Silicone Elastomers Market Business Strategy, Development Status, Sales Revenue

Posted by Moin Patni on October 1st, 2018

Silicone Elastomers Market

Silicone Elastomers Market Overview: Silicone Elastomers Market is expected to reach more than USD 8.7 billion by 2023 with a CAGR of more than 7.7%.

Silicone Elastomers Market has seen a substantial growth due to increasing demand of from its application industries. This results into a higher growth rate at the end of forecasted period. As per the market analysis, different factors have created boom in the global silicone elastomers market are rising application segment, high physical properties, increasing demand from construction industry and emerging economies.

Silicone Elastomers Market is mainly driven by the growing automotive industry which in turn has increased the demand for silicone elastomers. The major factors which have driven the market are continuous growing application segment such as construction, automotive, electronics, consumer goods and industrial. Construction segment has emerged as one of the top growing application segments during the forecast period.

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Silicone Elastomers Market Application: Silicone Elastomer referred to as synthetic rubber that is available in various forms such as solids, closed cell sponge, electrically conductive, open cell forms and thermally conductive materials. These elastomers possess superior properties such as electrical and thermal resistance, low surface friction, flame retardancy and self-adhesive nature which increases the demand of product across various application such as automotive, construction, medical & healthcare and electrical & electronics among others. Growing demand of product in structural glazing and sealants are anticipated to drive the silicone elastomer in construction industry. Moreover, rising demand of silicone elastomers in aviation sector owing to low thermal conductivity is projected to drive the market growth.

Silicone Elastomers are considered ideal elastomer which contains both mechanical and chemical properties. These properties enable its usage in commercial as well as industrial applications such as hoses, spark plug boots, vibration dampers, ignition cables and structural glazing among others. Moreover, these polymers are also used in door seals, shoe inserts, kitchen utensils, dental and surgical devices and sterilization mats.

Silicone Elastomers product types available in the market are high temperature vulcanize (HTV), room temperature vulcanize (RTV) and liquid silicone rubber (LSR) among others. Liquid silicone rubber finds extensive application in electronic and electrical equipment industry owing to its superior properties such as low viscosity, chemical stability and electrical resistance. Growing demand of room temperature vulcanize (RTV) in applications such as sealing, lens, molds in electrical and electronics, health care and medical equipment’s are anticipated to drive overall market growth. Based on application, automobile industry is leading the end use industry segment due to rising investment in lightweight component parts to meet government regulations and increasing automotive cluster in emerging economies.

Silicone Elastomers Market Key Players: Silicone Elastomers Key Players in this Market are: Dow Corning, Allergan, Wacker Chemie, KCC Corporation, Specialty Silicone Products, Reiss Manufacturing, Mesgo S.P.A, ContiTech AG, Bentec Medical Incorporated, Saint-Gobain and among others.

Silicone Elastomers Market Regional Analysis: Asia-Pacific accounted for the largest share of the silicone elastomers markets in 2017 because of the presence of a wide industrial base in developing economies such as India, China, and Thailand. Market growth is heavily influenced by increasing automotive production because of the surging demand for automobiles coupled with the rising per capita income of consumers.

North America is a prominent region for the silicone elastomers market owing to the burgeoning electrical and electronics industry with the rising demand for consumer electronic devices such as wireless speakers and wearable devices.

In terms of market share, North America is followed by Europe, because of the reviving automotive industry with a surge in demand for high energy-efficient and lightweight vehicles. Additionally, the expanding healthcare industry because of increased spending on healthcare coupled with the growing geriatric population and high per capita income is propelling market growth.

Silicone Elastomers Market Competitive Analysis: Silicone Elastomers Market fragmented with presence of tier 1 and tier 2 as well as strong regional players in the market. The key players are highly focusing on quality and high-performance products by investing on research and development which is further expected to provide lucrative opportunity for market participants. The various other strategies adopted by major players are expansion, acquisition and agreement. The industry is high following backward integration strategy such as raw material used for producing silicone uses silicone for manufacturing elastomers. Thus, achieving cost effective business through minimising the raw material procurement problems. For instance, Wacker Chemie AG, Dow Corning Corporation, Momentive Performance Materials Inc. and Shin-Etsu Chemical Co., Ltd. among others are major participants in backward integration. Moreover, companies are implementing high tech technologies to meet customer requirements. The players are entering into long term agreement with distributors to maintain profit across value chain.

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