and adaptability. Manufacturers benefit from liquid injection molding's capability to produce intricate silicone components consistently, making it well-suited for applications in automotive, healthcare, and electronics industries.
This molding process facilitates the creation of complex designs and shapes, addressing diverse end-use requirements. Furthermore, the rising need for high-performance silicone products and the growing inclination towards miniaturization across industries significantly bolster the prominence of liquid injection molding within the silicone elastomers market.
Electrical and electronics segment is estimated to be the largest end-use industry of silicone elastomers market in 2023, in terms of value.
The electrical and electronics sector emerges as the largest end-use industry in the silicone elastomers market due to several key factors. Firstly, silicone elastomers offer exceptional insulating properties, making them highly desirable for applications in electrical components and devices. Their ability to withstand high temperatures and harsh environmental conditions further enhances their suitability for electronic applications.
Additionally, the increasing demand for advanced electronic devices and the proliferation of technologies such as electric vehicles and renewable energy systems drive the growth of silicone elastomers in this sector.
The report provides insights on the following pointers:
- Analysis of key drivers (aging population fueling demand from healthcare industry, high demand for silicone elastomers in electrical & electronics industry, superior properties of silicone elastomers), restraints (environmental concerns and sustainability challenges, stagnant growth in developed countries), opportunities (antimicrobial silicone elastomers for healthcare industry, increasing demand for automobiles), and challenges (fluctuating raw material prices).
- Market Penetration: Comprehensive information on silicone elastomers offered by top players in the global silicone elastomers market
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the silicone elastomers market
- Market Development: Comprehensive information about lucrative emerging markets - the report analyzes the markets for silicone elastomers across regions
- Market Diversification: Exhaustive information about new products, untapped regions, and recent developments in the global silicone elastomers market
- Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the silicone elastomers market
- Impact of recession on silicone elastomers market
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 281 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $8.6 Billion |
| Forecasted Market Value (USD) by 2029 | $12.3 Billion |
| Compound Annual Growth Rate | 7.4% |
| Regions Covered | Global |
Companies Featured
- Dow, Inc.
- Wacker Chemie AG
- Momentive Performance Materials, Inc.
- Shin-Etsu Chemical Co. Ltd.
- China National Bluestar (Group) Co, Ltd.
- Rogers Corporation
- Cabot Corporation
- Reiss Manufacturing Inc.
- Mesgo S.P.A.
- Cht Germany GmbH
- Bellofram Elastomers
- Ab Specialty Silicones, LLC
- Specialty Silicone Products, Inc.
- Dupont De Nemours, Inc.
- Avantor, Inc.
- Silicone Solutions, Inc.
- Zhejiang Xinan Chemical Industrial Group Co. Ltd.
- Ravago Petrokimiya Uretim A.S.
- Shezhen Hong Je Yi Technology
- Jiangshan Sunoit Performance Material Science Co. Ltd
- Polysil Silicone Material
- Shanghai Rich Chemical New Material Co. Ltd
- Nano Tech Chemical Brothers
- Shenzhen Yijiasan Silicone Co. Ltd.
- Shenzhen Genvan Silicone Materials Co. Ltd
For more information about this report visit https://www.researchandmarkets.com/r/30v6cn
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