Silicone Elastomers Industry worth $13.5 billion by 2027 | Key players Dow Inc, Wacker Chemie AG, Momentive Performance Materials, Shin-Etsu Chemical, China National Bluestar

According to recent market research the "Silicone Elastomers Market by Type (HTV, RTV, LSR), By Process (Extrusion, Liquid Injection Molding, Injection Molding), End-Use Industry (Building & Construction, Electrical & Electronics, Automotive & Transportation) & Region - Global Forecast to 2027", The silicone elastomers market is projected to reach USD 13.5 billion by 2027, at a CAGR of 7.4 % from USD 9.4 billion in 2022. The growing development in healthcare industry is driving the demand for silicone elastomers. Rising awareness towards health & hygiene and interest towards antimicrobial properties will further drive the demand for silicone elastomers in the industry. The superior properties of silicone elastomers with electrical conductivity make it suitable for electrical & electronics applications.

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Liquid Silicone Rubber (LSR) is projected to grow at fastest CAGR during the forecast period.

LSR is a low-viscosity silicone that can be injection molded or cast into silicone rubber sheets. The liquid term is used in the name to distinguish LSR from HCR products. LSRs are cured by platinum catalyzed cure systems in contrary to other rubber-based silicones that are cured by peroxide. LSR is projected to be the fastest-growing type of silicone elastomer during the forecast period. This is due to its unique properties, such as biocompatibility, flexibility, and easy processing, which makes it suitable for various end-use industries such as healthcare, automotive & transportation, and consumer goods.

Compression molding is projected to be the fastest growing segment by process in silicone elastomers market, in terms of value.

Compression molding involves placing preform rubber into a heated mold and then into a press to allow the silicone elastomers to melt and fill the mold cavity. This process has low-to-medium production rates. Compression molding is an economical method for short runs and start-up production, with a short setup time. It leads to low wastage, when carried out for correct mold design, and has the ability to mold large and fairly intricate parts.

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The silicone elastomers market is projected to reach USD 13.5 billion by 2027, at a CAGR of 7.4 % from USD 9.4 billion in 2022. The growth is largely driven by factors such as high demand from industries such as healthcare and electrical & electronics. The growing demand for consumer goods and the emerging markets like e-mobility are expected to provide growth opportunities for players in the silicone elastomers market.

The key players in this market are Dow Inc. (US), Wacker Chemie AG (Germany), Momentive Performance Materials Inc. (US), Shin-Etsu Chemical Co., Ltd (Japan), China National Bluestar (Group) Co., (China), among others. Players in the silicone elastomers market are adopting both organic and inorganic growth strategies in order to grow their regional and global presence within the market. These major players are continuously developing new products to cater to their customer needs. They are also aggressively acquiring other small companies to increase their market share within the global silicone elastomers market.

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Dow Inc. (US) is one of the leading players in global silicone elastomers market. It is the most innovative company in the world and provides sustainable solutions in plastics, industrial intermediates, coatings and silicone businesses. Dow Inc. offers silicone elastomers under the brand names DOWSIL and SILASTIC. It caters to diverse needs of customers in industries including building and infrastructure; consumer and electronics; industrial and chemical processing; mobility and transportation; home care; and personal care. The company offers all types of silicone elastomers solutions i.e., high temperature vulcanized, room temperature vulcanized and liquid silicone rubber. As part of its growth strategy, Dow Inc. continuously innovating new technology and entering emerging markets which is helping enhance the sales. The company is focusing on investing in high-growth markets and sub-markets. Through its extensive R&D department, the company is developing new solutions to cater to the growing needs of its customer.

Wacker Chemie AG (Germany) is a global specialty chemicals manufacturer. It is a dominant player within silicone elastomers market. The company's portfolio includes more than 3,000 products which are supplied in over 100 countries. It operates business through five reportable segments, namely silicones, polymers, biosolutions, polysilicone, and others. Silicon-based products account for approximately 65% of company's sales. Business segment silicones has the broadest range of products with around 2,800 silicone products in seven groups, namely, silanes, siloxanes, silicone fluids, silicone elastomers, silicone emulsions, silicone resins, and pyrogenic silica. As part of its growth strategy, Wacker Chemie AG is focusing on both organic and inorganic growth strategies. It is also capitalizing on its strong R&D capability to consolidate its position in the silicone elastomers market. In October 2021, Wacker Chemie AG acquired 60% stake in Chinese specialty silane manufacturer to strengthen its silicone business.

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