Silicone elastomers market likely to achieve a colossal industry valuation by 2023 positively influenced by the expanding electrical & electronics sector
Published Date: August 2, 2017 Author: Dhananjay Punekar
Silicone elastomers market, one of the most rapidly evolving industries of recent times, has achieved considerable financial acclaim over the last few years, pertaining to the robust R&D activities undertaken in the 3D printing industry. This factor is demonstrated by the recent announcement of a new process that enables 3D silicone printing. Fresh off the boat, a news snippet reports that the ETH Zurich Researchers have used 3D printing technology to develop the first pneumatically-driven, artificial heart from silicone elastomers purely for testing purposes. The application of silicone elastomers in the rapidly expanding 3D printing business has been forecast to rise higher by several notches with time, which will undeniably translate into a massive valuation for the overall silicone elastomer market.
Essentially, silicone elastomers, scientifically called Polysiloxane, are basically silicone polymers possessing the characteristics of viscosity as well as elasticity – christened as viscoelasticity. Despite the availability of a large elastomer portfolio, manufacturers prefer silicone elastomers over their counterparts, essentially due to the fact that silicone is the most dependable material in situations that utilize high temperatures. This growing inclination toward silicone as the base material is one of the influential factors attesting to the positive growth graph of silicone elastomers market, which, according to research reports, is predicted to exceed a valuation of USD 12 billion by 2023.
The numerous product benefits that contribute toward silicone elastomers market growth:
- This polymer possesses superior resistance to UV rays, ozone, and harsh weather conditions.
- Its properties of no odor, no taste, non-toxicity, and bacteria & fungal resistance make it an apt material to be utilized in the consumer goods industry, the rapid expansion of which will foster the growth of the consumer goods market.
- The product is highly resistant to high temperatures (300°C) as well as low temperatures (60°C).
- Silicone elastomers have excellent resistance to compression at high temperatures, and are deemed the best for sealing purposes.
- The elastomer is reduced to silica ash when exposed to flame. Its flame-retardant properties again, make it the best choice to be used in the consumer goods business.
Silicone elastomers finds extensive applications in the production of liquid silicone rubber items, as they display exceptional features such as self-lubrication, fast cycle times, short cycle time injection, trim-free production, totally automatic & flash-free manufacturing, improved tear strength, electrical conductivity, enhanced clarity, self-bonding alternatives, and fluorination. Their outstanding heat resisting features coupled with negligible impact on the environment makes them more demanding across healthcare, automotive, electronics, consumer goods, transport, medical, and building & construction sectors. This humongous application spectrum of silicone elastomers is certain to bring about a path-breaking revolution in silicone elastomer market share. Industry players are keen to explore the utilization scope of these polymers across new sectors such as oil & gas, which will further augment the growth of silicone elastomers industry.
Silicone Elastomers market insights in the electrical & electronics sector
The basic function of silicones elastomers is to ensure that sensitive electronic components have been working the way they should, which has brought forth a plethora of opportunities for silicone elastomers market across the electrical & electronics sector. Bonding, protecting, and sealing are the three functions that are essentially performed by these elastomers across the disciplines of I&C technology, entertainment, and semiconductor electronics. The remarkable growth curve projected by the aforementioned sectors will serve to be one of the principal drivers of silicone elastomers industry over the forthcoming years. A brief of the vital properties of silicone elastomers contributing toward its utilization in electrical & electronics applications is provided below:
Contributing product properties
Document handling systems
Wearable electronic equipment & Peripherals
Home networking equipment
Resistance to extreme temperatures
Gas and water-vapor permeability
The widespread scope of silicone elastomers in the electrical & electronics industry is evident from the above table. Pertaining to the same, silicone elastomers market size from the electrical & electronics sector is anticipated to observe the highest growth rate of 5.6% over the forthcoming years. The demand for electronic goods will continue to rise in the years to come, which is bound to create a favorable growth path for silicone elastomers industry across various geographies, especially the Asia Pacific. As per statistics, APAC held more than 50% of the overall silicone elastomers market share in 2014 and is likely to lead the global landscape over the years ahead. This comes as no surprise, as the region has been exhibiting phenomenal growth across the electronics and semiconductor industries. Numerous business players have also begun to establish their manufacturing facilities across this region, given that the continent is bustling hub of emerging and developed markets.
Silicone Elastomers market insights in the automotive sector
Speaking about the Asia Pacific, it is worth mentioning that the silicone elastomers industry share is poised to witness a revolutionary transformation in its growth graph pertaining to the escalating automotive sector. A snippet of the essential properties of silicone elastomers contributing toward its utilization in the automotive applications is provided below:
Contributing product properties
Ignition cables, diaphragms & hoses
Connector seals & oil system seals
Fuel system valves
Spark plug boots
Excellent weather resistance
Low compression set
Resistance to automotive liquids
Asia Pacific, being one of emerging markets for the automotive sector, is slated to observe remarkable growth from silicone elastomers market from automotive applications. Perhaps due to the significant revenue contribution form this sector, APAC silicone elastomers industry is slated to grow at a rate of 5.9% over 2015-2023.
The growth trajectory of silicone elastomer market has been forecast to exhibit massive potential. This appreciable traction can be primarily credited to the ever-expanding application terrain of silicone elastomers industry. Unrefutably, the industry stands to gain heavy profits from various end-use sectors across the globe. On these grounds, Global Market Insights, Inc., claims silicone elastomers market to depict a commendable growth rate of more than 7.6% over 2015-2023.
Global Market Insights, Inc. has a report titled “Silicone Elastomers Market Size By Product (High Temperature Vulcanized, Room Temperature Vulcanized, Liquid Silicone Rubber), By Application (Electrical & Electronics, Automotive & Transportation, Industrial Machinery, Consumer Goods, Construction, Others), Industry Analysis Report, Regional Outlook (U.S., Germany, UK, France, Italy, China, India, Japan, South Korea, Brazil), Application Potential, Price Trends, Competitive Market Share & Forecast, 2015 – 2023” available at https://www.gminsights.com/industry-analysis/silicone-elastomers-market