Global Silicone Elastomers Market Pegged to Demand US$12.37 Billion by 2024
Zion Market Research has published a new report titled “Silicone Elastomers Market By Type (Room Temperature Vulcanized, Liquid Silicone Rubber, and High Temperature Vulcanized), by Process (Compression Molding, Liquid Injection Molding, Injection Molding, Extrusion, and Others) and for Application (Construction, Electrical & Electronics, Healthcare, Industrial Machinery, Automotive & Transportation, Consumer Goods, and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024”. According to the report, global silicone elastomers market was valued at USD 8.12 billion in 2017 and is expected to reach USD 12.37 billion in 2024, growing at a CAGR of 6.2% between 2018 and 2024. In terms of volume, the global silicone elastomers market stood at approximately 4.08 kilotons in 2017.
Silicone elastomers are the vulcanized polymers of silicone. It is derived synthetically by using various kind of manufacturing processes such as extrusion, injection molding, compression, and others. It possesses special characteristics such as it has excellent molding and flexibility properties as well as strong resistance to ultraviolet, ozone, and general weathering (frost, rain, sleet, etc.) It also has outstanding curing and blending & sealing properties. Therefore, finds a broad range of end-uses such as sealants, foaming agents, etc. for automotive, construction, electronics, consumer goods, etc.
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In terms of major types, the global silicone elastomers market is categorized into room temperature vulcanized, liquid silicone rubber, and high temperature vulcanized. Liquid silicone rubber is immensely used type of saline elastomer. In 2017, this type dominated the market and accounted for more than 30% share of the entire market. Furthermore, liquid silicone rubber is expected to be the fastest growing segment of the market in the future years. Moreover, room temperature vulcanized is predicted to achieve exponential growth owing to the surging demand for room temperature vulcanized adhesive in the industrial sector across the globe. High temperature vulcanized is expected to grow at a CAGR of 5.6% between 2018 and 2024.
Based on the manufacturing process, extrusion was the largest process segment of the globe silicone elastomers market in 2017. It accounted for more than 40% share of the total market in 2017 and it is expected to witness moderate growth over the upcoming years. Liquid injection molding was the second largest segment of the market in the same year. Moreover, it is likely to augment the lucrative demand in the years to come. Compression molding and injection molding is also projected to reveal the moderate growth within the forecast period.
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With the significant share, the silicone elastomers market was dominated by the construction application in 2017. It held for around 30% share of the total market in 2017. Moreover, automotive is predicted to be one of the fastest growing segments of the market over the years to come. Growing demand for silicone elastomer adhesives in automotive applications is likely to propel the market margin in the upcoming years. Healthcare and consumer goods applications are expected to grow at a strong CAGR during the next few years.
The Asia Pacific dominated the market for silicone elastomers in 2017. It accounted for around 36% share of the total market in 2017 and it is further expected to grow at the highest CAGR within the forecast period. Emerging markets are expected to bolster the market size especially in developing countries such as Brazil, India, China, South Africa, and some Southeast Asia countries. Furthermore, Europe and North America are expected to grow at a moderate pace in the near future. Latin America and the Middle East & Africa are projected to witness a significant market growth during the next few years.
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Some of the key players of global silicone elastomers market include Dow Corning, Cabot Corporation, AkzoNobel, Bentec Medical Incorporated, ELMET, and Reiss Manufacturing Incorporated. Other players influencing the market are Sigmasoft Engineering GmbH., Wacker Chemie AG, Momentive, Allergan, ContiTech AG, Saint-Gobain, Shin-Etsu Chemical Company Limited, Arlon Silicone Technologies, Rogers Corporation, MESGO s.p.A, and Marsh Bellofram.
Silicone Elastomers Market: Regional Analysis
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa
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