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                                  Home Press Releases

                                  Silicone Elastomers Market Size Forecast to Reach $7.1 Billion by 2026

                                  admin by admin
                                  January 30, 2022
                                  in Press Releases
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                                  (EMAILWIRE.COM, January 24, 2022 ) Silicone elastomers market size is forecast to reach US$7.1 billion by 2026, after growing at a CAGR of 6.2% during 2021-2026. The industry’s rapid expansion is owing to its superior properties such as extreme temperature resistance, excellent environmental resistance, and low compression set, which makes them suitable for application in various end-use industries such as automotive, aerospace, and healthcare. The factors which are primarily driving the demand for silicone elastomers such as polysiloxane, liquid silicone rubber, fluorosilicone rubber are increasing demand for packaging materials, as well as the increasing manufacturing of aircraft. Furthermore, the global market is also growing due to the high adaptability of silicone elastomers in the electrical & electronics industry. Liquid silicone elastomers possessing strong color gamut and phosphorescent colors; will endure benefiting from rising demand for smartwatches and other wearable devices. The rapid growth of the construction industry has also increased the demand for adhesives and sealants; thereby, fueling the silicone elastomers industry growth.

                                  Silicone Elastomers Market COVID-19 Impact

                                  The Covid-19 pandemic impacted the silicone elastomers industry through the supply chain disruption. Silicone elastomer manufacturers had to develop an effective supply chain in response plan to mitigate risk and prepare for any interruptions that the coronavirus outbreak was causing. Also, the manufacturing facilities such as automotive manufacturing plants were shut down in 2020 due to the closure of non-essential businesses. For instance, according to the International Organization of Motor Vehicle Manufacturers, global automotive production fell by 16% in 2020. According to Toyota Motor Corporation, its global production of vehicles in 2020 was down 12.6 percent year-on-year, owing to the impact of the COVID-19 pandemic. Due to which the demand for silicone elastomers such as polysiloxane, liquid silicone rubber, fluorosilicone rubber, and more significantly reduced, which impacted the silicone elastomers market revenue in 2020.

                                  Silicone Elastomers Market Segment Analysis – By Type

                                  The high temperature vulcanized (HTV) segment held the largest share in the silicone elastomers market in 2020 and is growing at a CAGR of 5.5% during 2021-2026. Higher viscosity rubbers that can be combined and processed like other elastomers are known as heat-curable, high-temperature-vulcanizing (HTV) elastomers. They’re cured at high temperatures, either using organic peroxides or a platinum catalyst. Reinforcing fillers are applied to the cured rubber to provide mechanical strength. Due to their superior qualities such as strong siloxane bond strength, electrical conductivity, radiation resistance, steam resistance, flame retardance, oil resistance, and severe temperature resistance, HTV silicone rubbers have a wide range of applications.

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                                  Silicone Elastomers Market Segment Analysis – By Process

                                  The molding segment held the largest share in the silicone elastomers market in 2020 and is growing at a CAGR of 6.8% during 2021-2026. Injection Moulding is a commonly used manufacturing process whereby identical parts are produced in high volumes by injection material into a closed mold. The injection molding technology allows for high-volume production in a short amount of time. Labor costs are lower than in other manufacturing processes because the process is primarily machine-oriented. Design is noted for its versatility, as multiple materials can be employed at the same time and a variety of colors can be used. Because all of the parts are identical, high consistency is assured. Due to the flexibility of injection molding machines can produce even the smallest of parts whilst leaving as little post-production scrap possible, owing to which it is preferred over other processes to manufacture silicone elastomers.

