Global Silicone Elastomers Market to Grow at 5.2% During 2024-2032, Supported by Rising Demand in End Use Industries

December 20, 2021 | Chemical & Materials

According to the latest report by IMARC Group, titled “Silicone Elastomers Market Report by Product (High Temperature Vulcanize (HTV), Room Temperature Vulcanize (RTV), Liquid Silicone Rubber (LSR)), Application (Electrical and Electronics, Automotive and Transportation, Industrial Machinery, Consumer Goods, Construction, and Others), and Region 2024-2032,” the global silicone elastomers market size reached US$ 8.9 Billion in 2023. Silicone elastomers are silicone-based polymers that are compounded by combining reinforcing agents, a catalyst, and linear polymers. They offer various beneficial properties, such as absorption, tear strength, and elasticity. Other than this, these materials exhibit excellent moisture and heat resistance, weather ability, flame retardancy, and dielectric properties. Silicone elastomers are commonly available in various forms, which include open-cell foams, thermal and electrically conductive materials, closed-cell sponges, and solids. They are majorly used for electrical insulation as coated glass-fiber cloths, tapes, extruded sleeving and moldings, sheet, wire and cable coverings, and braided glass sleeving. Silicone elastomers are also used in the transportation, healthcare, automotive, and consumer products industries.

Global Silicone Elastomers Market Trends:

A significant rise in product utilization for fabricating the electrical systems, engine, interiors, and other body parts of an automobile is majorly driving the growth of the global silicone elastomers market. In line with this, the escalating demand in the transmission and distribution, and healthcare sectors is also fueling the market growth. The increasing demand has prompted manufacturers across the globe to expand their production capacities, particularly across developing regions, which is further contributing to the growth of the market. For instance, in 2019, Wacker, a Germany-based chemical products manufacturer, expanded its silicone elastomers production capacity at its China-based facility. Moreover, governments of various nations have been sanctioning favorable regulations for silicone elastomers to be used in healthcare products, such as implants, which is creating a positive outlook for the market. Looking forward, the market is projected to expand at a CAGR of 5.2% during the forecast period (2024-2032).

Market Summary:

  • Based on the product, the market has been divided into high temperature vulcanize (HTV), room temperature vulcanize (RTV), and liquid silicone rubber (LSR).
  • On the basis of the application, the market has been segmented into electrical and electronics, automotive and transportation, industrial machinery, consumer goods, construction, and others.
  • On a regional basis, the market has been segregated into North America (the United States, and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
  • The competitive landscape of the market has also been examined, with some of the key players being Bentec Medical, China National Bluestar (Group) Co. Ltd., Dow Inc., KCC Corporation, MESGO SpA (Hexpol AB), Momentive Performance Materials Inc., Reiss Manufacturing Inc., Shin-Etsu Chemical Co. Ltd., Specialty Silicone Products Inc. (Heico Corporation), Stockwell Elastomerics Inc. and Wacker Chemie AG.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Product, Application, Region
Region Covered Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Bentec Medical, China National Bluestar (Group) Co. Ltd., Dow Inc., KCC Corporation, MESGO SpA (Hexpol AB), Momentive Performance Materials Inc., Reiss Manufacturing Inc., Shin-Etsu Chemical Co. Ltd., Specialty Silicone Products Inc. (Heico Corporation), Stockwell Elastomerics Inc. and Wacker Chemie AG
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global Silicone Elastomers Market to Grow at 5.2% During 2024-2032, Supported by Rising Demand in End Use Industries
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