Global Silicone Elastomer Market Overview:
Global Silicone Elastomer 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. Silicone elastomer is a synthetic rubber, inorganic in nature, made via cross-linking of silicone-based polymers in presence of certain catalysts. This compound is available in variety of forms including solids, closed cell sponges, open cell foams, electrically conductive, and thermally conductive materials. Silicone elastomer is considered as a chemical bridge between inorganic & organic polymers, owing to its unique combination of mechanical and chemical properties. These polymers are superior to organic elastomers in terms of different characteristics, including heat resistance, good weatherability, flame retardancy, cold resistance, electrical properties, chemical resistance and stability. Automotive vehicles, one of the key applications of silicone elastomer, possess high market potential for investment, owing to rise in their demand followed by healthcare industry.
The global silicone elastomer market is mainly driven by the material’s increased applications in medical devices and healthcare sectors. Other factors driving the market are rise in demand for silicone elastomers in developing economies of Asia-Pacific & LAMEA and tremendous development of electrical & electronic industry, which contribute majorly in expanding the silicone elastomers business. Asia-Pacific dominates the market, in terms of volume & growth, due to massive demand and production in China, Japan & Korea coupled with high developing rate of the market in India & other emerging countries of the region. Volatility in raw material prices leading to increased price of silicone elastomers is projected to limit the market growth. High demand for automobile and its parts globally to fulfill the insulating, bonding, & sealing applications and trending antimicrobial silicone elastomers are expected to provide numerous opportunities for development of the global silicone elastomer market.
The report segments the global silicone elastomer market based on type, application, and geography. The product segment includes liquid silicone rubber, high consistency rubber, fluorosilicone rubber, and others, which consists of different types of room temperature vulcanized silicone elastomers (RTVs). By application, the market is categorized into automotive, healthcare, electronics, apparel, medical devices, home repair & hardware, construction, and other industries (baby care, cosmetics, optics, food, and more). Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Top Investment Pocket
Automotive vehicles, one of the key applications of silicone elastomer, possess high market potential for investment, owing to their rise in demand and related parts. Asia-Pacific is the fastest growing market for silicone elastomers in the automotive industry, followed by LAMEA. Construction sector is the one occupying major share of the global silicone elastomer market in terms of value and is the third most lucrative market for new entrants.
Porter’s Five Forces Analysis
Bargaining Power of Suppliers, 2016
Among all types of silicone elastomer, high consistency rubber occupies the maximum share in the global market. Silicones, fillers, and different catalysts are utilized as raw materials to manufacture different varieties of the compound. These factors indicate prevalence of high product differentiation in the industry, leading to high switching cost. The presence of a large number of domestic and international raw material suppliers lowers the supplier’s bargaining power. The threat of forward integration from suppliers is high in the market. Multiple players are present who supply one or more of the raw materials and process it for industrial manufacturing of silicone elastomer, such as Dow Corning, Momentive, Shin-Etsu, Wacker, Bluestar Silicones, and others. Thus, considering the above factors, the bargaining power of suppliers is high, and is expected to remain as such during the forecast period.
Global Silicone Elastomer Market, By Geography
Asia-Pacific is the leading as well as the fastest growing region, registering a CAGR of around 6% in the global silicone elastomer market, which accounted for more than 35% of the total market share in terms of value in 2016, owing to high production and consumption in China and rapid industrialization in other nations.
Saudi Arabia Silicone Elastomer Market, 2015-2023
The demand for silicone elastomer in Saudi Arabia was valued at $45 million in 2016, and is expected to reach $66 million by 2023, registering a CAGR of 5.7% during the forecast period.
Key leading players operating in silicone elastomer industry 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 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.
- This report provides an extensive analysis of the current trends and emerging estimations & dynamics of the global silicone elastomer market.
- Comprehensive analysis of factors that drive and restrict the growth of the global silicone elastomer market is provided.
- Detailed analyses of the industry based on type and application help in understanding the trending product type of silicone elastomer as well as the potential variants.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- Extensive analysis of the market is conducted by following key product positioning and monitoring of top players within the market framework.
Global Silicone Elastomer Market Key Segments
- Liquid Silicone Rubber
- High Consistency Rubber
- Fluorosilicone Rubber
- Medical Devices
- Home Repair & Hardware
- North America
- Rest of the Europe
- South Korea
- Rest of the Asia-Pacific
- South Africa
- Saudi Arabia
- Rest of LAMEA