New York, March 29, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Silicone Elastomers Global Market Report 2023" - https://www.reportlinker.com/p06311732/?utm_source=GNW
, Dow Corning, Wacker Chemie, Allergan Inc., Saint-Gobain, Bentec Medical, Zhejiang Xinan, Reiss Tech Inc., Cabot Corporation, Shenzhen Inno Silica Co. Ltd., ICM Products Inc., and 2D Chemical Ltd.
The global silicone elastomers market grew from $7.34 billion in 2022 to $8.02 billion in 2023 at a compound annual growth rate (CAGR) of 9.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The silicone elastomers market is expected to grow to $10.7 billion in 2027 at a CAGR of 7.5%.
The silicone elastomers market consists of sales of high-consistency rubber and fluorosilcone.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The silicone elastomers are used for electrical insulation as sheet, tape, wire and cable coverings, extruded sleeving and moldings, and many other applications. Silicone elastomers are a range of heat-stable elastic silicone materials used for electrical insulation, where they play a critical role in the delivery of high-quality prefabricated building elements.
North America was the largest region in the silicone elastomers market in 2022.Asia-Pacific is expected to be the fastest-growing region in the market.
The regions covered in the silicone elastomers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of silicone elastomers are high-temperature vulcanized, room temperature vulcanized, and liquid silicone rubber.High temperature vulcanized is a type of rubber that possesses strong mechanical properties in the elastomer product space and is used in compression molding, extrusion, and injection molding.
The various process types include compression molding, liquid injection molding, injection molding, extrusion, and others that are used in automotive and transportation, electrical and electronics, healthcare, consumer goods, industrial machinery, and other end users.
The rapid growth in the automotive and construction industries is expected to propel the growth of the silicone elastomers market going forward.Construction refers to the operations of installing and assembling project equipment and materials.
As silicon elastomers are widely used in the automotive and construction industries for engine and gearbox gasketing, power-train sealing, and battery modules, as a result, the growth in those industries increases the demand for silicone elastomers. For instance, according to India Brand Equity Foundation data 2021, the Indian automotive industry (including component manufacturing) has been expected to reach Rs. 16.16–18.18 trillion (USD251.4–282.8 billion) by 2026. In addition, according to international construction data 2021, despite the ongoing uncertainty of the COVID-19 pandemic, global construction output has seen a growth of 5.7% in 2021. Therefore, the rapid growth in the automotive and construction industries will drive the growth of the silicone elastomers market.
The introduction of biomedical-grade silicone elastomers has emerged as the key trend gaining popularity in the silicone elastomer market.Major companies operating in the silicone elastomers sector are focused on the introduction of biomedical-grade silicone elastomers to meet customer demand.
For instance, in October 2021, DuPont, a US-based provider of new technologies and performance materials serving various industries, unveiled the launch of DuPont-Liveo pharma bottle closures, is one-piece silicone stoppers, and tubing made from biomedical-grade silicone elastomers. It is mainly designed to seal the threaded glass and plastic bottles and containers used for critical fluid transfer.
In January 2021, The Momentive Performance Materials, Inc., a US-based chemical company, acquired Basildon Chemicals, a subsidiary of KCC Corporation, for an undisclosed amount. With this acquisition, the Momentive Performance Materials, Inc. company would expand its global footprint, focusing on strengths and expertise in advanced technologies while also bolstering the innovation pipeline. Basildon Chemicals is a UK-based chemical manufacturing company operating in silicone elastomers.
The countries covered in the silicone elastomers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The silicone elastomers market research report is one of a series of new reports that provides silicone elastomers market statistics, including silicone elastomers industry global market size, regional shares, competitors with a silicone elastomers market share, detailed silicone elastomers market segments, market trends and opportunities, and any further data you may need to thrive in the silicone elastomers industry. This silicone elastomers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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