Growing at a CAGR of 6.7%

(EMAILWIRE.COM, February 21, 2022 ) The Silicone Elastomers Market size is projected to grow from USD 6.4 billion in 2018 to USD 8.8 billion by 2023, at a CAGR of 6.7%. The demand for silicone elastomers is driven mainly by the high demand from the transportation and electrical & electronics industries. Silicone elastomer is also used in various other industries such as automotive & transportation, healthcare, consumer goods, and industrial machinery.

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The HTV segment is leading the market for silicone elastomers.

HTV (high temperature vulcanized) silicone elastomers accounted for more than 50% of the overall silicone elastomers in 2017. They are used in a wide range of industries due to their properties such as electrical conductivity, radiation resistance, steam resistance, flame retardance, and extreme temperature resistance. These elastomers are used mostly in automotive & transportation, electrical & electronics, and healthcare industries.

The healthcare industry is projected to be the fastest-growing end-user of silicone elastomers.

Silicone elastomers are used extensively in the healthcare industry due to their properties such as biocompatibility, low surface tension, high permeability, and pressure-sensitive properties. The growing aging population and rising awareness about healthcare are fueling the demand for silicone elastomers in the healthcare industry. Silicone elastomers are used in dental and surgical devices, diagnostics and imaging, fluid and drug delivery devices, scar management, laboratory accessories, wound drains, dialysis O-rings, and sterilization mats in this end-use industry.

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APAC is the largest market for silicone elastomers.

APAC is the largest and the fastest-growing market for silicone elastomers, globally. The easy availability of cheap labor and raw materials has led to significant foreign investments in the region, especially in emerging economies such as China, Indonesia, Taiwan, and India. These investments have led to the growth of various end-use industries, thereby fueling the demand for silicone elastomers.

The key companies operating in the silicone elastomers market are Dow Corning (US), Wacker Chemie (Germany), Momentive Performance Materials (US), Shin-Etsu (Japan), China National Bluestar Silicones (China), KCC Corporation (South Korea), Reiss Manufacturing (US), Mesgo SpA (Italy), Zhejiang Xinan Chemical Industrial Group Co., Ltd. (China), and Specialty Silicone Products (US).

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