                                  Silicone Elastomers Market Segment Analysis – By End-Use Industry

                                  The automotive segment held the largest share in the silicone elastomers market in 2020 and is growing at a CAGR of 8.7% during 2021-2026. Silicone elastomers are easy to process and generally maintain their elastomeric properties in extreme hot and cold environments, offer excellent dielectric properties, resist weathering and offer a low compression set. Also, silicone elastomers are excellent candidates to consider for a variety of sealing, bonding, and insulating applications. Owing to these advantageous properties of silicone elastomers are extensively utilized in the automotive. Silicone elastomers such as polysiloxane, liquid silicone rubber, fluorosilicone rubber, and more are widely used in the automotive & transportation industry for the manufacturing of automotive components such as turbocharger hoses, spark plug boots, silicone wiper blades, gaskets, connector seals, and ignition cables. The use of these elastomers has revolutionized the designing and manufacturing process in the automotive & transportation industry thus, silicone elastomers are being extensively incorporated in automobiles.

                                  Silicone Elastomers Market Segment Analysis – By Geography

                                  Asia-Pacific region held the largest share in the silicone elastomers market in 2020 up to 34%, owing to the increasing automotive production in the region, which is accelerating the demand for silicone elastomers in the region. Silicone elastomers are often used in automotive components owing to their extensive properties such as high thermal stability, low compression set without post-cure, self-lubricating properties, low viscosity, fast cure, low modulus, increased crack resistance, outstanding resistance to aging, and more. The production of automobiles is increasing in Asia-Pacific countries such as Japan, Malaysia, India, and Taiwan. For instance, according to the Organisation Internationale des Constructeurs d’Automobiles (OICA), the production of light commercial vehicles increased from 55,896 in 2019 to 57,362 in 2020 in Taiwan, an increase of 2.6%. Whereas, the production of passenger cars increased from 5,20,526 in 2018 to 5,34,115 in 2019, an increase of 2.6% in Malaysia. According to the Japan Automobile Manufacturers Association (JAMA), in 2019, the production of cars increased from 6,67,462 in October to 6,90,311 in November in Japan. According to India Brand Equity Foundation (IBEF), domestic automobile production increased at 2.36% CAGR between FY16-20 with 26.36 million vehicles being manufactured in India in FY20. With the rise in automotive production, demand for silicone elastomers is expected to rise significantly, propelling the industry in the Asia-Pacific region.

                                  Silicone Elastomers Market – Drivers

                                  Expanding Construction Sector

                                  Silicone elastomers such as polysiloxane, liquid silicone rubber, fluorosilicone rubber, and more are used in various construction applications as adhesives & sealants, potting, and encapsulating compounds as well as coatings, owing to their weathering properties and ability to bond to metal. The construction industry is expanding. For instance, according to the Australian Bureau of Statistics (ABS), the seasonally adjusted value of the new residential building in Australia was worth US$4,370.3 million in July 2019, which then rose to US$4,682.5 million in July 2020, an increase of 11.3%. Furthermore, governments are taking initiatives to increase the construction of residential homes to provide proper housing for the surging population. For instance, in Birmingham, £165 million (US$194.8 million) has been announced to unlock up to 5,100 homes and to provide the infrastructure to support these new homes. Furthermore, the UK government launched a new National Productivity Investment Fund (NPIF) with an allocation of GBP 23 billion (US$31.6 billion), in which GBP 7.2 billion (US$9.9 billion) is to support the construction of new homes. Furthermore, the Indian government has launched projects such as ‘100 smart cities’ and ‘Housing for All by 2022’ to drive the Indian residential sector. Such government initiatives are set to increase the demand for adhesives and sealants in the residential construction sector, and further drive the silicone elastomers market growth during the forecast period.

