Press release
Silicone Elastomers Market Soaring at 7.6%CAGR During the Period 2017-2023
Worldwide Silicone Elastomers market report of 2017 provides a detailed market overview as well as industry analysis for / of companies, manufacturers and distributors covering data on gross margin, cost structure, consumption value, sale price and more.These are extensively used as an adhesive in electrical &electronics industry. The rise in the demand of electronic gadgets and devices especially cellular phones and other portable electrical products is anticipated to boost global silicone elastomers market consumption.
Silicone Elastomers Market size is set to exceed USD 12 billion by 2023; as reported by a new study from Global Market Insights, Inc.
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Widespread use construction industry as a sealant and structural glazing has been a strong growth factor.
The ability to resist high temperature makes these polymers suitable to be used across gaskets and vibration dampers in vehicles. Positive vehicle production outlook across Eastern Europe, India, China and South Korea could see a significant advantage for silicone elastomer market participants.
Healthcare industry is another upcoming application segment of silicone elastomers, and is used in the applications like textile coatings, instruments, anesthetic masks, membranes, medical cables, tubing etc. Strong R&D investment trends across the healthcare space are likely to translate into revenue potential for the silicone elastomers market. O-rings and gaskets are another avenue offering strong growth potential for manufacturers.
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Asia Pacific is the leading region in the global silicone elastomers market and is anticipated to maintain its market share during the forecast period. This contribution of Asia Pacific is attributed to the booming industries in the region such as electronics &electrical, automotive, healthcare, industrial machinery, consumer goods etc. Asia Pacific is anticipated to expand at a CAGR of 5.9% in terms of volume with a market share of more than 50%.
Europe silicon elastomers market is anticipated to contribute more than USD 1 billion in revenue, driven by the well-established German automobile industry. There is also decent growth across electronic gadgets, construction and industrial machineries.
High Temperature Vulcanized (HTV) is used for high temperature applications such as in vibration dampers and gaskets in automobiles. Also, it is having a wide application in industrial machineries and some healthcare devices.
LSR (Liquid Silicone Rubber) is another significant product used as an adhesive in electronics and electrical equipments industry. LSR was valued as more than USD 2.0 billion in 2015 and is estimated to expand at a CAGR of 7.9%.
Construction industry is the most dynamic application avenue for the silicone elastomer market, which are used in sealants and structural glazing. These applications are responsible for more than 40% of global consumption.
Major manufacturing companies include Momentive Performance Materials Inc., Wacker Chemie AG, Dow Corning Corporation, KCC Corporation, Shin-Etsu Chemical Co.; Ltd,
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