Silicone Elastomers Market Expected To Witness A Substantial Growth Of USD 11.16 Billion By 2030Posted by Neha Bora on October 25th, 2022 San Francisco, 25 Oct 2022: The Report Silicone Elastomers Market Size, Share & Trends Analysis Report By Product (HTV, RTV, LSR), By Application (Consumer Goods, Construction, Automotive & Transportation), By Region (Europe, APAC), And Segment Forecasts, 2022 - 2030 The global silicone elastomers market size is expected to reach USD 11.16 billion by 2030, registering a CAGR of 8.8% over the forecast period, according to a new study by Grand View Research, Inc. Superior quality over conventional elastomers makes it ideal for industrial usage, thereby positively affecting the overall industry. End-use industries, such as construction, automotive, and electrical & electronics, are expected to witness rapid growth over the forecast period. Silicone elastomers are widely used in the medical and healthcare industries. Silicone elastomers have quickly acquired popularity in the medical and healthcare industries, from medical equipment to drug delivery systems. Favorable features, such as inertness, high permeability, ease of processing, and low toxicity contribute to this acceptability. With a rising population, the medical sector has been under immense pressure to meet the rising healthcare demand. Moreover, the aging population in certain countries of the world, such as North America, is expected to put a burden on the medical and healthcare business throughout the projection period. Construction was a dominant application segment in 2021. It was followed by the automotive and electrical & electronics segments, which held 23.8% and 13.8% shares, respectively, in the same year. The electrical & electronics segment is expected to grow at the fastest CAGR from 2022 to 2030. The electronics end-use segment is expected to witness a significant growth rate during the forecast period. Silicone elastomer is used to enclose electronic components to increase their stability against vibration, shock, and radiation. Thus, it helps enhance durability, thereby, boosting the overall performance of the device under extreme conditions, such as zero gravity and low-pressure areas. Factors, such as expanding population, increasing disposable income of the middle-class population, and digitalization are creating significant growth opportunities for the electronics industry. This, in turn, is expected to boost product demand over the forecast period. Key companies are constantly engaged in mergers & acquisitions, developing new products, and other techniques to enhance their market share. For instance, in November 2021, Momentive Performance Materials Inc. acquired KCC Corp.’s silicone business in the U.K. and Korea as well as the sales operations in China. This agreement will enable Momentive Performance Materials Inc. to further expand its global footprint across advanced silicones. Access Research Report of Silicone Elastomers Market @ https://www.grandviewresearch.com/industry-analysis/silicone-elastomers-market Silicone Elastomers Market Report Highlights
List of Key Players in Silicone Elastomers Market
Access Press Release of Silicone Elastomers Market @ https://www.grandviewresearch.com/press-release/global-silicone-elastomers-market Like it? Share it!More by this author |