Chicago, Feb. 20, 2023 (GLOBE NEWSWIRE) -- The global Silicone Elastomers Market size is projected to reach USD 13.5 billion by 2027, at a CAGR of 7.4 % from USD 9.4 billion in 2022, as per the recent study by MarketsandMarkets™. End-use industries such as building & construction, electrical & electronics, and automotive & transportation widely use silicone elastomers because of its favourable properties. In addition, the growing interest towards antimicrobial silicone elastomers to further drive the market during the forecast period.
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Browse in-depth TOC on "Silicone Elastomers Market”
299- Market Data Tables
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List of Key Players in Silicone Elastomers Market:
- Dow Inc. (US)
- Wacker Chemie AG (Germany)
- Momentive Performance Materials Inc. (US)
- Shin-Etsu Chemical Co., Ltd (Japan)
- China National Bluestar (Group) Co., (China)
- Reiss Manufacturing Inc. (US)
- CHT Germany GmbH (Germany)
- Others
Drivers, Restraints, Opportunities and Challenges in Silicone Elastomers Market:
- Drivers: Superior properties of silicone elastomers
- Restraints: Stagnant growth in developed countries
- Opportunity: Antimicrobial silicone elastomers for healthcare industry
- Challenges: Fluctuating raw material prices
Key Findings of the Study:
- Liquid Silicone Rubber (LSR) is projected to grow at fastest CAGR during the forecast period.
- Compression molding is projected to be the fastest growing segment by process in silicone elastomers market, in terms of value.
- Asia Pacific is expected to be the fastest growing market for silicone elastomers during the forecast period, in terms of value and volume.
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Based on type, silicone elastomers are classified into, HTV (high-temperature vulcanization) also known as HCR (high consistency rubber), RTV (room temperature vulcanization), and LSR (LSR vulcanized at high temperature). Among the three main types of silicone rubber that are currently in production, LSR is witnessing strong growth owing to the increasing demand from various end-use industries. LSRs are gaining popularity because of their performance advantages such as biocompatibility, easy processing, ease of use, and the ability to be cast into any shape.
Based on end-use industry, the silicone elastomers market is segmented as building & construction, electrical & electronics, automotive & transportation, consumer goods, healthcare, foam and others. Demand for silicone elastomers has increased in the healthcare industry owing to the increasing demand for safe and sterile equipment. After the spread of COVID-19, there is an increased awareness and demand regarding safety of medical and pharmaceutical equipment. These elastomers are being extensively used in the industry because of their superior properties such as excellent UV and ozone resistance, ease of fabrication and processing, high thermal conductivity, and high gas & drug permeability.
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Asia Pacific is the largest and the fastest-growing market for silicone elastomers, in terms of volume. The growth in this region is mainly attributed to the high economic growth rate and heavy investments in the automotive & transportation, electrical & electronics, and healthcare industries. In the recent years, Asia Pacific has emerged as a major market for silicone elastomers because of the growing demand from China and India. Manufacturers are focusing on this region to gain market share and improve profitability. Growing industrialization, backed by infrastructure development in the region, has offered enormous opportunities for the growth of the silicone elastomers market in Asia Pacific.
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