What Has Been the Progress and Growth of the Silicone Elastomers Market in Recent Years?
The silicone elastomers market has seen considerable growth due to a variety of factors.
• The dimension of the silicone elastomers market has experienced substantial growth in the latest years. Its size is projected to expand from $8.53 billion in 2024 to $9.23 billion in 2025, with a compound annual growth rate (CAGR) of 8.3%.
Several factors have contributed to the historical period growth, including the use of silicone elastomers in industrial and automotive applications, and sealing and gasket materials. Also, demand for medical and healthcare products, expansion in construction and infrastructure, and consumer and personal care products have fuelled its growth.
What Can Be Expected from the Silicone Elastomers Market in the Coming Years?
The silicone elastomers market is expected to maintain its strong growth trajectory in upcoming years.
• The market for silicone elastomers is projected to witness substantial expansion in the coming years, with projections seeing it reach a value of $13.33 billion by 2029, exhibiting a compound annual growth rate (CAGR) of 9.6%.
Factors supporting this projected growth in the stipulated time frame include advancements in automotive lightweighting and EV parts, innovative applications in the medical sector and wearable devices, sealing solutions in renewable energy sector, industrial automation, robotics, incorporation of silicone elastomers in 5G infrastructure, and rising consumer demand in the cosmetics industry. Some prominent trends during this forecast period would be the usage of liquid silicone rubber (LSR) in 3D printing, the emergence of bio-based and biodegradable silicone elastomers, development of self-healing and shape-memory elastomers, conductive and stretchable silicone materials, silicone elastomers' applications in soft robotics, and custom-made silicone formulations for unique applications.
What Main Forces Are Fueling Expansion In The Silicone Elastomers Market?
The surge in the automotive and construction sectors is projected to fuel the expansion of the silicone elastomers market in the future. The term construction refers to the processes involved in setting up and fitting project apparatus and supplies. Silicone elastomers are extensively employed in these sectors for tasks such as engine and gearbox gasketing, power-train sealing, and battery modules. As a result, growth in these areas boosts the requirement for silicone elastomers. For example, Statistics Canada, a government agency, reported in November 2023 that there was a modest uptick in the total quantity of registered road motor vehicles in Canada in 2022. The figure hit 26.3 million, indicating a 0.3% increase from the previous year, equalling an extra 78,655 units on the streets. Consequently, the swift expansion in the automotive and construction sectors will steer the advancement of the silicone elastomers market.
What Are The Primary Segments In The Global Silicone Elastomers Market?
The 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
Subsegments:
1) By High Temperature Vulcanized: Solid HTV, Compounded HTV
2) By Room Temperature Vulcanizing: RTV-1, RTV-2
3) By Liquid Silicone Rubber: High-Consistency LSR, Low-Consistency LSR
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Which Key Trends Are Driving Changes In The Silicone Elastomers Market?
The predominant firms in the silicone elastomers market are pivoting towards improving customer experience by introducing innovative products such as elastomer blends that offer appealing and effective solutions. A silicon elastomer blend is a new type of composite material, mixing silicone elastomers with other polymers or substances to amplify certain characteristics. To illustrate, DuPont de Nemours, Inc., a chemical company based in the US, unveiled new silicone elastomer blends aimed for topical usage in April 2023. To cater to the increasing consumers' demand for different skin condition products, a fresh array of low-cyclosiloxane silicone elastomer and silicone resin blends have been launched. These blends improve the transmission of active pharmaceutical components in topical forms while focusing on elevating user comfort and experience. Construed to meet the evolving regulatory standards, they also bolster commitment to accomplishing the United Nations Sustainable Development Goals, chiefly focusing on advocating good health and well-being for all.
Who Are the Key Players in the Silicone Elastomers Market?
Major companies operating in the silicone elastomers market include:
• 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
What Is The Most Dominant Region In The Silicone Elastomers Market?
North America was the largest region in the silicone elastomers market in 2024. Asia-Pacific is 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.
