Silicone Elastomer Market Size - Global Industry, Share, Analysis, Trends and Forecast 2023 - 2032
The Global Silicone Elastomer Market Size accounted for USD 9.3 Billion in 2022 and is projected to achieve a market size of USD 19.7 Billion by 2032 growing at a CAGR of 7.1% from 2023 to 2032.
Silicone Elastomer Market Key Highlights
- Global silicone elastomer market revenue is expected to increase by USD 19.7 Billion by 2032, with a 7.1% CAGR from 2023 to 2032
- Asia-Pacific region led with more than 52% of silicone elastomer market share in 2022
- The construction industry is the largest consumer of silicone elastomers, accounting for around 31% of the global market share.
- By product, the liquid silicone rubber sub-segment generated around 60% share in 2022
- Dow Corning is a leading player in the silicone elastomers market, offering a wide range of high-performance silicone elastomers for various applications, including automotive, construction, and healthcare
- Growing use in the construction industry for waterproofing and insulation applications, drives the silicone elastomer market size
Silicone elastomer is a type of polymer material that exhibits rubber-like elasticity and flexibility while maintaining excellent resistance to heat, chemicals, and weathering. It is composed of a silicone polymer backbone with organic groups attached to it, which gives it unique properties such as high tear strength, low compression set, and good electrical insulation. Silicone elastomers are widely used in various industries, including automotive, aerospace, electronics, medical, and consumer goods.
The market for silicone elastomer is expected to grow significantly in the coming years due to its unique properties and versatility. The increasing demand for silicone elastomer in the healthcare industry for applications such as implantable devices, wound care, and medical tubing is one of the major drivers of market growth. In addition, the growing demand for silicone elastomer in the construction industry for waterproofing and insulation applications is also contributing to the market growth. Moreover, the increasing use of silicone elastomer in automotive and aerospace industries for various applications such as gaskets, seals, and adhesives is expected to fuel market growth in the coming years.
Global Silicone Elastomer Market Trends
Market Drivers
- Increasing demand from the healthcare industry for applications such as implantable devices, wound care, and medical tubing
- Growing use in the construction industry for waterproofing and insulation applications
- Increasing use in automotive and aerospace industries for various applications such as gaskets, seals, and adhesives
- Growing demand for silicone elastomer in electrical and electronics applications
Market Restraints
- High cost compared to other elastomers
- Stringent regulations and standards for silicone elastomer applications
Market Opportunities
- Increasing R&D activities for the development of new applications
- Growing demand for silicone elastomer in 3D printing applications
Silicone Elastomer Market Report Coverage
| Market | Silicone Elastomer Market |
| Silicone Elastomer Market Size 2022 | USD 9.3 Billion |
| Silicone Elastomer Market Forecast 2032 | USD 19.7 Billion |
| Silicone Elastomer Market CAGR During 2023 - 2032 | 7.1% |
| Silicone Elastomer Market Analysis Period | 2020 - 2032 |
| Silicone Elastomer Market Base Year | 2022 |
| Silicone Elastomer Market Forecast Data | 2023 - 2032 |
| Segments Covered | By Product, By Application, And By Geography |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Key Companies Profiled | Dow Chemical Company, Wacker Chemie AG, Momentive Performance Materials Inc., Shin-Etsu Chemical Co., Ltd., Elkem Silicones, KCC Corporation, Reiss Manufacturing Inc., MESGO S.p.A., Rogers Corporation, Zhejiang Xinan Chemical Industrial Group Co., Ltd., Specialty Silicone Products Inc., and Siltech Corporation. |
| Report Coverage |
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Covid-19 Analysis, Regulation Analysis |
Silicone elastomer is a rubber-like substance containing silicone along with hydrogen, oxygen, and carbon. Silicone elastomer can operate on a temperature range from -55°C to 300°C. Silicone elastomer offers properties such as good mechanical strength, durability, pigmentation, heat stability, flexibility at low temperatures, and sterilization. Silicone elastomer finds its applications in healthcare, construction, sealants, prototyping, automotive, electronic adhesives, and mold making.
The global silicone elastomer market is growing at a significant pace owing to the growth in demand from construction, electrical & electronics, healthcare, consumer goods, and industrial machinery industry. Moreover, the increase in demand from emerging economies of Asia-Pacific such as India, China, Malaysia, Taiwan, and Indonesia drives the market for silicone elastomers. Also, the growing demand from lifestyle and automotive drives the market. However, the market for silicone elastomer is restrained by sensitive prices of raw materials. The market for silicone elastomer faces major challenges owing to government policies regarding the emission of carbon during the process. Asia-Pacific offers huge opportunities for the silicone elastomer market growth. Rapidly increasing construction, automotive, electronics, healthcare, and consumer goods industry are likely to drive the market for silicone elastomer.
