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The global silicone elastomers market size attained a value of approximately USD 10.20 billion in 2023. The market is further expected to grow at a CAGR of 7.3% in the forecast period of 2024-2032, reaching a value of around USD 19.29 billion by 2032.
Rapid industrialisation and surging consumer interest in consumer electronics and other electrical products are key drivers of the global silicone elastomers market. Silicone elastomers are extensively used for electrical insulation as they have high dielectric strength and are resistant to high temperatures. Apart from the interiors of electronic devices, silicone elastomers are also utilised in lighting of various types, including lamps, street lighting, industrial lamps., signage, automotive lamps, and healthcare headlamps. The growing usage of high efficiency electrical and electronics products are increasing the demand for silicone elastomers, thereby contributing to the growth of the market. In the coming years, product development of specialised silicone elastomers is anticipated to offer lucrative opportunities to the market for silicone elastomers.
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The high temperature vulcanise (HTV) segment, based on product, accounts for a significant share of the market for silicone elastomers. HTV silicone rubber is used in a diverse range of applications such as automotive and aerospace, electrical engineering, construction, and consumer goods, among others. This is due to the favourable properties of HTV silicone elastomers including high strength of siloxane bond, electrical conductivity, radiation resistance, steam resistance, flame retardance, oil resistance, and great resistance to extremely high temperatures.
The Asia Pacific occupies a significant share of the global market for silicone elastomers, driven by the steady economic growth in countries like Indonesia, India, and China, among others, coupled with the thriving manufacturing sector in these countries. For instance, China manufactures a range of economical consumer goods and utility items. Hence, the growing use of silicone rubber by manufacturers in China, owing to the high strength and temperature resistance offered by the material, is likely to augment the silicone elastomers market revenue.
Silicone elastomer, also known as silicone rubber, is defined as a polymer of silicone formed by the crosslinking and treatment of amorphous silica to bolster its strength. It is a synthetic rubber found in many forms such as solids, closed cell sponges, and open cell forms, among others.
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Based on product, the market is segmented into:
The silicone elastomers market segmentation, based on application is:
The regional markets for silicone elastomers include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Rising applications of silicone elastomers in the construction industry is driving the market growth. Silicone elastomers offer high and low temperature stability, are easy to colour, chemically resistant, and carry electrical properties. Hence, the growing construction activities across the globe are expected to favour the overall market for silicone elastomers in the forecast period. Moreover, silicone rubber is a crucial component in the manufacturing of medical devices and equipment. Therefore, the thriving healthcare and medical equipment sector in emerging economies is expected to provide further impetus to the market for silicone elastomers.
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The report gives a detailed analysis of the following key players in the global silicone elastomers market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Product |
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| Breakup by Application |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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Silicone Elastomers Market Size
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2023, the global market for silicone elastomers attained a value of approximately USD 10.20 billion.
The market is estimated to grow at a CAGR of 7.3% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 19.29 billion by 2032.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major drivers of the market include rising applications of silicone elastomers in the automotive and electrical and electronics industries, and growing industrialisation and urbanisation.
The key global silicone elastomers market trends include increasing construction and infrastructure activities and growing research and development by major market players.
The various products of silicone elastomers in the market are high temperature vulcanise (HTV), room temperature vulcanise (RTV), and liquid silicone rubber (LSR).
The different applications of silicone elastomers in the market include electrical and electronics, automotive and transportation, industrial machinery, consumer goods, construction, and healthcare and medical devices, among others.
The major players in the market, according to the report, are The Dow Chemical Company, Momentive Performance Materials Inc., MESGO S.p.A., Shin-Etsu Chemical Co., Ltd., Reiss Manufacturing, Inc., Wacker Chemie AG, Elkem ASA, China National Bluestar (Group) Co,Ltd., CHT Germany GmbH, Specialty Silicone Products, Inc, and KCC Silicone Corporation, among others.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
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