The global Silicone Elastomers Market size is
expected to reach USD 12.5 billion by 2030, according to a new study by Grand
View Research, Inc. The market is projected to advance at a CAGR of 10.3% from
2022 to 2030. The growing population, rising disposable income, and rapid
industrialization and urbanization in the developing regions are some of the
key factors that are presumed to drive the regional markets. R&D
initiatives to develop superior-quality robust products that have a wide application
base across diverse industries offer ample opportunities for market
development.
A surge in demand for properties such as extended
lifetime, efficient performance over a wide range of temperatures, low
toxicity, low flammability, low smoke density, inertness to chemicals &
solvents, oil & fuel resistance, and high productivity is anticipated to be
beneficial for the overall market advancement. The increasing scope of silicone
elastomers in the healthcare industry is expected to have a positive impact on
the market.
Some of the notable applications of silicone
elastomers in the medical industry include catheters, tubing, medical cables,
seals & gaskets, membranes, O-rings, valves, respiratory care applications,
anesthetic masks, medical instruments & equipment, and medical textile
coatings. Such a wide range of applications is touted to create ample
opportunities for the silicone elastomers industry in the coming years.
The market for silicone elastomers has been classified
into three segments, on the basis of product, application, and region. Major
silicone elastomer products include high-temperature vulcanize (HTV), room
temperature vulcanize (RTV), and liquid silicone rubber (LSR). HTV has
dominated the market demand in the last few years. Room temperature vulcanize
is slated to witness the highest growth rate during the forecast period.
Some of the prominent applications of silicone
elastomers include electrical & electronics, automotive &
transportation, industrial machinery, consumer goods, and construction, among
others. The construction application segment dominated the global market in
2021, ahead of the automotive, and electrical & electronics segments. Other
applications such as medical & healthcare and cosmetics are anticipated to
experience the highest CAGR during the forecast period.
Regionally, the market has been segmented into North
America, Europe, Asia Pacific, Central & South America, and Middle East
& Africa. North America occupied a significant market share in the recent
past. However, this region, along with Western Europe, is expected to lose
substantial market share and witness sluggish growth in the next seven years.
Emerging markets such as the Asia Pacific are touted to witness the highest
demand in the near future. Economies such as China, India, and Southeast Asian
countries are projected to lead the regional market.
Related Press Release@ Silicone Elastomers Market Report
Silicone Elastomers Market Report
Highlights
- Asia Pacific dominated the overall market and is expected to
advance at the fastest CAGR of 10.6% in terms of revenue during the
forecast period
- LSR was estimated to be the largest product segment in the global
market for silicone elastomers in 2021 and is also anticipated to dominate
the market during the projection period
- Construction accounted for the largest revenue share of more than
43% in the application segment of the global market for silicone
elastomers in 2021 and is also anticipated to dominate the market in the
projection period
- Silicone elastomers have widespread applications in the medical and
healthcare industry. Starting from medical equipment to drug delivery
systems, silicone elastomers have gained acceptance in this industry
fairly rapidly. Such acceptance can be attributed to favorable properties
such as inertness, high permeability, easy processing, and low toxicity
About Us:
Grand View Research, Inc. is a U.S. based market research
and consulting company, registered in the State of California and headquartered
in San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
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Grand View Research, Inc
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Email: sales@grandviewresearch.com
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