The global demand for silicone elastomers is projected to experience a robust 10.3% annual growth, reaching a value of US$15.29 billion till 2032. The use of synthetic rubbers in the silicone elastomers sector is increasing mostly as a result of the growing cost of natural rubbers. Due to their high cost, businesses are shifting away from natural rubbers and toward silicone elastomers, especially in the industrial sector.
The durability of silicone elastomers has instilled confiden
ce in manufacturers, resulting in their extensive application. The leading corporations in the industry have profited most from this durability feature. Silicone elastomers are used in domestic applications as well as medical-grade items because of their low toxicity and biocompatibility. They can therefore be used in the culinary and medical industries.
Request For a Sample: https://www.futuremarketinsights.com/reports/sample/rep-gb-15181
Despite the fact that silicone elastomers are prone to microbiological activity, the market is changing as silicone intended for medical purposes becomes more antimicrobial. Furthermore, the optical business has been more in demand due to their transparent qualities, and there are further growth opportunities due to the growing demands of the automobile industry. All of these developments suggest that the market for silicone elastomers has a bright future ahead of it, with a variety of opportunities across different industries.
Both the overall silicone elastomers market and its prospects were negatively impacted by the worldwide epidemic.
The unexpected surge in demand for silicone elastomers across multiple industries resulted in a sharp rise in the cost of energy and raw materials. As a result, silicone elastomer costs have gone up generally, and some significant producers of silicone elastomers have announced price hikes for their goods that range from 10% to 30%.
With over 51% of the global silicone elastomer market’s sales in 2022, Asia Pacific outpaced both North America and Europe. Developed regions like North America and Europe are predicted to lose market share in silicone elastomers due to end-use industry saturation.
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.
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
