The Silicone Elastomers Market in North America is poised for substantial growth in the coming years, primarily attributed to the flourishing construction and automotive sectors across the region. The exceptional qualities of high-performance silicone, including durability, strength, and resistance, make it a preferred choice for manufacturing materials used in construction and machinery applications.
Recent years have witnessed significant expansion in the North American construction sector, driven by increased disposable income, evolving business opportunities, and the broader availability of employment. Urbanization and migration trends have heightened the importance of infrastructure development to support the growing population. Notably, the federal infrastructure development program in the United States is set to inject a staggering US$10 trillion over the next decade into upgrading critical elements such as roads, bridges, water systems, broadband networks, and power grids, thereby stimulating the construction industry in the region.
Request For a Sample: https://www.futuremarketinsights.com/reports/sample/rep-gb-15181
The global demand for silicone elastomers is projected to experience a robust 10.3% annual growth, reaching a value of US$15.29 billion by 2032. This growth is primarily fueled by the escalating cost of natural rubbers, prompting increased adoption of synthetic rubbers within the silicone elastomers market. As industries shift away from natural rubbers due to their high prices, silicone elastomers have gained traction, especially in the industrial sector.
The durability of silicone elastomers has instilled confidence among manufacturers, contributing to their widespread adoption. This durability factor has particularly boosted the market’s leading players. In addition to domestic applications, silicone elastomers have found use in medical-grade products, benefiting from their biocompatibility and low toxicity, making them suitable for healthcare and food sectors.
While silicone elastomers are susceptible to microbial activity, the market is evolving with antimicrobial silicone production for healthcare applications. Moreover, their transparent properties have sparked demand in the optical industry, and the increasing automotive industry demands further provide growth avenues. These trends collectively point to a promising future for the silicone elastomers market with diversified opportunities across various industries.
The global pandemic had a negative impact on the silicone elastomers market opportunities and the silicone elastomers market as a whole.
The sudden increase in demand for silicone elastomers from various sectors dramatically increased raw material and energy prices. This has increased the overall prices of silicone elastomers, and many major silicone elastomers market manufacturers have announced price increases ranging from 10% to 30% for silicone elastomer products.
Asia Pacific led the silicone elastomers market in 2022, accounting for more than 51% of revenue, ahead of Europe and North America. Due to the end-use industry saturation, developed regions such as North America and Europe are expected to lose silicone elastomers market share.
Automotive, construction, healthcare, consumer goods, and electrical & electronics are expected to grow rapidly in developing silicone elastomers markets such as Asia Pacific and the Middle East & Africa. Strong demand for silicone elastomers from these industries is expected to drive the regional silicone elastomer market along with silicone elastomers market future trends.
Key Takeaways:
- The liquid silicone rubber (LSR) product segment leads the silicone elastomers market, accounting for 61.0% of total revenue.
- The construction sector in the application segment leads the silicone elastomers market, accounting for more than 43.0% of total revenue.
- Asia Pacific to lead the silicone elastomers market in 2022, accounting for more than 51.0% of revenue, ahead of Europe and North America.
Ask an Analyst: https://www.futuremarketinsights.com/ask-the-analyst/rep-gb-15181
Competitive Landscape:
The silicone elastomers market is oligopolistic and highly consolidated. Mergers and acquisitions characterise the silicone elastomers market. Several silicone elastomers market participants are working hard to improve their product portfolios and gain a competitive advantage in rapidly growing regional silicone elastomers markets. The silicone elastomers market faces a relatively high threat from new entrants but a low threat from substitutes.
China National BlueStar (Group) Co., Ltd., Mesgo S.P.A., Momentive Performance Materials Inc., Shin-Etsu Chemical Co., Dow Corning Corporation, KCC Corporation, Ltd., Reiss Manufacturing Inc., Reiss Manufacturing Inc., Stockwell Elastomerics, major silicone elastomers market players sell their wares to a diverse range of industries, including electrical and electronics, automotive and transportation, industrial machinery, consumer goods, and construction.
To strengthen their silicone elastomers market position, manufacturers are engaged in a variety of activities such as product development and innovation, mergers and acquisitions.
Recent Development:
Acquisition:
- Wacker Chemie AG acquired a 60% stake in a Chinese specialty silane manufacturer in October 2022 to strengthen its position in the silicone elastomers market.
- Momentive Performance Materials, Inc. announced the acquisition of KKC Corporation’s silicones business in January 2022, strengthening its silicone elastomers market position for global Advanced silicones capabilities.
Product Launch:
- Dow Inc. will introduce its first low density liquid silicone rubber (LSR) for injection moulding to brand owners and formulators in Europe and North America in March 2022. The properties of the material make it a good choice for food dosing valves, closures, dispensers, seals, gaskets, and other food contact applications.
Request Report Methodology: https://www.futuremarketinsights.com/askus/rep-gb-15181
Key Segments
By Product:
- HTV
- RTV
- LSR
By Application:
- Electrical & Electronics
- Automotive & Transportation
- Industrial Machinery
- Consumer Goods
- Construction
- Others
Author
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show – Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
