Size of silicone elastomers market is anticipated to increase from USD 5.74 billion in 2022 to USD 15.29 billion in 2032, expanding at a 10.3% CAGR.
High demand for silicone elastomers from the electrical and electronics industries, an ageing population driving demand from the healthcare industry, and superior silicone elastomer properties are anticipated to propel the silicone elastomers market and quicken silicone elastomers adoption trends.
The market for silicone elastomers is expanding, although in developed nations, market growth is static.
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On the other hand, increasing production of antimicrobial silicone elastomers for the healthcare sector, increasing use in the optical sector due to its highly transparent properties, and increasing demand for automobiles are expected to drive the silicone elastomers market key trends and opportunities and subsequently escalate the sales of silicone elastomers.
The global pandemic had a detrimental effect on both the market potential for silicone elastomers and the silicone elastomers market overall.
The prices of raw materials and energy skyrocketed in response to the unexpected rise in demand for silicone elastomers from diverse industries. As a result, silicone elastomers are now more expensive overall. Major silicone elastomers market makers have announced price hikes for their products ranging from 10% to 30%.
By accounting for more than 51% of sales in 2022, Asia Pacific took the lead over Europe and North America in the silicone elastomers market. Developed regions like North America and Europe are predicted to lose market share for silicone elastomers as a result of the end-use industry saturation.
Automotive, construction, healthcare, consumer goods, and electrical & electronics are expected to grow rapidly in developing silicone elastomers markets such as Asia Pacific and the Middle East & Africa. Strong demand for silicone elastomers from these industries is expected to drive the regional silicone elastomer market along with silicone elastomers market future trends.
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Key Takeaways:
- The liquid silicone rubber (LSR) product segment to lead the silicone elastomers market, accounting for 61.0% of total revenue.
- The construction sector in the application segment to lead the silicone elastomers market, accounting for more than 43.0% of total revenue.
- Asia Pacific to lead the silicone elastomers market in 2022, accounting for more than 51.0% of revenue, ahead of Europe and North America.
Competitive Landscape:
The silicone elastomers market is oligopolistic and highly consolidated. Mergers and acquisitions characterise the silicone elastomers market. Several silicone elastomers market participants are working hard to improve their product portfolios and gain a competitive advantage in rapidly growing regional silicone elastomers markets. The silicone elastomers market faces a relatively high threat from new entrants but a low threat from substitutes.
China National BlueStar (Group) Co., Ltd., Mesgo S.P.A., Momentive Performance Materials Inc., Shin-Etsu Chemical Co., Dow Corning Corporation, KCC Corporation, Ltd., Reiss Manufacturing Inc., Reiss Manufacturing Inc., Stockwell Elastomerics, major silicone elastomers market players sell their wares to a diverse range of industries, including electrical and electronics, automotive and transportation, industrial machinery, consumer goods, and construction.
To strengthen their silicone elastomers market position, manufacturers are engaged in a variety of activities such as product development and innovation, mergers and acquisitions.
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Recent Development:
Acquisition:
- Wacker Chemie AG acquired a 60% stake in a Chinese specialty silane manufacturer in October 2022 to strengthen its position in the silicone elastomers market.
- Momentive Performance Materials, Inc. announced the acquisition of KKC Corporation’s silicones business in January 2022, strengthening its silicone elastomers market position for global Advanced silicones capabilities.
Product Launch:
- Dow Inc. will introduce its first low density liquid silicone rubber (LSR) for injection moulding to brand owners and formulators in Europe and North America in March 2022. The properties of the material make it a good choice for food dosing valves, closures, dispensers, seals, gaskets, and other food contact applications.
Key Segments
By Product:
- HTV
- RTV
- LSR
By Application:
- Electrical & Electronics
- Automotive & Transportation
- Industrial Machinery
- Consumer Goods
- Construction
- Others
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