Silicone Elastomer Market Report, published by Allied Market
Research, projects that the global market was valued at $6,378 million in 2016,
and is projected to reach $9,217 million by 2023, growing at a CAGR of 5.4%
from 2017 to 2023. The high consistency rubber type held more than half of the
global market in 2016.
Silicone elastomers are materials with peculiar characteristics
such as fine electrical properties, superior heat & cold resistance,
enhanced chemical stability, and flame retardancy. Raw materials for silicone
elastomer generally comprise silicones, catalysts, and fillers, coupled with
different temperature & pressure based on the required application. The
global silicone elastomer market is segmented based on type, application, and geography.
The application segment includes industries such as automotive, healthcare,
electronics, apparel, medical devices, home repair & hardware,
construction, and others (baby care, cosmetics, optics, food, and more).
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Emerging applications in medical device & healthcare
industries and high demand in electrical & electronics industry is expected
to drive the market growth. However, volatility in raw material prices may
impede the projected market growth. Increase in demand for antimicrobial
silicone elastomers and growth in demand for automotive vehicles employing
silicone elastomer are expected to present growth opportunities for various
players in the market.
Liquid silicone rubber is expected to grow at the highest CAGR,
in terms of revenue, during the analysis period, due to its specific properties
such as temperature protection, natural transparency, excellent chemical &
oil resistance, increased stability, UV & X-ray protection, and oxidation
& light resistance. These rubbers are mainly employed in electronics,
automotive, construction, home repair & hardware, and other end uses.
In 2015, the high consistency rubber segment occupied major
market, in terms of revenue, with more than half of the share. However, this
trend is expected to decline to some extent during the forecast period, owing
to wide scale application of liquid silicone rubber in various end-use
industries. Silicone elastomers have major applications in automotive and
construction industries. Moreover, the automotive application segment accounted
for second largest market share in 2015, and is expected to grow at the
lucrative CAGR during the forecast period. The others application segment,
including baby care, cosmetics, optics, food, and more, is witnessing the
highest CAGR attributed to their increased demand in the upcoming period.
Asia-Pacific dominates the global silicone elastomer market due to huge
production and demand in China. Increase in focus of manufacturers &
consumers on improved versions and better compositions of silicone elastomers
at lower costs has led to rigorous R&D, thus resulting in many patents published
on it in recent years.
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Key Findings of the Silicone Elastomer Market
- Automotive is anticipated to be
the second fastest growing application segment at a lucrative CAGR of
around 6.0% from 2017 to 2023, in value terms.
- Asia-Pacific is expected to
continue to be the dominant shareholder in the future, with more than
one-third share of the global silicone elastomer market and highest CAGR,
in terms of revenue.
- Construction occupied the maximum
market share of more than one-fourth share of value in 2016, and is
expected to grow at a CAGR of almost 5.0%.
- China is the leading country in
terms of demand & supply of silicone elastomer material.
- Liquid silicone rubber is
projected to witness the highest CAGR in revenue terms during the forecast
period.
In 2016, Asia-Pacific and LAMEA collectively accounted for
almost half market share, registering a significant CAGR and are expected to
continue this trend. This is attributed to growth in industries such as
construction, automotive, electronics, and home repair & hardware,
specifically in China, India, Brazil, and other developing economies. Increase
in urbanization & industrialization drives the market growth in
Asia-Pacific.
Major companies profiled in the report include ICM Products
Group, Elkem AS, KCC Corporation, The Dow Chemical Company, Mesgo S.p.A.,
Momentive Performance Materials Inc., Reiss Manufacturing, Inc., Shin-Etsu
Chemical Co., Ltd., Specialty Silicone Products Inc., and Wacker Chemie AG
(Wacker).
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About Us:
Allied Market Research (AMR) is
a full-service market research and business-consulting wing of Allied Analytics
LLP based in Portland, Oregon. Allied Market Research provides global
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respective market domain.
We are in professional corporate
relations with various companies and this helps us in digging out market data
that helps us generate accurate research data tables and confirms utmost
accuracy in our market forecasting. Each and every data presented in the
reports published by us is extracted through primary interviews with top
officials from leading companies of domain concerned. Our secondary data
procurement methodology includes deep online and offline research and discussion
with knowledgeable professionals and analysts in the industry.
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