The global silicone elastomer market size is expected to reach USD 12.6 billion by 2030, registering a CAGR of 10.3% over the forecast period, according to a new study by Grand View Research, Inc. Superior quality over conventional elastomers makes it ideal for industrial usage, thereby positively affecting the overall industry. End-use industries, such as construction, automotive, and electrical & electronics, are expected to witness rapid growth over the forecast period. Silicone elastomers are widely used in the medical and healthcare industries. Silicone elastomers have quickly acquired popularity in the medical and healthcare industries, from medical equipment to drug delivery systems. Favorable features, such as inertness, high permeability, ease of processing, and low toxicity contribute to this acceptability.
Silicone Elastomer Market Report Highlights
- In 2022, Asia Pacific was the largest revenue-generating region due to rapidly growing economies, such as India, China, and South Korea
- Moreover, leading players are shifting their manufacturing bases to Asia Pacific on account of the availability of cheap labor. This is expected to drive the regional market during the forecast period
- Liquid Silicone Rubber (LSR) was the largest product segment in 2022 and is anticipated to expand further at a steady CAGR retaining the dominant position throughout the forecast period
- LSR uses only additive curing with platinum and is compatible with temperatures ranging from -60°C to 250°C, owing to which, it is widely used in the production of complex and small-size elastomeric parts for automotive & medical devices
- In March 2022, Shin-Etsu Chemical Co., Ltd. developed a new vulcanization type of one-component LSR under the recently introduced KCP series product line. The new product is superior in vulcanization attributes and safety
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Silicone elastomer refers to a type of elastomeric material composed primarily of silicone polymers. Elastomers are substances that exhibit both elasticity and resilience, allowing them to deform under stress and return to their original shape once the stress is removed. Silicone elastomers are characterized by their excellent temperature resistance, low toxicity, superb electrical insulation properties, and outstanding flexibility over a wide range of temperatures. These materials are widely used in various industries, including automotive, aerospace, electronics, healthcare, and consumer goods. Due to their versatility and unique properties, silicone elastomers find applications in gaskets, seals, O-rings, medical devices, keypads, adhesives, and many other products that require durability, flexibility, and resistance to extreme environmental conditions.
Silicone elastomers are widely used in healthcare and medical applications such as medical tubing, implantable devices, prosthetics, and medical equipment due to their biocompatibility and durability. The market has witnessed a growing demand for silicone elastomers in the healthcare sector, driven by advancements in medical technology and an aging population. With the increasing adoption of electric vehicles, silicone elastomers are finding extensive use in EV battery systems, charging connectors, seals, and gaskets. These elastomers offer excellent thermal management properties, electrical insulation, and resistance to harsh environmental conditions, making them ideal for EV applications. There is a growing focus on developing sustainable and eco-friendly silicone elastomers. Manufacturers are investing in research and development to create bio-based and recyclable silicone elastomer materials. This trend aligns with the increasing demand for environmentally conscious products and sustainable manufacturing practices.
There is a continuous effort to develop silicone elastomers with improved performance characteristics to meet specific application requirements. This includes developing materials with enhanced heat resistance, low compression set, improved tear strength, and increased flexibility. Customized grades and formulations are being developed to cater to various industries and specialized applications. Additive manufacturing, also known as 3D printing, is gaining traction in the silicone elastomer market. Manufacturers are exploring the use of additive manufacturing techniques to produce complex silicone elastomer components with precise geometries. This technology offers design flexibility and cost-effectiveness for producing customized parts. With the increasing regulatory scrutiny on chemicals and materials used in various industries, including healthcare and consumer products, silicone elastomer manufacturers are placing greater emphasis on meeting regulatory requirements. This includes compliance with regulations such as REACH (Registration, Evaluation, Authorization, and Restriction of Chemicals) and FDA (Food and Drug Administration) guidelines for specific applications.
With a rising population, the medical sector has been under immense pressure to meet the rising healthcare demand. Moreover, the aging population in certain countries of the world, such as North America, is expected to put a burden on the medical and healthcare business throughout the projection period. Construction was a dominant application segment in 2022. It was followed by the automotive and electrical & electronics segments, which held 23.8% and 13.8% shares, respectively, in the same year. The electrical & electronics segment is expected to grow at the fastest CAGR from 2023 to 2030. The electronics end-use segment is expected to witness a significant growth rate during the forecast period. Silicone elastomer is used to enclose electronic components to increase their stability against vibration, shock, and radiation.
Thus, it helps enhance durability, thereby, boosting the overall performance of the device under extreme conditions, such as zero gravity and low-pressure areas. Factors, such as expanding population, increasing disposable income of the middle-class population, and digitalization are creating significant growth opportunities for the electronics industry. This, in turn, is expected to boost product demand over the forecast period. Key companies are constantly engaged in mergers & acquisitions, developing new products, and other techniques to enhance their market share. For instance, in November 2021, Momentive Performance Materials Inc. acquired KCC Corp.’s silicone business in the U.K. and Korea as well as the sales operations in China. This agreement will enable Momentive Performance Materials Inc. to further expand its global footprint across advanced silicones.
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Silicone Elastomer Market Insights By Regions
Asia Pacific dominated the global silicone elastomer market, ahead of Europe and North America. Market shares of developed regions such as North America and Europe are anticipated to decrease owing to the saturation of the end-use industry. Developing regions such as Asia Pacific and Middle East & Africa are projected to experience brisk growth in areas such as automotive, construction, healthcare, consumer goods, and electrical & electronics. Robust demand from these end-use industries is projected to fuel regional growth. Government initiatives encouraging infrastructure development, especially in developing markets, are slated to further complement the regional markets.
Competitive Analysis By Major Players
The market displays oligopolistic and consolidated. The industry is characterized by mergers & acquisitions. Industry participants are taking such ardent steps to improve their product portfolio and gain a competitive advantage in the rapidly growing regional markets. The industry exhibits a fairly high threat of new entrants and a low threat of substitutes. Some prominent players in the global silicone elastomer market include:
- China National BlueStar (Group) Co., Ltd.
- Dow Corning Corporation
- KCC Corporation
- Mesgo S.P.A.
- Momentive Performance Materials Inc.
- Shin-Etsu Chemical Co., Ltd.
Grand View Research has segmented the global silicone elastomer market report based on product, application, and region.
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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