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2022
Silicone Elastomer Market

Silicone Elastomer Market

by Product Type (High Temperature Vulcanized, Liquid Silicone Rubber and Room Temperature Vulcanized) and End-Use Industry (Automotive, Healthcare, Electronics, Apparel, Medical Devices, Home Repair & Hardware, Construction and others): Global Opportunity Analysis and Industry Forecast, 2021-2030

✷  Report Code: A00600
Pages: 297
Mar 2022 | 14797 Views
Author(s) : Sushant M , Eswara P
Tables: 175
Charts: 59
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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Silicone Elastomer Market Statistics – 2030

The silicone elastomer market size was valued at $6.9 billion in 2020, and is projected to reach $7.3 billion by 2030, growing at a CAGR of 6.0% from 2021 to 2030.

The outbreak of COVID-19 has led to decrease in sales of silicone elastomer owing to halted manufacturing activities of end-use industries.

Vulcanized silicone-based polymers are commonly referred to as silicone elastomers. Linear polymers, reinforcing agents, crosslinkers, and a catalyst are used to make silicone elastomers. The type of elastomer produced is determined by the viscosity and type of the basic straight-chain molecule, as well as the processing temperature, such as high consistency rubber (HCR), liquid silicone rubber (LSR), and room temperature vulcanization (RTV). Thermally conductive, solid silicone elastomers, open cell foams, electrically conductive silicone, and closed cell sponges elastomers are forms of silicone elastomers. Solid silicone sheet or solid molded silicone parts are readily available from 10 durometer Shore A (soft) to 70 durometer Shore A (firm).

Silicone elastomers are commonly employed in high-performance applications, particularly in hostile situations where other polymeric materials cannot be used. 

The growth in need for silicone elastomer in the automotive industry drives the global silicone elastomer market. The silicone elastomer market in the automotive industry is driven by rise in sales of passenger automobiles and commercial vehicles.

Globally, the number of automobile cars has increased in recent years as a result of rise in living standards, surge in per capita income, and change in consumer preferences. Furthermore, to extend their product offering, prominent manufacturers invest heavily on research and development (R&D). This combined with increased urbanization & industrialization, a growing automobile sector, and growing demand from cosmetics as well as electronics industry drive the silicone elastomer market growth.

However, high price of silicone elastomer as compared to other elastomer and volatility in raw material prices hinder the silicone elastomer market.

The silicone elastomer market is segmented into product type, end-use industry, and region. On the basis of product type, it is divided into high temperature vulcanized, liquid silicone rubber and room temperature vulcanized. By end-use industry, the silicone elastomer market is fragmented into automotive, healthcare, electronics, apparel, medical devices, home repair & hardware, construction and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The silicone elastomer market share is analyzed across all significant regions and countries.

Key players that operate in silicone elastomer market are 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).

Other players in the value chain of silicone elastomer market include Stockwell Elastomerics, Inc., Innovative Silicones, Universal Rubber Mfg nv, Cauchos Pedro Romero S.L., Zhongshan Tinhou Plastic Industrial Co., Ltd., SF Composites, Huzhou Longtong Chemical Co., Ltd., Hsuan Hau Enterprise Co., Ltd., Shenzhen Inno Silica Co., Ltd., HÜBERS, ShenZhen LiYaTe Technology Co., Ltd. (LiYaTe), Intek Adhesives Ltd., and 2D Chemical Ltd. 

Silicone Elastomer Market
By Product Type

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Liquid silicone rubber is projected as the most lucrative segment.

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Silicone Elastomer Market, By Product Type

The liquid silicone rubber segment held the largest share in the silicone elastomers market in 2020 and is expected to grow at a CAGR of 6.2% during 2021-2030. Liquid silicone rubber is a preferred choice for intricate parts where high precision is required. In addition, the increased demand for electric vehicle is also boosting the demand for liquid silicone rubber.

Silicone Elastomer Market
By End-use Industry

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Automotive industry is projected as the most lucrative segment.

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Silicone Elastomer Market, By End-use Industry

The automotive segment is projected as the most lucrative segment and is anticipated to grow at a CAGR of 6.5% during the forecast period 2021-2030. Silicone elastomers are simple to produce and keep their elastomeric qualities in a wide range of temperatures. They also have high dielectric properties, are resistant to weathering, and have a low compression set. Silicone elastomers are widely used in the automotive industry due to their beneficial features. Silicone elastomers including polysiloxane, liquid silicone rubber, fluoro silicone rubber, and others are widely utilized in the automotive and transportation industries to make turbocharger hoses, spark plug boots, silicone wiper blades, gaskets, connector seals, and ignition cables, among other things. Silicone elastomers are widely used in automobiles since their use has changed the engineering and manufacturing process in the automotive and transportation industries. In addition, Silicones elastomer play an essential role in producing high-performance hybrid and electric vehicle (H&EVs) since they are used in a wide range of solutions for the assembly, integrity and protection of critical parts in these new vehicles. The exponential increase in the production of hybrid and electric vehicle the demand for silicone elastomer is further going to increase.