Silicone Elastomer Market Segmentation
The global silicone elastomer market segmentation is based on product, application, and geography.
Silicone Elastomer Market By Product
- High-temperature vulcanize (HTV)
- Liquid Silicone Rubber (LSR)
- Room-temperature vulcanize (RTV)
In terms of products, the liquid silicone rubber (LSR) segment has seen significant growth in the silicone elastomer market in recent years. LSR is a type of silicone elastomer that is processed in liquid form and cured into a solid elastomer. LSR has several advantages over other elastomers, including excellent electrical insulation properties, high thermal stability, and biocompatibility. It is widely used in various end-use industries such as healthcare, automotive, electrical and electronics, and consumer goods. The increasing demand for LSR in the healthcare industry for applications such as medical implants, drug delivery systems, and surgical tools is one of the major drivers of market growth. LSR is also used in automotive applications such as seals, gaskets, and connectors due to its excellent temperature resistance and durability. The growth in the automotive industry is expected to further drive the demand for LSR.
Silicone Elastomer Market By Application
- Electrical & Electronics
- Industrial Machinery
- Automotive & Transportation
- Construction
- Consumer Goods
- Others
According to the silicone elastomer market forecast, the electrical & electronics segment is expected to witness significant growth in the coming years. Silicone elastomers are widely used in various E&E applications due to their excellent electrical insulation properties, thermal stability, and resistance to high temperatures, UV radiation, and chemicals. The increasing demand for silicone elastomers in the E&E industry for applications such as insulators, cables, and connectors is one of the major drivers of market growth. In addition, the growing demand for silicone elastomers in LED lighting applications is also contributing to the market growth. Silicone elastomers are used as encapsulants and lenses in LED lighting applications due to their high optical transparency and resistance to UV radiation. Moreover, the increasing demand for silicone elastomers in the automotive industry for applications such as sensors, switches, and wiring harnesses is also driving the market growth.
Silicone Elastomer Market Regional Outlook
- U.S.
- Canada
Europe
- U.K.
- Germany
- France
- Spain
- Rest of Europe
Asia-Pacific
- India
- Japan
- China
- Australia
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
The Middle East & Africa
- South Africa
- GCC Countries
- Rest of the Middle East & Africa (ME&A)
Silicone Elastomer Market Regional Analysis
The Asia-Pacific region is dominating the silicone elastomer market due to various factors such as the presence of a large number of manufacturing facilities, increasing demand from various end-use industries, and the growing production of consumer goods. Countries such as China, Japan, India, and South Korea are major contributors to the growth of the regional market. The increasing demand from the healthcare industry for applications such as medical tubing, wound care, and implantable devices is driving the demand for silicone elastomers in the Asia-Pacific region. In addition, the growth of the automotive and construction industries in the region is also driving the demand for silicone elastomers. The increasing demand for high-performance silicone elastomers in various end-use industries is also contributing to market growth.
Silicone Elastomer Market Player
Some of the top silicone elastomer market companies offered in the professional report include Dow Chemical Company, Wacker Chemie AG, Momentive Performance Materials Inc., Shin-Etsu Chemical Co., Ltd., Elkem Silicones, KCC Corporation, Reiss Manufacturing Inc., MESGO S.p.A., Rogers Corporation, Zhejiang Xinan Chemical Industrial Group Co., Ltd., Specialty Silicone Products Inc., and Siltech Corporation.
Frequently Asked Questions
What was the market size of the global silicone elastomer in 2022?
The market size of silicone elastomer was USD 9.3 Billion in 2022.
What is the CAGR of the global silicone elastomer market from 2023 to 2032?
The CAGR of silicone elastomer is 7.1% during the analysis period of 2023 to 2032.
Which are the key players in the silicone elastomer market?
The key players operating in the global market are including Dow Chemical Company, Wacker Chemie AG, Momentive Performance Materials Inc., Shin-Etsu Chemical Co., Ltd., Elkem Silicones, KCC Corporation, Reiss Manufacturing Inc., MESGO S.p.A., Rogers Corporation, Zhejiang Xinan Chemical Industrial Group Co., Ltd., Specialty Silicone Products Inc., and Siltech Corporation.
Which region dominated the global silicone elastomers market share?
Asia-Pacific held the dominating position in silicone elastomer industry during the analysis period of 2023 to 2032.
Which region registered fastest CAGR from 2023 to 2032?
Europe region exhibited fastest growing CAGR for market of silicone elastomer during the analysis period of 2023 to 2032.
What are the current trends and dynamics in the global silicone elastomer industry?
The current trends and dynamics in the silicone elastomer industry include increasing demand from the healthcare industry, as well as automotive and aerospace industries.
Which product held the maximum share in 2022?
The liquid silicone rubber product held the maximum share of the silicone elastomer industry.
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