Press release
Silicone Elastomers Market Size Projected To Reach $13.33 Billion By 2034 With A Cagr Of 9.6%
Silicone Elastomers
What Is the Projected Growth of the Silicone Elastomers Market?
Over the past few years, the market size for silicone elastomers has seen significant expansion. Projected to increase from $8.53 billion in 2024 to $9.23 billion in 2025, the compound annual growth rate (CAGR) is predicted to be 8.3%. The surge in historical growth can be credited to various factors including industrial and automotive applications, the need for sealing and gasket materials, demand in the medical and healthcare sector, development in the construction and infrastructure field, and consumer and personal care products.
The market size for silicone elastomers is projected to witness substantial growth in the forthcoming years, surging to a value of $13.33 billion by 2029 with a 9.6% CAGR. The surge of growth in the forecasted period is believed to be driven by elements such as automotive lightweighting and electric vehicle components, innovation in medical and wearable devices, sealing solutions dedicated to renewable energy, industrial automation, robotics, silicone elastomers used in 5G infrastructure, and consumer demand for silicone in cosmetics. The forecast period is also expected to see key trends such as the utilization of liquid silicone rubber (LSR) in 3D printing, the development of bio-based and biodegradable silicone elastomers, the introduction of self-healing and shape-memory elastomers, conductive and stretchable silicone materials, silicone elastomers designed for soft robotics, and customized silicone formulations tailored for specific uses.
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What Are the Different Silicone Elastomers Market Segments?
The silicone elastomers market covered in this report is segmented -
1) By Product: High Temperature Vulcanized, Room Temperature Vulcanizing, Liquid Silicone Rubber
2) By Process: Compression Molding, Liquid Injection Molding, Injection Molding, Extrusion, Other Process Types
3) By End User: Automotive and Transportation, Electrical and Electronics, Healthcare, Consumer Goods, Industrial Machinery, Other End Users
Subsegments:
1) By High Temperature Vulcanized: Solid HTV, Compounded HTV
2) By Room Temperature Vulcanizing: RTV-1, RTV-2
3) By Liquid Silicone Rubber: High-Consistency LSR, Low-Consistency LSR
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What Are the Primary Drivers Shaping the Silicone Elastomers Market?
The surge in the automotive and construction sectors is predicted to fuel the expansion of the silicone elastomers market in the future. The term construction involves the procedures related to the implementation and assembly of project equipment and supplies. Silicon elastomers are extensively employed in the automotive and construction sectors for applications like engine and gearbox gasketing, power-train sealing, and battery modules. Consequently, the expansion of these industries stimulates the demand for silicone elastomers. For example, Statistics Canada, a government agency of Canada, reported in November 2023 that there was a marginal increase in the total tally of registered road motor vehicles in 2022. The figure reached 26.3 million, which was a 0.3% increase from the previous year, translating to an extra 78,655 units on the roads. Hence, the swift advancement of the automotive and construction sectors will boost the growth of the silicone elastomers market.
Which Companies Are Leading in the Silicone Elastomers Market?
Major companies operating in the silicone elastomers market include Mesgo SPA, Momentive Performance Materials Inc., Shin-Etsu Chemical Co., KCC Corporation Ltd., China National BlueStar (Group) Co. Ltd., Specialty Silicone Products, ContiTech AG., Dow Corning Inc., Wacker Chemie AG, Allergan Inc., Saint-Gobain, Bentec Medical LLC, Zhejiang Xinan Chemical Group Company Limited, Reiss Tech Inc., Cabot Corporation, Shenzhen Inno Silica Co. Ltd., ICM Products Inc., 2D Chemical Ltd., Elkem ASA, Silchem Inc., Novagard Solutions, Quantum Silicones LLC, Accurate Products Co., Nusil Technology LLC, Silteq Limited, Gelest Inc., Hoshine Silicon Industry Co.Ltd., Rogers Corporation, Air Liquide S.A., Applied Silicone Corporation
What Are the Major Trends Shaping the Silicone Elastomers Market?
Firms that play a significant role in the silicone elastomers market are prioritizing customer satisfaction by incorporating innovations like elastomer blends to produce attractive and efficient formulations. A blend of silicon elastomer is a combined material that mixes silicon elastomers with other polymers or substances to improve particular properties. For example, a new silicone elastomer blend designed for topical applications was launched by DuPont de Nemours, Inc., a US-based chemical corporation, in April 2023. In response to the increasing consumer demand for products that address a variety of skin conditions, a new set of low-cyclosiloxane silicone elastomer and silicone resin composites has been launched. These composites enhance the absorption of pharmaceutical ingredients in topical forms while optimizing the user experience and comfort. In addition to meeting changing regulatory standards, they also align with commitments to achieving the United Nations Sustainable Development Goals, specifically by advocating for universal health and well-being.
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What Are the Top Revenue-Generating Geographies in the Silicone Elastomers Market?
North America was the largest region in the silicone elastomers market in 2024. Asia-Pacific is expected to be the fastest-growing region in the market share. The regions covered in the silicone elastomers market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Silicone Elastomers Market?
2. What is the CAGR expected in the Silicone Elastomers Market?
3. What Are the Key Innovations Transforming the Silicone Elastomers Industry?
4. Which Region Is Leading the Silicone Elastomers Market?
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