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| Silicone Elastomers Market |
Market Overview:
The global Silicone Elastomers Market is estimated to be valued at US$9,200 million in 2023 and is
expected to exhibit a CAGR of 5.6%
over the forecast period of 2019-2027, according to a new report published by
Coherent Market Insights. Silicone elastomers are highly flexible and durable
materials that offer exceptional temperature resistance, electrical insulation
properties, and chemical inertness. These advantages make them suitable for a
wide range of applications including automotive, electronics, healthcare, and
construction industries. With the increasing demand for high-performance
materials in various end-use sectors, the silicone elastomers market is
anticipated to experience significant growth in the coming years.
Market Key Trends:
One key trend in the silicone elastomers market is the growing demand from the
healthcare industry. Silicone elastomers are extensively used in medical
devices such as catheters, pacemaker leads, and prosthetics due to their
biocompatibility, durability, and resistance to bacteria growth. Furthermore,
the increasing prevalence of chronic diseases and the rising geriatric population
are driving the demand for advanced medical devices, thereby fueling the growth
of the silicone elastomers market. Additionally, the development of innovative
silicone elastomer products with enhanced properties such as antimicrobial
properties and self-healing capabilities is expected to further boost market
growth.
Note: The given data for key players has not been included in the report as per
the instructions.
Segment Analysis:
The silicone elastomers market can be segmented based on type, application, and
region.
In terms of type, the market can be divided into high consistency rubber (HCR),
liquid silicone rubber (LSR), and room temperature vulcanized (RTV) silicone
rubber. Among these, the liquid silicone rubber segment is expected to dominate
the market during the forecast period. This can be attributed to the excellent
properties of LSR, such as high resistance to heat, chemicals, and UV
radiation, along with its ease of processing and versatility. LSR is widely
used in various industries including automotive, healthcare, electrical &
electronics, and consumer goods, which further enhances its dominance in the
market.
In terms of application, the market can be segmented into automotive &
transportation, electrical & electronics, healthcare, consumer goods,
industrial machinery, and others. The healthcare segment is expected to
dominate the market due to the growing demand for silicone elastomers in
medical devices, such as catheters, prosthetics, implants, and drug delivery
systems. Silicone elastomers offer excellent biocompatibility, durability, and
flexibility, making them ideal for various healthcare applications.
Key Takeaways:
The global Silicone
Elastomers Market Share is expected to witness high growth, exhibiting
a CAGR of 5.6% over the forecast
period from 2019 to 2027. This growth can be attributed to an increase in the
demand for silicone elastomers in various end-use industries, such as
automotive, healthcare, electrical & electronics, and consumer goods. The
automotive & transportation segment is expected to witness significant
growth due to the rising use of silicone elastomers in automotive gaskets,
seals, and hoses, as they offer enhanced performance, durability, and fuel
efficiency.
Regionally, Asia Pacific is expected to be the fastest-growing and dominating
region in the silicone elastomers market. This can be attributed to the rapid
industrialization and urbanization in countries like China and India, which has
led to an increase in infrastructure development, automotive production, and
healthcare facilities. Additionally, the presence of major manufacturers in the
region, along with low production costs and favorable government policies,
further drive market growth in Asia Pacific.
Key players operating in the silicone elastomers market include Momentive,
Rogers Corporation, Allergan, Reiss Manufacturing Incorporated, Wacker Chemie
AG, Arlon Silicone Technologies, Dow Corning, Cabot Corporation, MESGO s.p.A,
Sigmasoft Engineering GmbH, Bentec Medical Incorporated, Shin-Etsu Chemical
Company Limited, Saint-Gobain, ContiTech AG, AkzoNobel, Marsh Bellofram, and
ELMET among others. These key players focus on strategic initiatives such as
mergers and acquisitions, partnerships, and product innovations to strengthen
their market position and cater to the growing demand for silicone elastomers
worldwide.
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