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.
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.
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.
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.
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.
Report Attribute |
Details |
Market size value in 2022 |
USD 5.7 billion |
Revenue forecast in 2030 |
USD 12.5 billion |
Growth Rate |
CAGR of 10.3% from 2022 to 2030 |
Base year for estimation |
2021 |
Historical data |
2019 - 2020 |
Forecast period |
2022 - 2030 |
Quantitative units |
Volume in kilotons, revenue in USD million, and CAGR from 2022 to 2030 |
Report coverage |
Volume forecast, revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Segments covered |
Product, application, region |
Region scope |
North America; Europe; Asia Pacific; Central & South America; Middle East & Africa |
Country Scope |
U.S.; Germany; France; U.K.; Italy; China; India; Japan; South Korea; Brazil |
Key companies profiled |
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. |
Customization scope |
Free report customization (equivalent up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional, and segment scope. |
Pricing and purchase options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
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
b. The global silicone elastomers market size was estimated at USD 5.2 billion in 2021 and is expected to reach USD 5.7 billion in 2022.
b. The global silicone elastomers market is expected to grow at a compound annual growth rate of 10.3% from 2022 to 2030 to reach USD 12.5 billion by 2030.
b. Asia-Pacific dominated the silicone elastomers market with a share of more than 51% in 2021. Construction spending in Malaysia, Indonesia, Vietnam, South Korea, China, and India is expected to influence the regional demand.
b. Some key players operating in the silicone elastomers market include Wacker Chemie AG, Dow Corning Corporation, KCC Corporation, Momentive Performance Materials Inc., Reiss Manufacturing, and Shin-Etsu Chemical Co.; Ltd.
b. Key factors that are driving the silicone elastomers market growth include technological advancements in the product offerings based on favorable chemical and mechanical properties.
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