                                  Growing Government Expenditure is Bolstering the Medical & Healthcare Sector

                                  Silicone Elastomers such as polysiloxane, liquid silicone rubber, fluorosilicone rubber, and more are often used in the medical & healthcare sector for the fabrication of medical devices and device components with relatively low viscosity. Silicone elastomers are often used in the sector for applications such as long-term implants, short-term implants, medical inserts, and non-implant. In the 2020-21 Union Budget, the Indian government set aside Rs 69,000 crores (US$9.8 billion) for the health sector. The Indian government wants to increase healthcare spending to 3% of GDP by 2022. (GDP). In March 2020, the Government of Japan (GOJ) adopted the second phase of its five-year health and medical plan, a new strategy to boost the Japanese healthcare sector. The Japanese healthcare sector market is expected to grow to Yen 33 trillion (US$ 300 billion) in 2025, up from Yen 25 trillion (US$ 227 billion) in 2016. This is due to increased demand for prevention, health management, life support facilities, and developments in health services using emerging technologies such as digital health and genomic analysis. Thus, with the increasing healthcare expenditure, it is anticipated that the demand for medical devices will also see an upsurge in its demand, which will drive the market of silicone elastomers.

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                                  Silicone Elastomers Market – Challenges

                                  Various Disadvantages Associated with Silicone Elastomers

                                  Silicone elastomers command a higher price when compared to rubber and other materials. However, in many circumstances, the higher initial cost will be mitigated by increased quality control and uptime as a result of fewer contamination issues. Silicone elastomers can be slightly sticky to the touch in their natural state. This causes dust and other particles to attach to them, giving them a rougher appearance. The low tearing strength of silicone rubber is one of its key drawbacks. This can be improved with the addition of other chemicals, but it lacks natural strength and abrasion resistance, thus the application’s eligibility for silicone as a solution must be carefully considered. Another biggest disadvantage related to silicone elastomers is chemical compatibility. Despite their considerable adaptability, silicone elastomers perform poorly or have unfavorable reactions in some conditions and applications. For instance, it should not be immersed in alcohol or gasoline. Its curing is hampered by latex, sulfur, and some other compounds. Thus, careful consideration of the chemical environment present in the processes is required before using silicone elastomers, which restrain its market growth.

                                  Silicone Elastomers Market Landscape

                                  Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the silicone elastomers market. Silicone Elastomers market top companies are Dow Corning, Wacker Chemie, Momentive Performance Materials, Shin-Etsu, China National Bluestar Silicone, KCC Corporation, Reiss Manufacturing, Mesgo SpA, Zhejiang Xinan Chemical Industrial Group Co. Ltd., and Specialty Silicone Products.

                                  Acquisitions/Technology Launches

                                  In October 2019, Dow released new liquid silicone rubber 3D printing materials for use in LAM 3D printing. With its most recent entry into the North American elastomer market, it is offering better design freedom and process efficiency.

                                  Key Takeaways

                                  Asia-Pacific dominates the silicone elastomers market, owing to the increasing electrical & electronics industry in the region, which is accelerating the demand for halogen free flame retardants. According to Invest India, the domestic electronics market in India to attain US$400 billion by 2025.

                                  The usage of silicone elastomers such as polysiloxane, liquid silicone rubber, fluorosilicone rubber, and more is growing in the electronics industry due to its increasing use in LEDs, gaskets, rollers, and other consumer electronics.

                                  The developing electrical and electronics industry, along with rising demand for consumer electronics such as cellphones, televisions, household appliances, and wearable electronic gadgets, is likely to provide profitable prospects for silicone elastomers market players.

                                  Silicone elastomers also find application in the healthcare industry in medical tubing, surgical devices, catheters, sterilization mats, and medical equipment keypads due to their high physiological inertness.

                                  Furthermore, technological advancements in silicone elastomers based on favorable chemical and mechanical properties are projected to fuel the market for the coming years.

                                  Silicone elastomers’ poor abrasion, oil, and petroleum resistance qualities, on the other hand, limit their utilization, which is anticipated to slow market growth.

                                  Related Reports

                                  A.Silicone Market

                                  https://www.industryarc.com/Report/15265/silicone-market.html

                                  B.Silicone Adhesives Market

                                  https://www.industryarc.com/Report/18765/silicone-adhesives-market

                                  For more Chemicals and Materials Market reports, please click here

                                  About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to sales@industryarc.com to discuss more about our consulting services.



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