Silicone elastomer is an inorganic synthetic rubber produced by cross-linking silicone-based polymers in the presence of catalysts. It serves as a chemical bridge between inorganic and organic polymers due to its exceptional mechanical and chemical properties. Known for its superior weatherability, flame retardance, high heat and cold resistance, and chemical stability, silicone elastomers are widely used across various industries.
The Silicone Elastomers Market was valued at USD 9,400 million in 2022 and is expected to grow to USD 16,640 million by 2033, registering a CAGR of 7.4% during the forecast period from 2023 to 2033.
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Market Growth and Key Drivers
The growing demand from the automobile industry is a major driver of the silicone elastomer market. In 2021, global car sales increased to approximately 66.7 million vehicles, up from 63.8 million in 2020. The rise in electric vehicle (EV) registrations further supports the market's expansion, with nearly 6.5 million new passenger plug-in EVs registered worldwide, representing a 108% increase from the previous year.
The Asia-Pacific region has witnessed steady motorization growth over the past five years. Countries such as China, Japan, India, South Korea, and Indonesia have contributed significantly to this growth. For instance, India's annual vehicle production reached $2.3 million in the first half of 2021, doubling from $1.2 million in the same period of 2020. Meanwhile, car sales in China surged by 12.8% year-over-year in September 2020, reaching 2.5 million units. This rise in vehicle demand is expected to propel the silicone elastomer market in the coming years.
Market Segmental Analysis
Based On Type:
• High Temperature Vulcanized
• Room Temperature Vulcanized
• Liquid Silicone Rubber (Industrial Grade, Food Grade, Medical Grade)
Based On End-Use Industry:
• Building & Construction
• Electrical & Electronics
• Automotive & Transportation
• Healthcare
• Consumer Goods
• Foam
• Others
Based On Process:
• Extrusion
• Liquid Injection Molding
• Injection Molding
• Compression Molding
• Others
Challenges and Opportunities
One of the major challenges faced by the silicone elastomer market is fluctuating raw material prices. However, increasing demand from emerging economies such as Brazil, China, India, and South Africa present significant growth opportunities for the market.
Key Market Players
Some of the major players operating in the silicone elastomer market 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.
Wacker Chemie
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