Silicone Elastomers Market size worth over $12 billion by 2023
Published Date: December 20, 2016 Authors: Kunal Ahuja, Sonal Singh
According to a new research report by Global Market Insights, Inc., the Silicone Elastomers Market size is set to exceed USD 12 billion by 2023. Widespread use construction industry as a sealant and structural glazing has been a strong growth factor of the market.
These are extensively used as an adhesive in electrical & electronics industry. The rise in the demand of electronic gadgets and devices especially cellular phones and other portable electrical products is anticipated to boost global silicone elastomers market consumption.
The ability to resist high temperature makes these polymers suitable to be used across gaskets and vibration dampers in vehicles. Positive vehicle production outlook across Eastern Europe, India, China and South Korea could see a significant advantage for silicone elastomers market participants.
Healthcare industry is another upcoming application segment of silicone elastomers, and is used in the applications like textile coatings, instruments, anesthetic masks, membranes, medical cables, tubing etc. Strong R&D investment trends across the healthcare space are likely to translate into revenue potential for the silicone elastomers market. O-rings and gaskets are another avenue offering strong growth potential for manufacturers.
Browse key industry insights spread across 180 pages with 219 market data tables & 15 figures & charts from the report, “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, Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2023” in detail along with the table of contents:
Key insights from the report include:
- Asia Pacific is the leading region in the global silicone elastomers market share and is anticipated to maintain its market share during the forecast period. This contribution of Asia Pacific is attributed to the booming industries in the region such as electronics & electrical, automotive, healthcare, industrial machinery, consumer goods etc. Asia Pacific is anticipated to expand at a CAGR of 5.9% in terms of volume with a market share of more than 50%.
- Europe silicon elastomers market is anticipated to contribute more than USD 1 billion in revenue, driven by the well-established German automobile industry. There is also decent growth across electronic gadgets, construction, and industrial machinery sectors.
- High Temperature Vulcanized (HTV) is used for high temperature applications such as in vibration dampers and gaskets in automobiles. Also, it is having a wide application in industrial machineries and some healthcare devices.
- LSR (Liquid Silicone Rubber) is another significant product used as an adhesive in electronics and electrical equipment industry. LSR was valued as more than USD 2.0 billion in 2015 and is estimated to expand at a CAGR of 7.9%.
- Construction industry is the most dynamic application avenue for the silicone elastomer market, which are used in sealants and structural glazing. These applications are responsible for more than 40% of global consumption.
Major manufacturing companies include in silicone elastomers industry are Momentive Performance Materials Inc., Wacker Chemie AG, Dow Corning Corporation, KCC Corporation, Shin-Etsu Chemical Co.; Ltd.