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Global Silicone Elastomers Market to Grow at 6.24% During 2022-2027, Supported by Rising Demand in End Use Industries

Published on Dec 20, 2021

According to the latest report by IMARC Group, titled “Silicone Elastomers Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global silicone elastomers market size reached US$ 7.9 Billion in 2021. 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.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report. 

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 6.24% during the forecast period (2022-2027).

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.
     

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