The
global Silicone
Elastomer Market size is expected to reach USD 12.6 billion by 2030,
registering a CAGR of 10.3% over the forecast period, according to a new study
by Grand View Research, Inc. Superior quality over conventional elastomers
makes it ideal for industrial usage, thereby positively affecting the overall
industry. End-use industries, such as construction, automotive, and electrical
& electronics, are expected to witness rapid growth over the forecast
period. Silicone elastomers are widely used in the medical and healthcare
industries. Silicone elastomers have quickly acquired popularity in the medical
and healthcare industries, from medical equipment to drug delivery systems.
Favorable features, such as inertness, high permeability, ease of processing,
and low toxicity contribute to this acceptability.
With
a rising population, the medical sector has been under immense pressure to meet
the rising healthcare demand. Moreover, the aging population in certain
countries of the world, such as North America, is expected to put a burden on
the medical and healthcare business throughout the projection period.
Construction was a dominant application segment in 2022. It was followed by the
automotive and electrical & electronics segments, which held 23.8% and
13.8% shares, respectively, in the same year. The electrical & electronics
segment is expected to grow at the fastest CAGR from 2023 to 2030. The
electronics end-use segment is expected to witness a significant growth rate
during the forecast period. Silicone elastomer is used to enclose electronic
components to increase their stability against vibration, shock, and radiation.
Thus,
it helps enhance durability, thereby, boosting the overall performance of the
device under extreme conditions, such as zero gravity and low-pressure areas.
Factors, such as expanding population, increasing disposable income of the
middle-class population, and digitalization are creating significant growth
opportunities for the electronics industry. This, in turn, is expected to boost
product demand over the forecast period. Key companies are constantly engaged
in mergers & acquisitions, developing new products, and other techniques to
enhance their market share. For instance, in November 2021, Momentive
Performance Materials Inc. acquired KCC Corp.’s silicone business in the U.K.
and Korea as well as the sales operations in China. This agreement will enable
Momentive Performance Materials Inc. to further expand its global footprint
across advanced silicones.
List Of Key Players Of Silicone Elastomer Market
- China
National BlueStar (Group) Co., Ltd.
- Dow Corning
Corporation
- KCC
Corporation
- Mesgo S.P.A.
- Momentive
Performance Materials Inc.
- Shin-Etsu
Chemical Co., Ltd.
- Reiss
Manufacturing Inc.
- Wacker
Chemie AG
- Zhejiang
Xinan Chemical Industrial Group Co., Ltd.
- Stockwell
Elastomerics
- Specialty
Silicone Products, Inc.
Related Press
Release@ Silicone
Elastomers Market Report
Silicone Elastomer Market Report Highlights
- In 2022,
Asia Pacific was the largest revenue-generating region due to rapidly
growing economies, such as India, China, and South Korea
- Moreover,
leading players are shifting their manufacturing bases to Asia Pacific on
account of the availability of cheap labor. This is expected to drive the
regional market during the forecast period
- Liquid
Silicone Rubber (LSR) was the largest product segment in 2022 and is
anticipated to expand further at a steady CAGR retaining the dominant
position throughout the forecast period
- LSR uses
only additive curing with platinum and is compatible with temperatures
ranging from -60°C to 250°C, owing to which, it is widely used in the
production of complex and small-size elastomeric parts for automotive
& medical devices
- In March
2022, Shin-Etsu Chemical Co., Ltd. developed a new vulcanization type of
one-component LSR under the recently introduced KCP series product line.
The new product is superior in vulcanization attributes and safety
Silicone Elastomer Market Report
Scope
|
Report Attribute |
Details |
|
Market size value in 2023 |
USD 6.34 billion |
|
Revenue forecast in 2030 |
USD 12.6 billion |
|
Growth rate |
CAGR of 10.3% from 2023 to 2030 |
|
Base year for estimation |
2022 |
|
Historical data |
2018 - 2021 |
|
Forecast period |
2023 - 2030 |
Silicone Elastomer Market Segmentation
Grand
View Research has segmented the global silicone elastomer market report based
on product, application, and region:
Silicone Elastomer Product Outlook (Volume, Kilotons;
Revenue, USD Million, 2018 - 2030)
- High-temperature
Vulcanize (HTV)
- Room-temperature
Vulcanize (RTV)
- Liquid
Silicone Rubber (LSR)
Silicone Elastomer Application Outlook (Volume, Kilotons;
Revenue, USD Million, 2018 - 2030)
- Electrical
& Electronics
- Automotive
& Transportation
- Industrial
Machinery
- Consumer
Goods
- Construction
- Others
Silicone Elastomer Regional Outlook (Volume, Kilotons;
Revenue, USD Million, 2018 - 2030)
- North
America
- U.S.
- Europe
- Germany
- France
- U.K.
- Italy
- Asia Pacific
- China
- India
- Japan
- South Korea
- Central
& South America
- Brazil
- Middle East
& Africa
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