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The high demand from end-use industries is one of the key reasons contributing to the growth of the silicone elastomers business globally. When compared to other elastomers, silicone elastomers have better qualities. These qualities make them essential for use in industry. Throughout the course of the projection period, end-use sectors like construction, automotive, and electrical and electronics are anticipated to increase rapidly.
The producers of raw materials, manufacturers of silicone elastomers, distributors, and end-use industries make up the silicone elastomer value chain. Producers of silicone, which is divided into three primary categories: silicone elastomers, silicone resins, and liquid silicone, are examples of raw material firms. As required by the industry, manufacturers of silicone elastomers create a broad range of goods using their own proprietary additives. Businesses are doing a lot of research and development (R&D) to expand their product line and create newer additives with better qualities in order to satisfy strict regulations and the growing demand in the sector. There is a significant degree of backward integration in the market area. Silicone elastomers are typically produced by the same companies that create silicone raw ingredients.
The U.S. silicone elastomer market is expected to grow moderately over the course of the forecast period due to restricted opportunities across the country caused by the maturity of the country's manufacturing sector generally and the use of silicone elastomers. However, continued product development and technical breakthroughs may promote the usage of silicone elastomers in medical and electric vehicle (EV) applications. This is anticipated to promote market expansion in the US throughout the course of the forecast period.
A number of states in the United States, including New Jersey, California, Washington, and Louisiana, provide incentives such tax credits, exemptions, and rebates to encourage the purchase of electric vehicles. Plug-in hybrid electric cars (PHEVs) and light-duty zero-emission vehicles (ZEVs) are eligible for rebates in California, while New Jersey and Washington offer exemptions from sales and use taxes for EVs. From 2023 to 2030, it is projected that the various states' tax incentives will support the expansion of the electric car market in the United States. In turn, this is expected to drive up the need for silicone elastomers in the US in the upcoming years, which are used for cable insulation in zero-emission cars.
The expensive price of raw materials and manufacturing methods. Derived of silicone polymers, silicone elastomers require the use of specialized beginnings, such as silicon metal, throughout the manufacturing process, that can be costly. Silicone elastomer manufacturing also necessitates energy-intensive procedures, exact production conditions, & specialized machinery. The cost of making silicone elastomers is expensive due to a combination of complex production procedures and high raw material costs. Hence, as compared to other elastomeric materials, the ultimate product cost of silicone elastic materials is frequently higher. In example, silicone elastomers may not be widely adopted in price-sensitive application due to cost sensitivities in a number of end-use industries, including consumer products, construction, including automotive. In markets because cost considerations surpass the specific performance advantages that silicone elastomers offer, manufacturers and final users may investigate more affordable alternatives, which could have an impact on the market demand for silicone elastic materials.
The report will cover the qualitative and quantitative data on the global Silicone Elastomer Market. The qualitative data includes latest trends, market players analysis, market drivers, market opportunity, and many others. Also, the report quantitative data includes market size for every region, country, and segments according to your requirements. We can also provide customize report in every industry vertical.
Study Period | 2024-31 |
Base Year | 2023 |
Estimated Forecast Year | 2024-31 |
Growth Rate | CAGR of 10.3% from 2024 to 2031 |
Segmentation | By Product, By Application, By Region |
Unit | USD Billion |
By Product |
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By Application |
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By Region |
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Silicone Elastomers Market Players & Competitor Analysis: The report covers the key players of the industry including Company Profile, Product Specifications, Production Capacity/Sales, Revenue, Price and Gross Margin 2024-2031 & Sales with a thorough analysis of the market’s competitive landscape and detailed information on vendors and comprehensive details of factors that will challenge the growth of major market vendors.
The report also helps in understanding Global Silicone Elastomers Market dynamics, structure by analyzing the market segments, and project the Global Silicone Elastomers Market size. Clear representation of competitive analysis of key players by type, price, financial position, product portfolio, growth strategies, and regional presence in the Global Silicone Elastomers Market make the report investor’s guide.
The market scope is segmented because of by Product, by Application.
Based on the Product of the market is categorised into High-temperature Vulcanize (HTV), Room-temperature Vulcanize (RTV), Liquid Silicone Rubber (LSR).
