Global Silicone Elastomers market size 2024, Forecast To 2033
9 Feb, 2024
The silicone elastomers market has witnessed robust growth in recent years, expanding from a value of $7.91 billion in 2023 to $8.59 billion in 2024, representing a compound annual growth rate (CAGR) of 8.6%. This growth in the historical period can be attributed to various factors such as increased use in industrial and automotive applications, demand for sealing and gasket materials, rising requirements in the medical and healthcare sector, and the overall growth in construction, infrastructure, and consumer personal care products. Looking ahead to 2028, the market is expected to continue its strong performance, reaching $12.02 billion at a CAGR of 8.8%. Anticipated drivers include automotive lightweighting, innovations in medical and wearable devices, increased demand for sealing solutions in renewable energy, industrial automation, robotics, and the incorporation of silicone elastomers in 5G infrastructure.
Global Silicone Elastomers Market Key Driver
The silicone elastomers market is projected to grow with the rapid expansion of the automotive and construction industries. Silicone elastomers play a crucial role in applications like engine gasketing and power-train sealing. The Indian automotive industry is expected to reach Rs. 16.16–18.18 trillion by 2026, and global construction output saw a 5.7% growth in 2021. The robust growth in these industries is driving the demand for silicone elastomers.
Get A Free Sample Of The Global Silicone Elastomers Market ReportGlobal Silicone Elastomers Market Segments
The global silicone elastomers market covered in this report is segmented –
1) By Product: High Temperature Vulcanized, Room Temperature Vulcanizing, Liquid Silicone Rubber
2) By Process: Compression Molding, Liquid Injection Molding, Injection Molding, Extrusion, Other Process Types
3) By End User: Automotive and Transportation, Electrical and Electronics, Healthcare, Consumer Goods, Industrial Machinery, Other End Users
By Geography: The regions covered in the Silicone Elastomers market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
North Americawas the largest region in the silicone elastomers market in 2023. Asia-Pacificis expected to be the fastest-growing region in the market share. The regions covered in the silicone elastomers market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Major Silicone Elastomers Industry Players
Mesgo SPA, Momentive Performance Materials Inc., Shin-Etsu Chemical Co., KCC Corporation Ltd., China National BlueStar (Group) Co. Ltd., Specialty Silicone Products, ContiTech AG., Dow Corning Inc., Wacker Chemie AG, Allergan Inc., Saint-Gobain, Bentec Medical LLC, Zhejiang Xinan Chemical Group Company Limited, Reiss Tech Inc., Cabot Corporation, Shenzhen Inno Silica Co. Ltd., ICM Products Inc., 2D Chemical Ltd., Elkem ASA, Silchem Inc., Novagard Solutions, Quantum Silicones LLC, Accurate Products Co., Nusil Technology LLC, Silteq Limited, Gelest Inc., Hoshine Silicon Industry Co.Ltd., Rogers Corporation, Air Liquide S.A., Applied Silicone Corporation
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Silicone Elastomers Market Overview
The silicone elastomers are used for electrical insulation as sheet, tape, wire and cable coverings, extruded sleeving and moldings, and many other applications. Silicone elastomers are a range of heat-stable elastic silicone materials used for electrical insulation, where they play a critical role in the delivery of high-quality prefabricated building elements.
Silicone Elastomers Global Market Report 2023 provides data on the global silicone elastomers market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The silicone elastomers market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.