Silicone Elastomers Market Overview
The global silicone elastomers market is accruing pervasively mainly due to the market penetration of 3D printing and usages of these elastomers in the field. Advantageous properties exhibited by silicone elastomers such as resistance to intense heat (temperature), environmental resistance, and low compression set to garner more market prominence.
Industries such as automotive, electrical & electronics, and health care are the major end-user industries of the silicone elastomer, generating huge demand worldwide. The augmenting demand is escalating the market growth on the global platform.
Recognizing the kind of traction, the market is garnering currently, Market Research Future (MRFR) in its recently published study report asserts that the global COVID-19 analysis on silicone elastomers market report is estimated to ascend enormously by 2023 registering a phenomenal CAGR during 2017 to 2023.
Additional factors supporting the market growth include increasing population, industrialization, and urbanization. Improving economic conditions worldwide foster the market growth, increasing consumers’ purchasing power. Simultaneously increasing applications of silicone elastomers in the healthcare industry for manufacturing the medical devices and other products such as surgical devices, medical tubing, catheters, and keypads of medical equipment support the market growth.
On the other hand, poor abrasion and oil and petroleum resistance properties of silicone elastomers inhibit its market growth, restricting its usages. Nevertheless, the cost-effectiveness of the silicone would keep the demand for silicone elastomer up and help to propel the market growth during the forecast period.
Silicone Elastomers Market Key Players:
The fervent players leading the global silicone elastomers market share include Wacker Chemie AG (Germany), Momentive (US), DowDuPont (US), KCC Corporation (South Korea), Shin-Etsu Chemical Co., Ltd. (Japan), Reiss Manufacturing, Inc. (US), China National Bluestar (Group) Co., Ltd. (China), MESGO S.p.A. (Italy), Bentec Medical (US), ALLERGAN (Ireland), Specialty Silicone Products, Inc. (US), and Rogers Corporation (US).
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Global Silicone Elastomers Market – Regional Analysis
The Asia Pacific region is the largest and the dynamic market for silicone elastomers in terms of size and revenues. The presence of a wide industrial base in countries such as China, Thailand, and India alongside the burgeoning automotive industry is influencing the market growth in the region. Improving economic conditions are factoring the growth environment for the market. The constant rise of the automobile sector is projected to continue to fetch a major share of the silicone elastomer demand in this region.
The North American region accounts for the second most significant market for silicone elastomer, following the Asia Pacific closely. The burgeoning electrical and electronics industry in the region with its rising demand for consumer electronic devices predominantly drives the market growth. Furthermore, the increasing demand from the automotive industry is a key force acting as a tailwind to the market growth. In the transportation sector, aircraft and automotive industry are the two dominant segments consuming a major share of the total demand for silicone elastomer.
The European region is emerging as a lucrative market for silicone elastomer, globally. The demand is majorly pulled by the automobile industry in the region owing to the demand for high energy-efficient and lightweight vehicles. Moreover, the proliferating healthcare industry backed by the increasing healthcare expenditures and the resurging economy is propelling market growth.
Global Silicone Elastomers Market – Competitive Analysis
The market appears consolidated yet highly competitive with the limited number of players operating in the market. Key trends observed among the market players include acquisition, collaboration, expansion, partnership, and product launch. Other key strategies adopted by vendors in the market include greater commercialization of their products, promotion initiatives through trade exhibitions, increased collaboration.
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