Silicone Elastomers Market To Hit Value .16 Billion By 2030 |Grand View Research, Inc.

Posted by Mrudula Anil Karmarkar on March 21st, 2023

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.

Silicone elastomer is widely utilized in the automotive & construction industry owing to its high strength and moisture resistance property. It can be used in conjugation with numerous materials including glass, concrete, marble, aluminum, steel, and polymers that are used in residential and commercial constructions. Its noise and vibration-dampening ability have driven its usage in building structures. When compared to other elastomers, silicone elastomers offer superior characteristics.

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These characteristics make it appealing to a variety of end-use industries. End-use industry criteria are becoming increasingly challenging to satisfy as new applications emerge. End-use industries demand qualities, such as extended lifetime and efficient performance across a wide temperature range, low flammability, low toxicity, low smoke density, oil and fuel resistance, chemical and solvent inertness, and high productivity. Silicone elastomers meet these specifications. The U.S. silicone elastomer market is expected to grow at a significant CAGR during the forecast period owing to ongoing product innovations and technological developments that promote product usage in Electric Vehicles (EVs) and healthcare applications.

A number of states in the U.S., including California, New Jersey, Washington, and Louisiana, offer tax credits, exemptions, and rebates for promoting the procurement of EVs. New Jersey and Washington exempt the sales and use taxes for EVs, while California offers rebates on the purchase and usage of Plug-In Hybrid Electric Vehicles (PHEVs) and other light-duty zero-emission vehicles. These tax incentives implemented by different states of the country are anticipated to contribute to the growth of the EV market in the U.S. from 2022 to 2030. This, in turn, is anticipated to fuel the product consumption for cable insulation in zero-emission vehicles.

Silicone Elastomers Market Report Highlights

• In 2021, Asia Pacific was the largest revenue-generating region due to rapidly growing economies, such as India, China, and South Korea
• Moreover, leading players are shifting their manufacturing bases to Asia Pacific on account of the availability of cheap labor. This is expected to drive the regional market during the forecast period
• Liquid Silicone Rubber (LSR) was the largest product segment in 2021 and is anticipated to expand further at a steady CAGR retaining the dominant position throughout the forecast period
• LSR uses only additive curing with platinum and is compatible with temperatures ranging from -60°C to 250°C, owing to which, it is widely used in the production of complex and small-size elastomeric parts for automotive & medical devices
• In March 2022, Shin-Etsu Chemical Co., Ltd. developed a new vulcanization type of one-component LSR under the recently introduced KCP series product line. The new product is superior in vulcanization attributes and safety

The gaskets, seals, and O-rings market in North America is anticipated to grow significantly over the forecast period owing to the stringent implementation of guidelines by the Environmental Protection Agency (EPA) and the increased requirement for reducing hazardous emissions from rotating equipment used in the industrial sector. In addition, steel, automotive, oil & gas, aerospace, and industrial manufacturing sectors require superior sealing solutions to prevent leakage of fluids. End users in the industrial sector focus on enhancing the overall performance of equipment to reduce their operational costs and productivity losses.

These factors are expected to drive the demand for gaskets, seals, and O-rings in North America, thereby positively impacting the growth of the industry growth in the region. In North American countries, policies are being framed to reduce Greenhouse Gas (GHG) emissions from different sources. This is expected to enhance the demand for EVs in the region. For instance, in August 2022, the Government of the U.S. implemented the Inflation Reduction Act as a law to provide tax credits for making the development and purchase of electric vehicles economical in the country. Such initiatives are anticipated to fuel the product demand over the forecast period.

List of Key Players in Silicone Elastomers Market

• China National BlueStar (Group) Co., Ltd.
• Dow Inc.
• KCC Corp.
• Shin-Etsu Chemical Co., Ltd.
• Wacker Chemie AG
• MESGO S.p.A.
• Specialty Silicone Products, Inc.
• Stockwell Elastomerics, Inc.
• Momentive Performance Materials, Inc.
• Reiss Manufacturing, Inc.
• CHT Germany GmbH