Silicone Elastomer Market Size, Share & Trends Analysis Report By Product (HTV, RTV, LSR), By Application (Electrical & Electronics, Automotive & Transportation, Industrial Machinery, Consumer Goods), By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global silicone elastomer market size was valued at USD 5.75 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 10.3% from 2023 to 2030. The growth 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 it imperative for industrial usage, thus in turn aiding the global silicone market. End-use industries such as construction, automotive, and electrical & electronics are expected to witness rapid growth over the forecast period.

Emerging regions such as Asia Pacific and Central & South America are touted to witness strong demand from the end-use industries. Countries such as China, India, and Brazil are presumed to lead their respective regional markets. Growing population, rising disposable income, rapid industrialization, and urbanization in developing regions are the key factors that are presumed to drive 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 own proprietary additives as per the end-use industry requirements.

Companies are engaged in extensive R&D to develop their product portfolio and to develop newer additives with superior properties to meet the growing industry demand and stringent requirements. The industry is characterized by a high level of backward integration. Companies producing silicone raw materials usually produce silicone elastomers as well.

Product Insights

The LSR product segment led the market and accounted for more than 61.0% of the revenue share in 2022. Major silicone elastomers products include high-temperature vulcanize (HTV), room-temperature vulcanize (RTV), and liquid silicone rubber (LSR). HTV emerged as the leading product and accounted for more than half 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 growth driver.

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. Major LSR application includes injection molding. Injection molding application is prevalent across multiple end-use industries such as automotive, medical equipment, toys, packaging, musical instruments, houseware, consumer goods, storage containers, and furniture.

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

Application Insights

The construction application segment led the market and accounted for more than 43.0% of the revenue share in 2022. Silicone elastomers follow silicone fluids in terms of leading market share. A wide range of applications across the industries such as electronics & electrical, automotive & transportation, industrial machinery, consumer goods, and construction is anticipated to boost the growth. A wide application base can be attributed to inherent qualities such as inertness, high permeability, easy processing, and low toxicity. These qualities make silicone elastomers a leading choice for multiple applications across several industries.

Construction dominated the industry and is set to continue this dominance during the forecast period. The growing population across the globe is touted to put ample pressure on the healthcare industry. Along with a rise in the population, the growing aged population in developed countries is expected to be further beneficial for the overall market. Silicone elastomers are used in the industry in 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 positively influence the overall demand.

Regional Insights

Asia Pacific dominated the global silicone elastomer market in 2022, ahead of Europe and North America. Market shares of developed regions such as North America and Europe are anticipated to decrease owing to the saturation of the end-use industry. Developing regions such as 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 end-use industries is projected to fuel regional growth.

Several key factors such as the 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 developing markets, are slated to further complement the regional markets.

Key Companies & Market Share Insights

The silicone elastomers industry displays oligopolistic and consolidated. The industry is characterized by mergers & acquisitions. Industry participants are taking such 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 prominent players in the global silicone elastomer 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 Elastomer Market Report Scope

Global Silicone Elastomer Market Report Segmentation

This report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global silicone elastomer market report based on product, application, and region:

• Product Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

  • High-temperature Vulcanize (HTV)

  • Room-temperature Vulcanize (RTV)

  • Liquid Silicone Rubber (LSR)

• Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

  • Electrical & Electronics

  • Automotive & Transportation

  • Industrial Machinery

  • Consumer Goods

  • Construction

  • Others

• Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 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