The Global Silicone Elastomers Market was worth US$ 8.5 billion in 2022 and is anticipated to reach a valuation of US$ 10.6 billion by 2028 and is predicted to register a CAGR of 7.3% during 2023-2028.
Market Drivers and Restraints:
The stringent policies regarding the environment have made it difficult for plastics and opened doors for the growth of the silicone elastomers market in North America. The ease of handling non-utilized plastic material is also a driving factor. PE-base Elastomers are the highest contributor in the North American region, thus PE-based composites add to the overall growth of the industry.
The usage of elastomers in aerospace, and wind energy turbines is growing and these options often come cheap as compared to their counterparts that help in the growth of the industry. Silicone elastomers possess superior characteristics such as low surface friction, tear resistance, thermal resistance, and self-adhesive nature that increase the value of the products for various applications such as construction, consumer goods, automotive, healthcare, medical, and electrical & electronics, and industrial sectors.
Drawbacks in the Silicone Elastomers Market:
The elastomers market industry is affected by volatile prices and alternatives. The concentration of the market in some areas of the world is affecting sales in other areas. The mechanical strength of these elastomers is a major drawback and thus hinders the growth of the industry.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2022-2028 |
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Base Year |
2022 |
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Forecast Period |
2023-2028 |
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CAGR |
7.3% |
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Segments Covered |
By Type, Process, End-use, Region. |
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Various Analyses Covered |
Global, Regional and Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa, |
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Market Leaders Profiled |
Whacker Chemie AG, Certainteed Corporation, Polymera Inc., Reiss Manufacturing, ResinTech Inc, and Others. |
On the basis of type, the HTV segment accounted for the largest share of the silicone elastomers market in 2017, in terms of both volume and value. HTV elastomers are cured at a high temperature, either by means of platinum catalyzation or organic peroxides. The cured rubber is added with reinforcing fillers to give it mechanical strength. HTV silicone rubbers have wide application areas due to their excellent properties such as high strength of siloxane bond, electrical conductivity, radiation resistance, steam resistance, flame retardance, oil resistance, and extreme temperature resistance.
Liquid silicone rubber (LSR) is expected to gain market share over the next five years. Growing demand in various applications such as injection moulding which is pertinent across several end-use industries such as automotive, medical equipment, toys, packaging, musical instruments, housewares, consumer goods, storage containers, etc., can be attributed to the high growth of this product segment.
North America is one of the largest markets for the Silicone Elastomers industry thanks to the huge investments in the pharmaceutical sector. The USA has invested a lot in healthcare facilities. The importance of safe packaging has increased and plastics are becoming second choices to elastomers and bio-based composites.
Asia Pacific's silicone elastomers industry accounted for over 49.3% of the overall revenue in 2019. Construction spending in countries such as China, South Korea, Malaysia, Indonesia, Vietnam, and India is expected to influence regional demand. In addition to this, Asia Pacific is forecasted to witness high electrical & electronics, and automotive manufacturing owing to the rising affluence of people combined with a growing population, thereby bolstering the regional silicone elastomers market.
The coronavirus has resulted in severe challenges for the silicone elastomers market by impacting production and distribution in the end-user sector. Major economies around the world are affected due to the pandemic. For instance, North America, especially the USA is badly plagued by the COVID-19 virus during the major parts of 2020. Amidst this, the USA has prepared for the search for the vaccine. It has negatively affected the demand for elastomers across various end-use industries such as aerospace & defense, automotive & transportation, wind energy, construction & infrastructure, and pipes & tanks. The disruption in the supply chain resulted in delays or non-arrival of raw materials, disrupted financial flows, and declining morale among production line workers have compelled aircraft and automobile manufacturers to operate at reduced capacities. This has led to a reduction in demand for silicone elastomers. The market is supposed to recover from 2021 onwards.
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