by The silicone elastomers market is estimated to be valued at US$10.10 Bn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Silicone elastomers are type of polymers belonging to silicone family that exhibit elastic properties. They can withstand high and low temperatures and have excellent resistance to weather, chemicals, and electricity. Due to their superior properties, silicone elastomers find wide application in various end-use industries such as consumer goods, construction, automotive and transportation among others. Some common products where silicone elastomers are used include seals and gaskets, hoses, grommets, electrical insulation and medical devices.
Market Dynamics:
The global silicone elastomers market is primarily driven by rising demand from consumer goods industry. Within consumer goods, silicone elastomers witness significant consumption in applications such as kitchen accessories, sportswear, footwear and baby care products owing to their flexibility and durability. Another key driver is growing automotive production across the globe. Silicone elastomers are widely used in various automotive components such as ignition systems, gaskets, hoses, seals on account of their temperature and weather resistant properties. Their resistance to oils and solvents also make them suitable for applications under harsh environmental conditions. Moreover, expanding construction industry in developing nations is fueling the demand for silicone elastomers in applications like sealants, gaskets and roof coatings.
SWOT Analysis
Strength: Silicone elastomers showcase high temperature resistance, moisture resistance, flexibility and electrical insulation. They offer durability and long lifespan which reduces maintenance costs. Their inert and non-reactive properties make them suitable for medical and industrial applications.
Weakness: Silicone elastomers have high production costs compared to other polymer materials. They require specialized manufacturing processes. Strict environmental regulations around silicone production add to production expenses.
Opportunity: Growing demand from the automotive industry for high performance sealing, insulation and damping applications is a key opportunity. Increasing usage of silicone elastomers in healthcare products like catheters, implants and medical devices will drive market growth.
Threats: Availability of cheaper substitutes like thermoplastic elastomers (TPE) poses a threat. Stringent regulations around silicone production can restrict market expansion. Trade restrictions and geopolitical tensions impact supply chains of major players.
Key Takeaways
The global Silicone Elastomers Market Demand is expected to witness high growth, exhibiting CAGR of 7.4% over the forecast period, due to increasing demand from automotive and healthcare industries.
Regionally, Asia Pacific dominates the silicone elastomers market with over 30% share attributable to high automotive manufacturing. China, Japan and South Korea are major consumers. Europe and North America are other prominent markets driven by presence of big automakers and healthcare industry.
Key players operating in the silicone elastomers market are Dow Inc. (US), Wacker Chemie AG (Germany), Momentive Performance Materials Inc. (US), Shin-Etsu Chemical Co., Ltd (Japan), China National Bluestar (Group) Co., (China), Reiss Manufacturing Inc. (US), and CHT Germany GmbH (Germany). Major players focus on capacity expansion, new product development and mergers & acquisitions for business growth.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
