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Silicone Elastomers Market Size Worth $12.5 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, Aug. 10, 2022 /PRNewswire/ -- The global silicone elastomers market size is expected to reach USD 12.5 billion by 2030, according to a new study by Grand View Research, Inc. The market is projected to advance at a CAGR of 10.3% from 2022 to 2030. The growing population, rising disposable income, and rapid industrialization and urbanization in the developing regions are some of the key factors that are presumed to drive the regional markets. R&D initiatives to develop superior-quality robust products that have a wide application base across diverse industries offer ample opportunities for market development.

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Key Industry Insights & Findings from the report:

  • Asia Pacific dominated the overall market and is expected to advance at the fastest CAGR of 10.6% in terms of revenue during the forecast period.
  • LSR was estimated to be the largest product segment in the global market for silicone elastomers in 2021 and is also anticipated to dominate the market during the projection period.
  • Construction accounted for the largest revenue share of more than 43% in the application segment of the global market for silicone elastomers in 2021 and is also anticipated to dominate the market in the projection period.
  • Silicone elastomers have widespread applications in the medical and healthcare industry. Starting from medical equipment to drug delivery systems, silicone elastomers have gained acceptance in this industry fairly rapidly. Such acceptance can be attributed to favorable properties such as inertness, high permeability, easy processing, and low toxicity.

Read full market research report for more insights, "Silicone Elastomers Market Size, Share & Trends Analysis Report By Product (HTV, RTV, LSR), By Application, By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Silicone Elastomers Market Growth & Trends

A surge in demand for properties such as extended lifetime, efficient performance over a wide range of temperatures, low toxicity, low flammability, low smoke density, inertness to chemicals & solvents, oil & fuel resistance, and high productivity is anticipated to be beneficial for the overall market advancement. The increasing scope of silicone elastomers in the healthcare industry is expected to have a positive impact on the market.

Some of the notable applications of silicone elastomers in the medical industry include catheters, tubing, medical cables, seals & gaskets, membranes, O-rings, valves, respiratory care applications, anesthetic masks, medical instruments & equipment, and medical textile coatings. Such a wide range of applications is touted to create ample opportunities for the silicone elastomers industry in the coming years.

The market for silicone elastomers has been classified into three segments, on the basis of product, application, and region. Major silicone elastomer products include high-temperature vulcanize (HTV), room temperature vulcanize (RTV), and liquid silicone rubber (LSR). HTV has dominated the market demand in the last few years. Room temperature vulcanize is slated to witness the highest growth rate during the forecast period.

Some of the prominent applications of silicone elastomers include electrical & electronics, automotive & transportation, industrial machinery, consumer goods, and construction, among others. The construction application segment dominated the global market in 2021, ahead of the automotive, and electrical & electronics segments. Other applications such as medical & healthcare and cosmetics are anticipated to experience the highest CAGR during the forecast period.

Regionally, the market has been segmented into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa. North America occupied a significant market share in the recent past. However, this region, along with Western Europe, is expected to lose substantial market share and witness sluggish growth in the next seven years. Emerging markets such as the Asia Pacific are touted to witness the highest demand in the near future. Economies such as China, India, and Southeast Asian countries are projected to lead the regional market.

Silicone Elastomers Market Segmentation

Grand View Research has segmented the global silicone elastomers market on the basis of product, application, and region:

Product Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)

  • HTV
  • RTV
  • LSR

Application Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)

  • Electrical & Electronics
  • Automotive & Transportation
  • Industrial Machinery
  • Consumer Goods
  • Construction
  • Others

Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)

  • North America
    • U.S.
  • Europe
    • Germany
    • France
    • UK
    • Italy
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
  • Central & South America
    • Brazil
  • Middle East & Africa

List of Key Players in the Silicone Elastomers Market

  • China National BlueStar (Group) Co., Ltd.
  • Dow Corning Corporation
  • KCC Corporation
  • Mesgo S.P.A.
  • Momentive Performance Materials Inc.
  • Shin-Etsu Chemical Co., Ltd.
  • Reiss Manufacturing Inc.
  • Wacker Chemie AG
  • Zhejiang Xinan Chemical Industrial Group Co., Ltd.
  • Stockwell Elastomerics
  • Specialty Silicone Products, Inc.

Check out more related studies published by Grand View Research:

  • Elastomers Market - The global elastomers market size is expected to reach USD 109.2 billion by 2025 expanding at a CAGR of 4.8%, according to a new study by Grand View Research, Inc. The market is anticipated to be driven by rising demand from several application areas including automotive, medical, consumer goods, industrial, and others.
  • Automotive Elastomers Market - The global automotive elastomers market size is expected to reach USD 51.3 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.4% from 2022 to 2030. An increase in consumer disposable income and strict regulations by the government to reduce pollution are expected to impel market growth.
  • Elastomer Gel In Personal Care Market - The global elastomer gel in personal care market size is expected to reach USD 191.2 million by 2027, registering a CAGR of 4.7%, according to a new report by Grand View Research, Inc. Elastomer gel is widely utilized in personal care products, including skin care, hair care, and colour cosmetics, on account of its properties such as adhesion, transfer resistance, water repellency, and quick absorption.

Browse through Grand View Research's Plastics, Polymers & Resins Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
Web: https://www.grandviewresearch.com 
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SOURCE Grand View Research, Inc.

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