Categories: Chemicals

Silicone Elastomers Global Market Share, Size, Trends, By Product Type, By Process, By Application, Opportunity Analysis and Industry Forecast, 2024-2033 | Mesgo SPA, ContiTech AG., Dow Corning Inc., Wacker Chemie AG, Allergan Inc.

Silicone Elastomers Global Market

Overview and Scope
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.

Sizing and Forecast
The silicone elastomers market size has grown strongly in recent years. It will grow from $7.91 billion in 2023 to $8.59 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. The growth in the historic period can be attributed to industrial and automotive applications, sealing and gasket materials, medical and healthcare product demand, growth in construction and infrastructure, consumer and personal care products..

The silicone elastomers market size is expected to see strong growth in the next few years. It will grow to $12.02 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to automotive light weighting and ev components, medical and wearable device innovation, sealing solutions for renewable energy, industrial automation and robotics, silicone elastomers in 5g infrastructure, consumer demand for silicone in cosmetics. Major trends in the forecast period include liquid silicone rubber (lsr) for 3d printing, bio-based and biodegradable silicone elastomers, self-healing and shape-memory elastomers, conductive and stretchable silicone materials, silicone elastomers for soft robotics, customized silicone formulations for specific applications..

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Segmentation & Regional Insights
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

North America was the largest region in the silicone elastomers market in 2023. 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.

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Major Driver Impacting Market Growth
The rapid growth in the automotive and construction industries is expected to propel the growth of the silicone elastomers market going forward. Construction refers to the operations of installing and assembling project equipment and materials. As silicon elastomers are widely used in the automotive and construction industries for engine and gearbox gasketing, power-train sealing, and battery modules, as a result, the growth in those industries increases the demand for silicone elastomers. For instance, according to India Brand Equity Foundation data 2021, the Indian automotive industry (including component manufacturing) has been expected to reach Rs. 16.16–18.18 trillion (USD251.4–282.8 billion) by 2026. In addition, according to international construction data 2021, despite the ongoing uncertainty of the COVID-19 pandemic, global construction output has seen a growth of 5.7% in 2021. Therefore, the rapid growth in the automotive and construction industries will drive the growth of the silicone elastomers market.

Key Industry Players
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

The silicone elastomers market report table of contents includes:
1. Executive Summary