Yahoo Finance Silicone Elastomers Market Size Worth USD 13.5 Billion by 2027 at 7.4% CAGR - Report by Market Research Future (MRFR)
Silicone Elastomers Market Insights and Industry Analysis by Type (High Temperature Vulcanized [HTV], Liquid Silicone Rubber [LSR], Room Temperature Vulcanized [RTV]), Application (Automotive, Electrical & Electronics, Healthcare, and Others) and Region, Competitive Market Size, Share, Trends, and Forecast to 2027
New York, US, July 07, 2022 (GLOBE NEWSWIRE) -- Silicone Elastomers Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Silicone Elastomers Market Information by Type, Application and Region - Forecast till 2027”, the market is estimated to grow at a 7.4% CAGR to reach USD 13.5 Billion by 2027.
Market Synopsis
Vulcanized silicone-based polymers or most commonly known as silicone elastomers are made using reinforcing agents, linear polymers, a catalyst, and crosslinkers.
The efficiency of the elastomer developed is determined by its viscosity as well as the type of the straight-chain molecule, along with the processing temperature, including liquid silicone rubber (LSR), room temperature vulcanization (RTV), and high consistency rubber (HCR). Thermally conductive, open-cell foams, solid silicone elastomers, closed-cell sponges elastomers, and electrically conductive silicone are a few major forms of silicone elastomers.
Silicone elastomers are most extensively used in high-performance applications, mostly in hostile environments where other types of polymeric materials are unable to function efficiently.
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Report Scope:
Report Attribute | Details |
2027 Market Size | USD 13.5 Billion |
CAGR | 7.4% (2020–2027) |
Base Year | 2019 |
Forecast Period | 2020–2027 |
Historical Data | 2019 |
Forecast Units | Value (USD Bllion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Type, Application and Region |
Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
Key Market Drivers | The rapidly expanding automotive industry across the globe |
The growing electrical and electronics industry. |
Market Competitive Landscape:
The important vendors in the silicone elastomers industry include
Momentive (US)
Wacker Chemie AG (Germany)
DowDuPont (US)
Shin-Etsu Chemical Co. Ltd. (Japan)
KCC CORPORATION (South Korea)
China National Bluestar (Group) Co. Ltd. (China)
Reiss Manufacturing, Inc. (US)
MESGO S.p.A. (Italy)
ALLERGAN (Ireland)
Bentec Medical (US)
Rogers Corporation (US)
Specialty Silicone Products Inc. (US)
Market USP Covered:
Market Drivers:
The silicone elastomers market’s success in recent years has been in response to numerous critical factors including the heavy demand from diverse end-use sectors. Silicone elastomers showcase impressive characteristics in comparison with other elastomers. These characteristics have fostered its use in several industries, thereby facilitating substantial market growth. End-use sectors that extensively use the product include automotive, electrical & electronics, and construction, which themselves have been experiencing robust growth worldwide. Developing regions like Central & South America and the Asia Pacific are generating strong demand, as the end-use sectors in these continue to boom.
The mushrooming global population, surging disposable income, fast industrialization, as well as urbanization in emerging regions, will bolster the market position in subsequent years. R&D initiatives for the development of high-quality products with wider applications in diverse industries will provide lucrative opportunities for market expansion.
Market Restraints
The silicone elastomers market growth has reached a point of stagnation in developed economies, like Germany, the US, Japan, the UK, and various Western European nations. This is due to major end-use sectors like electrical & electronics appliances, consumer goods, and automotive & transportation having reached extreme maturity.
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COVID 19 Analysis
The silicone elastomers industry has been considerably affected by the COVID-19 outbreak. Given the pandemic scenario, numerous countries had to go under a lockdown, to control the escalating infection cases. In view of this, the demand and supply chain has been disrupted, affecting the worldwide industry. The infrastructural projects, manufacturing units, industries, and various operations had to be put on hold owing to the pandemic situation.
The volatile costs of raw materials that are used for developing silicone elastomers along with the COVID-19 pandemic have restricted the growth rate of the global market. On the bright side, the situation is getting back to normal, which means that the market in the future will see better growth.
Market Segmentation
By Type
The types of silicone elastomers include room temperature vulcanized (RTV), liquid silicone rubber (LSR), high temperature vulcanized (HTV), and others. HTV has emerged as the top segment in the market with a considerable share. Heightened demand from prominent end-use sectors, particularly in emerging regions, plays a major factor in the segment’s growth in the silicone elastomers industry. Silicone HTV elastomers are able to bear prolonged exposure to extreme temperatures, which is one of the key reasons for its robust demand in these end-use industries.
By Application
Primary applications of silicone elastomers are aerospace, electrical and electronics, automotive, energy, healthcare, and others. An extensive range of important applications across sectors will enhance the overall market size. Silicone elastomer’s inherent and impressive qualities including high permeability, inertness, low toxicity, and easy processing make them the leading choice for several applications in diverse industries.
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Regional Insights
Asia Pacific will perform extremely well in the coming years, expect the MRFR experts, on account of the significant demand from end-use sectors like construction, automotive, consumer goods, electrical & electronics, and healthcare. Accelerated demand from these major industries for silicone elastomers will be highly favorable for the regional market. Sales of automobile cars in the region have surged over the years in response to the increase in living standards, rise in per capita income, and evolving consumer preferences. Also, to enhance their product offering, eminent players are investing significantly in research and development (R&D). This coupled with the rise in industrialization and urbanization will have a remarkable impact on the regional market.
The North American market stands to benefit from the robust demand from multiple end-use sectors thanks to the rapid industrialization as well as urbanization rates, and the high disposable income. The latter factor has raised the demand for a variety of consumer goods as well as automotive, which will positively shape the European market. Government initiatives and policies focused on infrastructure development, particularly in the US, will also complement the North American market growth.
Germany, Italy, France, Spain, Turkey, and the UK are the top contributors to the European market for silicone elastomers. The escalating focus on bringing down the vehicle weight for higher fuel efficiency should augment the demand for silicone elastomers in the transportation and automotive industry. The region houses some of the most affluent companies, like Wacker Chemie AG, which is bound to favor the market.
The North American market for silicone elastomers can record considerable growth in the following years, in response to the thriving automotive and construction industries. The impressive strength, resistance, and durability of high-performance silicone elevate its use in manufacturing materials for machinery and construction. North America has been experiencing massive growth in the construction industry, because of the significant disposable income of people, work opportunities, and evolving business. The high urbanization rate and the migration to the US have augmented the requirement for better infrastructure, which in turn raises the demand for silicone elastomers. Infrastructure development programs by the U.S government, with a keen focus on upgrading bridges, roads, broadbands, power grids, and water systems, will not only enhance the construction industry size but the silicone elastomers market as well.
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