Chicago, April 26, 2024 (GLOBE NEWSWIRE) -- The Silicone Elastomers Market is estimated to grow from USD 8.6 billion in 2024 to USD 12.3 billion by 2029, at a CAGR of 7.4% in terms of value, as per the recent study by MarketsandMarkets™. Rising demand for silicone elastomers from industries such as building & construction, foams, automotive & transportation, electrical & electronics, healthcare, consumer goods, and others for a variety of applications is leading the market. During the forecast period, this is anticipated to expand the silicone elastomers market even more.
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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. Ltd. (China)
- Reiss Manufacturing Inc. (US)
- Mesgo S.p.A (Germany)
- Cabot Corporation (US)
- Rogers Corporation (US)
- DuPont de Nemours, Inc. (US)
Drivers, Restraints, and Opportunities in Silicone Elastomers Market:
- Driver: Aging population fueling demand from healthcare industry
- Restrain: Environmental concerns and sustainability challenges
- Opportunity: Antimicrobial silicone elastomers for healthcare industry
- Challenge: Fluctuating raw material prices
Key Findings of the Study:
- High temperature vulcanized segment is estimated to be the largest type in silicone elastomers market in 2024, in terms of value.
- Compression molding segment is estimated to be the fastest-growing process for silicone elastomers market during the forecast period 2024 to 2029.
- Healthcare segment is estimated to be the fastest-growing end-use industry for silicone elastomers market during the forecast period 2024 to 2029.
- Europe was the largest region for the silicone elastomers market in 2023, in terms of value.
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Based on type, the silicone elastomers market is segmented as high temperature vulcanized, room temperature vulcanized, and liquid silicone rubber. High temperature vulcanization stands out as the largest segment in terms of value, globally. The dominance of the high-temperature vulcanized (HTV) segment in the silicone elastomers market is attributed to its exceptional heat resistance, rendering it optimal for challenging environments like automotive & transportation, and industrial sectors. High-temperature vulcanized silicone elastomers offer superior thermal stability, flexibility, and durability, driving extensive adoption in high-performance and extreme-temperature applications, thereby consolidating their leadership position in the market. Furthermore, the liquid silicone rubber segment is forecasted to exhibit the highest CAGR in terms of value during the forecast year 2024 and 2029.
Based on process, the silicone elastomers market is segmented as extrusion, liquid injection molding, injection molding, compression molding, and others. Liquid injection molding stands out as the largest segment in terms of value, globally. The Liquid Injection Molding (LIM) process has secured dominance in the silicone elastomers market by offering unparalleled precision and efficiency in manufacturing intricate components. Its capability to produce high-quality, customized products consistently aligns with the stringent demands of industries like healthcare, electrical & electronics, and automotive & transportation, reinforcing its position as the preferred choice and market leader.
Based on end-use industry, the silicone elastomers market has been categorized into various segments including building & construction, foams, automotive & transportation, electrical & electronics, healthcare, consumer goods, and others. Notably, the electrical & electronics segment emerged as the market leader in 2023. The rapid advancements in technology, driving increased demand for smart devices and sustainable energy solutions. The sector's innovation, such as 5G integration, AI applications, and electric vehicles, played a pivotal role. Growing consumer preferences for smart homes and IoT-connected devices further fueled the industry's dominance. Furthermore, the healthcare segment is forecasted to exhibit the highest CAGR in terms of value during the forecast year 2024 and 2029.
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Based on region, the silicone elastomers market has been categorized into five regions including North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific stands out as the fastest growing market for silicone elastomers in terms of value during the forecast year 2024 and 2029. Asia Pacific 's dominance in the silicone elastomers market has been largely driven by technological innovation. The region is home to research and development centres as well as a bustling startup and innovation community that is concentrated on sustainable solutions. The market for silicone elastomers grew due to the growth in manufacturing industries in the region, leading to a substantial expansion of the silicone elastomers market in the Asia Pacific.
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