Silicone Elastomer Market
By Region

2030
Asia-pacific 
North America
Europe
Lamea

Asia-Pacific holds a dominant position in 2020 and would continue to maintain the lead over the forecast period.

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Silicone Elastomer Market, By Region

Asia-Pacific region held the largest share with over 47.7% in the silicone elastomers market in 2020, owing to increased automotive production in the region, which accelerates the demand for silicone elastomers in the region. The production of automobiles has increased in Asia-Pacific countries such as Malaysia, Japan, Taiwan, and India.

 Covid-19 Impact On The Market

  • The COVID-19 outbreak impacted the silicone elastomer market negatively. The market witnessed a sharp decline in demand for silicone elastomer from end-use industry such as automobile.
  • Owing to lockdown and shutdown of production factories, the COVID-19 pandemic had negative impact on market demand. According to the International Organization of Motor Vehicle Manufacturers (OICA), vehicle manufacturing declined by roughly 16% in 2020, primarily due to COVID-19.
  • Owing to the outbreak of the COVID-19 pandemic, the automotive sector, including autonomous, connected, electric, and shared driving autos, has been under tremendous pressure to survive. Widespread staff layoffs, massive plant closures, and falling car sales have resulted from disruptions in the export of Chinese automotive parts and large-scale manufacturing of autos and components. To improve their organizational structures and operations, companies have shifted their focus to asset deployment optimization, recurring revenue streams, digital channels, zero-based budgeting (ZBB), and establishing resilient supply chain systems.

Key Benefits For Stakeholders

  • The report includes in-depth analysis of different segments and provides market estimations between 2021 and 2030.
  • The silicone elastomer market size is provided in terms of $million and kilotons
  • A comprehensive analysis of the factors that drive and restrict the growth of the silicone elastomer market is provided.
  • Porter’s five forces model illustrates the potency of buyers & sellers, which is estimated to assist the market players to adopt effective strategies.
  • Estimations and forecast are based on factors impacting the silicone elastomer market growth, in terms of $million and kilotons.
  • Key market players are profiled to gain an understanding of the strategies adopted by them.
  • This report provides a detailed analysis of the current silicone elastomer market trends and future estimations from 2021 to 2030, which helps to identify the prevailing market opportunities.

Silicone Elastomer Market Report Highlights

Aspects Details
By Product Type
  • High Temperature Vulcanized
  • Liquid Silicone Rubber
  • Room Temperature Vulcanized
By End-Use Industry
  • Automotive
  • Healthcare
  • Electronics
  • Apparel
  • Medical Devices
  • Home Repair & Hardware
  • Construction
  • Other
By Region
  • North America  (The U.S., Canada, Mexico)
  • Europe  (Germany, United Kingdom, France, Spain, Belgium, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
  • LAMEA  (Brazil, Chile, UAE, Saudi Arabia, South Africa, Rest of LAMEA)
 

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Increase in demand for silicone elastomer in developing economies such as Asia-Pacific, rapid growth of the automobile industry, rise in demand from electronics industry, and growth of end users are major drivers of this market. In 2020, Asia-Pacific occupied the highest market share in the market, and is expected to be the fastest growing region in terms of volume during the forecast period.

However, the COVID-19 pandemic has halted the market growth due to the lockdown imposed by various governments, however soon the silicone elastomer market is anticipated to recover owing to the government incentives and various steps taken by manufacturers to tackle the pandemic situation. However, high price of silicone elastomer hinders the market growth.

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FREQUENTLY ASKED QUESTIONS?

A. Increased demand from end-use industry such as healthcare, automotive and electrical is boosting the silicone elastomer market growth.

A. The silicone Elastomer market size was valued at $6.9 billion in 2020, and is projected to reach $7.3 billion by 2030, growing at a CAGR of 6.0% from 2021 to 2030.

A. Shin-Etsu Chemical Co., Ltd. Wacker Chemie AG Elkem AS are some of the established players of global silicone elastomer market.

A. Automotive industry is projected to increase the demand for silicone elastomer market.

A. Product Type High Temperature Vulcanized Liquid Silicone Rubber Room Temperature Vulcanized End-Use Industry Automotive Healthcare Electronic Sector Apparel Medical Devices Home Repair and Hardware Construction Others

A. Increased construction activities in developing region and increased demand from automobile industry is the main driver of silicone elastomer market.

A. Automotive, medical device and healthcare industry is expected to drive the adoption of silicone elastomer.

A. COVID-19 had a negative impact on silicone elastomer market owing to decreased in demand from automobile and electrical industry. However, increased in demand from medical device and healthcare industry boosted the demand for silicone elastomer during COVID-19 pandemic.

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