Expanding Applications in Various Industries is anticipated to openup the new avenue for Silicone Elastomers Market

Silicone Elastomers Market

 Market Overview:

Silicone elastomers are speciality polymers that exhibit excellent elasticity and resilient properties. They can withstand high and low temperature extremes along with radiation and chemicals. Key properties include heat resistance, flexibility, weather resistance and electrical insulation. Silicone elastomers find wide applications in various industries like automotive, healthcare, construction, consumer goods etc. They are commonly used for sealants, gaskets, hoses, cables, electrical insulation and medical devices.

Market Dynamics:
There are two key drivers for the growth of global silicone elastomers market during the forecast period-

1) Growing Automotive Industry: Silicone elastomers are extensively used in automotive industry for applications like seals, gaskets, hoses etc. due to their superior properties of heat and weather resistance. With rising automobile production worldwide, demand for silicone elastomers from this industry is increasing at a significant rate.

2) Increased Usage in Healthcare Industry: Silicone elastomers are bio-compatible and offer resistance to bacteria, fungi and other microbes. They are commonly utilized for medical devices, implants, disposable items etc. Aging population and emphasis on healthcare infrastructure is driving the demand from this end use sector.
Segment Analysis

The global silicone elastomers market is dominated by liquid silicone rubber sub segment accounting for approximately 35% market share in 2023. Liquid silicone rubber segment is dominating due to its widespread applications in medical devices manufacturing, automotive components, consumer goods etc. owing to properties such as biocompatibility, flexibility and resistance to extreme temperatures.

PEST Analysis

Political: There are no significant political risks impacting the silicone elastomers market.

Economic: Strong economic growth especially in Asia Pacific is contributing to market growth. Rise in disposable income is increasing demand from end use industries.

Social: Increasing health awareness is driving demand for silicone elastomers in medical applications. Growing consumer preference for innovation is positively impacting the market.

Technological: Advancements in material synthesis and processing technologies are supporting development of novel silicone elastomers with enhanced properties. Continuous R&D is expanding applications.

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 medical industries. The market size is estimated to reach US$ 17.95 Bn by 2030.

Regional analysis: Asia Pacific dominates the global market with over 35% share in 2023 attributed to rapid industrial development and presence of key players in the region. China is the fastest growing market for silicone elastomers.

Key players operating in the silicone elastomers market include 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). Dow and Wacker captured over 30% share of the overall market in 2023.

For more details on the report, Read-

https://www.pressreleasebulletin.com/silicone-elastomers-market-trends-size-and-share-analysis/

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