Press release
Silicone Elastomers Market Growth Accelerates: Strategic Forecast Predicts $13.33 Billion by 2029
Silicone Elastomers
What Will the Silicone Elastomers Industry Market Size Be by 2025?
In recent times, the market size for silicone elastomers has seen a significant increase. Projected growth shows an increase from $8.53 billion in 2024 to $9.23 billion in 2025, with a compound annual growth rate (CAGR) of 8.3%. This upsurge during the historical period is largely due to its use in industries and automotive applications, as sealing and gasket materials, the demand in medical and healthcare products, the expansion in construction and infrastructure, and consumer and personal care products.
What's the Long-Term Growth Forecast for the Silicone Elastomers Market Size Through 2029?
In the following years, the silicone elastomers market is predicted to witness robust growth, burgeoning to $13.33 billion by 2029 with a CAGR of 9.6%. The anticipated upswing during this period is primarily due to factors such as the adoption of automotive lightweighting and electric vehicle components, innovative medical and wearable devices, sealing solutions for renewable energy, industrial automation and robotics, applications of silicone elastomers in 5G infrastructure, and increased consumer preference for silicone in cosmetics. Significant trends expected during the forecast period encompass the use of liquid silicone rubber (LSR) in 3D printing, the emergence of bio-based and biodegradable silicone elastomers, development of self-healing and shape-memory elastomers, conductivity and stretchability of silicone materials, silicone elastomers' application in soft robotics, and tailored silicone formulations for specialized uses.
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What Are the Key Growth Drivers Fueling the Silicone Elastomers Market Expansion?
The boost in the automotive and construction sectors is projected to fuel the expansion of the silicone elastomers market in the future. The term 'construction' pertains to the process of setting up and assembling project equipment and supplies. Silicone elastomers are prevalent in both the automotive and construction sectors, being utilized for tasks like gasketing for engines and gearboxes, sealing power-trains, and in battery modules. Consequently, growth in these sectors amplifies the need for silicone elastomers. For example, data from Statistics Canada in November 2023 demonstrated that Canada experienced a minor uptick in the total number of registered road vehicles in 2022, reaching 26.3 million. This indicates a growth of 0.3% or an extra 78,655 units on the roads compared to the previous year. As such, the swift growth of the automotive and construction sectors contributes significantly to the expansion of the silicone elastomers market.
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What Are the Key Trends Driving Silicone Elastomers Market Growth?
Key players in the silicone elastomers market are prioritizing customer satisfaction by innovating new development techniques such as elastomer blends for attractive and efficient formulations. Silicone elastomer blends are hybrid materials combining silicone elastomers with different polymers or materials to improve certain characteristics. As an illustration, DuPont de Nemours, Inc., a US-based chemicals organization, in April 2023 launched new silicone elastomer blends for topical use. To satisfy the increasing consumer demand for products treating diverse skin conditions, a novel array of low-cyclosiloxane silicone elastomer and silicone resin blends was introduced. These blends augment the distribution of active pharmaceutical substances in topical formats while emphasizing user experience and comfort. They are engineered to meet progressive regulatory stipulations, additionally supporting pledges to fulfill the United Nations Sustainable Development Goals, especially advocating universal health and well-being.
How Is the Silicone Elastomers Market Segmented?
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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Which Companies Are Leading the Charge in Silicone Elastomers Market Innovation?
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
Which Regions Are Leading the Global Silicone Elastomers Market in Revenue?
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.
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