Silicone elastomers are rubber-like polymers made from organosilicon compounds. They exhibit properties such as heat resistance, water resistance, flexibility and durability. These elastomers are used in a range of applications due to their resistance to extreme temperatures, chemical reactions and ultraviolet radiation. Major uses include automotive parts, electronics, construction sealants and medical devices. In the automotive industry, silicone elastomers are used to manufacture gaskets, hoses, seals and protective coatings due to their ability to withstand continuous exposure to oils, fuels and weathering. They help increase longevity of components while reducing repair and replacement costs.
The Global Silicone Elastomers Market is estimated to be valued at US$ 11.64 Billion in 2024 and is expected to exhibit a CAGR of 14% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Silicone Elastomers Market Growth are LG Chemicals Ltd. (South Korea), Cabot Corporation (US), Jiangsu Cnano Technology Co., Ltd. (China), Resonac Corporation (Showa Denko K.K.) (Japan), and Arkema S.A. (France). The growing demand from the automotive industry due to benefits of silicone elastomers like heat resistance, durability and flexibility is driving the market growth. Advancements in material science have led to development of newer grades of silicone elastomers with enhanced properties that are finding increasing usage in medical devices, construction and consumer goods.
Market Trends
Growing environmental regulations regarding use of volatile organic compounds (VOCs) is prompting manufacturers to replace traditional materials with silicone elastomers. Silicone elastomers emit negligible VOCs and are 100% recyclable at the end of product life, promoting sustainability. Additionally, the demand for bio-based and bio-compatible silicone elastomers is increasing in healthcare applications like implants, prosthetics and wound care products.
Market Opportunities
Potential opportunities lie in further expanding applications of silicone elastomers in electric vehicles due to their ability to withstand high temperatures around battery packs and wiring. Developing economically viable processes for production of silicone elastomers from agricultural waste can boost growth and help address environmental concerns.
The COVID-19 pandemic significantly impacted the growth of the silicone elastomers market. Some key points:
- During the initial outbreak, due to lockdowns and supply chain disruptions demand from end use industries like automotive, construction, healthcare declined sharply. Many projects got delayed or postponed. This led to a decline in the demand for silicone elastomers.
- As the pandemic spread, the healthcare industry started using more silicone elastomers for medical devices and equipment. Demand grew for products like gloves, tubes, stoppers which use silicone elastomers. However, this increase could not offset the decline in other sectors.
- Going forward, as restrictions ease and vaccination rates increase economic activities are recovering. This is improving demand from the automotive and construction industries. Additionally, the increased focus on healthcare infrastructure will further support demand.
- For long term growth, companies are focusing on developing innovative products catering to emerging applications in healthcare, consumer goods and renewables sector. Collaboration with end users for product development will also be a key strategy.
In terms of value, the silicone elastomers market in Asia Pacific contributes the largest share currently, estimated at over 40% of the global market. China, Japan, and South Korea are among the major consumers in the region owing to presence of large automotive and electronics manufacturing base.
The silicone elastomers market in North America is expected to grow the fastest during the forecast period. This can be attributed to increasing production of electric vehicles where silicone elastomers find wide application.presence of major automotive companies shifting focus to EVs. The region is also witnessing rise in healthcare expenditure and infrastructure which will further support demand from the medical sector going forward.
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