In 2023, the LSR product category dominated the market and generated over 61.0% of total revenue. Liquid silicone rubber (LSR), room-temperature vulcanizate (RTV), and high-temperature vulcanize (HTV) are common silicone elastomer products. In the recent past, HTV became the top product and accounted for over half of the market. Over the next years, rising demand in significant end-use sectors, particularly in emerging nations, is anticipated to be a major driver of the silicone elastomers market.
In addition to these forms, silicone can also be found in adhesives, sealants, varnishes, oils, lubricants, and resins. These materials are adaptable to certain needs in terms of performance. Silicone heat-transfer elastomers are resistant to extended exposure to elevated temperatures. Injection molding is a significant use of LSR. Many end-use sectors, including automotives, toys, medical equipment, packaging, musical instruments, home goods, consumer goods, storage containers, and furniture, frequently use injection molding.
Global demand is expected to increase due to physical attributes such durability, heat resistivity, flexibility, water repellent, insulation, and high rip strength compared to other elastomers. The main reasons that are thought to drive regional markets include increased disposable income, fast industrialization, urbanization, and population growth in developing countries.
Based on the Application of the market is categorised into Electrical & Electronics, Automotive & Transportation, Industrial Machinery, Consumer Goods, Construction, Others.
In 2023, the construction industry held a 43.0% revenue share, leading the market. When it comes to silicone's dominant market share in the worldwide market, silicone elastomers trail silicone fluids. It is projected that a broad range of applications across industries, including consumer products, automotive & transportation, industrial machinery, electronics & electrical, and others, will expand the market as a whole. Its intrinsic properties, which include low toxicity, easy processing, high permeability, and inertness, can be ascribed to a broad application base. Due to these characteristics, silicone elastomers are a highly recommended option for numerous applications in a variety of industries.
The construction industry is expected to maintain its leadership position over the coming years. It is said that the healthcare sector will be under a lot of strain due to the world population growth. In industrialized countries, an aging population is predicted to grow along with the population, which will be advantageous for the market as a whole. The medical industry uses silicone elastomers in the production of medical textile coatings, medical instruments & equipment, anesthetic masks, catheters, medical cables, tubing, seals & gaskets, and valves. The general market demand is anticipated to benefit from such widespread use.
By region, Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study.
Asia Pacific accounted for around 51.36% of revenue in 2023, surpassing all other areas. It is anticipated that established regions such as North America and Europe will witness a decrease in their market shares due to end-use sector saturation. In industries like consumer goods, automotive, construction, healthcare, and electrical and electronics, growing markets in the Middle East and Africa as well as Asia Pacific are predicted to grow quickly. These end-use industries are predicted to have significant demand, which will boost the regional silicone elastomers sector.
The silicone elastomers industry is expected to be significantly shaped both locally and globally by a number of important factors, including growing disposable income driving up demand for consumer goods and automobiles and strong demand from end-use industries as a result of rapid industrialization and urbanization. Regional markets will be further enhanced by government programs that promote infrastructure development, particularly in developing markets.
The points that are discussed within the report are the major market players that are involved in the market such as market players, raw material suppliers, equipment suppliers, end users, traders, distributors and etc.
The complete profile of the companies is mentioned. And the capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and the technological developments that they are making are also included within the report. This report analysed 12 years data history and forecast.
The growth factors of the market are discussed in detail wherein the different end users of the market are explained in detail.
Data and information by market player, by region, by type, by application and etc., and custom research can be added according to specific requirements.
The report contains the SWOT analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.
To gain insightful analyses of the Silicone Elastomers market and have comprehensive understanding of the global market and its commercial landscape.
Assess the production processes, major issues, and solutions to mitigate the development risk.
To understand the most affecting driving and restraining forces in the market and its impact in the global market.
Learn about the Silicone Elastomers market strategies that are being adopted by leading respective organizations.
To understand the future outlook and prospects for the Silicone Elastomers market. Besides the standard structure reports, we also provide custom research according to specific requirements.
Silicone Elastomers Market Trends: Market key trends which include Increased Competition and Continuous Innovations Trends:
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20 Jun 2022
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