Silicone Elastomers Market Size, Share & Trends Analysis Report By Product (HTV, RTV, LSR), By Application, By Region, And Segment Forecasts, 2022 - 2030

Report Overview

The global silicone elastomers market size was valued at USD 5.2 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 10.3% from 2022 to 2030. The growth in the global market can be attributed to several critical factors such as strong demand from the end-use industries. Silicone elastomers possess superior characteristics when compared to other elastomers. Such characteristics make them imperative for industrial usage, in turn aiding the global silicone elastomers industry. End-use industries for the product, such as construction, automotive, and electrical & electronics, are expected to witness rapid growth during the forecast period. Emerging regions such as the Asia Pacific and Central & South America are touted to witness strong product demand from end-use sectors. Countries such as China, India, and Brazil are presumed to lead their respective regional markets.

The growing population, rising disposable income, and rapid industrialization and urbanization in the developing regions are key factors that are presumed to drive the regional markets. R&D initiatives to develop superior robust products that have a wide application base across diverse industries offer ample opportunities for market development. The silicone elastomer value chain comprises raw material producers, silicone elastomer manufacturers, distributors, and end-use industries. Raw material producers include companies that produce silicone. Silicone has three main products, namely, silicone elastomers, silicone resins, and liquid silicone.

Silicone elastomer producers produce a wide array of diverse products with their proprietary additives as per the end-use industry requirements. Companies are engaged in extensive R&D to develop their product portfolio and newer additives with superior properties to meet the rising industry demand and stringent requirements. The industry is characterized by a high level of backward integration. Companies producing silicone raw materials usually also produce silicone elastomers.

Product Insights

The LSR product segment led the market and accounted for more than 61.0% revenue share in 2021. Major silicone elastomer products include high-temperature vulcanize (HTV), room temperature vulcanize (RTV), and liquid silicone rubber (LSR). HTV emerged as a leading product segment and accounted for a substantial share of the overall market in the recent past. Growing demand in major end-use industries, especially in developing regions, is expected to be a key driving factor for the silicone elastomers industry growth over the next few years.

Silicone can be manifested in various other forms such as adhesives, sealants, coatings, oils, lubricants, and resins. These materials can be tailored to specific performance requirements. Silicone HTV elastomers can withstand prolonged exposures to higher temperatures. A major LSR application is injection molding, which is prevalent across multiple end-use industries such as automotive, medical equipment, toys, packaging, musical instruments, housewares, consumer goods, storage containers, and furniture.

Physical properties such as resilience, heat resistivity, flexibility, water-repelling capacity, insulation, and high tear strength over other elastomers are anticipated to boost the global demand. Growing population, rising disposable income, and rapid industrialization and urbanization in the developing regions are key factors that are presumed to drive the regional markets.

Application Insights

The construction application segment led the market and accounted for more than 43.0% revenue share in 2021. Silicone elastomers follow silicone fluids in terms of leading the global market share for silicone. A wide range of applications across industries such as electronics & electrical, automotive & transportation, industrial machinery, consumer goods, construction, and others is anticipated to boost the overall market.

This can be attributed to the inherent qualities such as inertness, high permeability, easy processing, and low toxicity, which make silicone elastomers a leading choice for multiple applications across several industries. The construction application segment dominated the global market and is set to continue this dominance in the coming years. The growing global population is expected to put ample pressure on the healthcare industry. Along with a rise in population, the growing aged population in developed countries is expected to further benefit the overall market.

Silicone elastomers are used in the industry for manufacturing catheters, medical cables, tubing, anesthetic masks, seals & gaskets, valves, respiratory care applications, medical textile coatings, and medical instruments & equipment. Such wide usage is expected to have a very positive influence on the overall market demand.

Regional Insights

The Asia Pacific led the market and accounted for more than 51.0% of the revenue share in 2021, ahead of Europe and North America. Market shares of developed regions such as North America and Europe are poised to decrease owing to end-use industry saturation. Developing markets such as the Asia Pacific and Middle East & Africa are projected to experience brisk growth in areas such as automotive, construction, healthcare, consumer goods, and electrical & electronics. Robust demand from these industries is projected to fuel the regional market for silicone elastomers.

Several key factors such as strong demand in the end-use industries owing to rapid industrialization & urbanization, and increasing disposable income giving rise to higher consumer goods & automotive demand, are slated to play a key role in shaping the regional as well as global silicone elastomers industry. Government initiatives encouraging infrastructure development, especially in the developing markets, are slated to further complement the regional growth.

Key Companies & Market Share Insights

The silicone elastomers industry displays an oligopolistic and consolidated nature. The industry is characterized by mergers & acquisitions. Industry participants are taking several ardent steps to improve their product portfolio and gain a competitive advantage in the rapidly growing regional markets. The industry exhibits a fairly high threat of new entrants and a low threat of substitutes. Some of the prominent players in the global silicone elastomers market include:

• China National BlueStar (Group) Co., Ltd.

• Dow Corning Corporation

• KCC Corporation

• Mesgo S.P.A.

• Momentive Performance Materials Inc.

• Shin-Etsu Chemical Co., Ltd.

• Reiss Manufacturing Inc.

• Wacker Chemie AG

• Zhejiang Xinan Chemical Industrial Group Co., Ltd.

• Stockwell Elastomerics

• Specialty Silicone Products, Inc.

Silicone Elastomers Market Report Scope

Segments Covered in the Report 

This report forecasts revenue and volume growth at global, regional, and country levels, and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2019 to 2030. For the purpose of this study, Grand View Research has segmented the global silicone elastomers market report on the basis of product, application, and region:

• Product Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)

  • HTV

  • RTV

  • LSR

• Application Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)

  • Electrical & Electronics

  • Automotive & Transportation

  • Industrial Machinery

  • Consumer Goods

  • Construction

  • Others

• Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)

  • North America

    • U.S.

  • Europe

    • Germany

    • France

    • U.K.

    • Italy

  • Asia Pacific

    • China

    • India

    • Japan

    • South Korea

  • Central & South America

    • Brazil

  • Middle East & Africa