Silicone Elastomers Market by Product, End-user, and Geography - Forecast and Analysis 2023-2027

Silicone Elastomers Market Forecast 2023-2027

The Global Silicone Elastomers Market size is estimated to grow by USD 2.89 billion at a CAGR of 5.67% between 2022 and 2027. The growth of the market depends on several factors including the increasing demand for hip and knee implants, the growing demand for lightweight materials, and the superior properties of silicone elastomers. These elastomers boast outstanding tear resistance, durability, thermal resistance, ozone and UV resistance, and flame retardancy, rendering them indispensable across numerous sectors including automotive, construction, consumer goods, and healthcare. Particularly in medical contexts, silicone elastomers find utility in implants, drug delivery systems, and wearable devices owing to their permeability and long-lasting nature.

What will be the Size of the Silicone Elastomers Market During the Forecast Period?

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Segmentation

This market research report extensively covers market segmentation by Product (HTV, lSR, and RTV), End-user (construction, automotive, electrical and electronics, consumer goods, and others), and Geography (APAC, North America, Europe, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. 

Application Analysis

The market share growth by the HTV segment will be significant during the forecast period. The HTV segment showed a gradual increase in market share with USD 4.41 billion in 2017 and continued to grow by 2021. HTV silicone elastomers accounted for the largest share of the market. These are long-chain elastomers with vinyl groups and are filled with precipitated or fumed silica along with other additives. These resulting compounds with significant properties are mixed with catalysts and cured at a high temperature of 212°F-392°F.

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The demand for HTV from major high-temperature applications, such as gaskets and vibration dampers in the automotive, industrial machinery, electronics and electrical, and other end-user industries, is growing. This is mainly due to their advantages such as good mechanical, electrical and chemical properties, water-repellent nature, weather, heat and cold resistance, and easy application of colour. Automobile production in developing countries is increasing year-over-year due to higher disposable incomes and rapid urbanization. The increasing demand for high-performance vehicles has elevated the demand from automobile manufacturers. In addition, the other end-user segments of HTV are growing in developing economies. Therefore, these factors are expected to fuel the demand for HTV during the forecast period. Furthermore, our report provides a brief analysis of the historical and forecast market share and their segments along with the reasons for growth from 2017 to 2027.

End User Analysis 

The end user segment represents five categories: construction, automotive, electrical and electronics, consumer goods, and others. The construction industry is the dominant end-user of the global market. They are used as sealants, coatings, and water repellents because of properties such as thermal stability, high permeability, water repellency, UV resistance, and oxidative stability.  The growing demand for construction activities in APAC will also foster the demand in the next five years.APAC is the dominant region accounting for approximately 49% of the global construction industry, where the major contribution will be from China, India, and Japan. Therefore, the growing demand for different coatings segments will drive the growth of the construction segment in the market during the forecast period.

Regional Analysis

APAC is projected to contribute 58% of market growth by 2027. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. 

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The aviation industry in APAC is increasing as a result of the increasing transit needs. Moreover, APAC provides countless opportunities for aerospace manufacturers and general aviation. In addition, the growing appetite for the use of aviation is also estimated to triple the fleet size of APAC by 2034, propelling the demand for coatings across the aviation industry in APAC. Such factors are expected to fuel the growth of the market in APAC during the forecast period. The vendors of the end-user segments in developed countries are also shifting their facilities to APAC due to the easy availability of land, cost-effective workforce, strategic location, accessibility, robust power grid, reliable transport infrastructure, and lenient regulations and norms for chemicals and plastics. Therefore, the growing opportunities from various end-user industries in APAC aided by industry-specific government initiatives such as Make in India, foreign direct investments (FDIs), easy seed funding, and loans are expected to fuel the growth of end-user industries, which, in turn, will drive the growth of the market in APAC during the forecast period.

Market Dynamics and Customer Landscape

The Market is thriving across diverse industries such as construction, automotive, electrical & electronics, and healthcare. As populations grow and disposable incomes rise, demand increases in both developed and developing countries. Raw material producers and silicone elastomer manufacturers play key roles in meeting this demand. Unique properties like resilience, flexibility, and resistance to extreme temperatures make silicone elastomers indispensable in various applications. Antimicrobial silicone elastomers find applications in healthcare and optical industries, while liquid silicone rubber (LSR) and high consistency rubber (HCR) grades cater to specific needs in automotive vehicles and aerospace. With increasing industrialization and urbanization, the demand for silicone elastomers, including fluoro-silicone rubber, is expected to continue its upward trajectory in the foreseeable future.

Key Market Driver

The Market is experiencing significant growth driven by its superior properties compared to substitutes. Silicone elastomers offer excellent tear resistance, durability, thermal resistance, ozone and UV resistance, and flame retardancy, making them invaluable in various industries like automotive, construction, consumer goods, and healthcare. In medical applications, silicone elastomers are used in implants, drug delivery systems, and wearable devices due to their permeability and durability. They are also widely accepted by the body, making them suitable as wound seal covers. The orthopedic implant market, particularly spinal implants, has contributed to market growth, along with the increasing use of medical tubing in drug delivery. With diverse applications and unique properties, silicone elastomers play a vital role across multiple sectors.

Significant Market Trends

Use of antimicrobial silicone elastomers will fuel the global market growth. Antimicrobials are used on surfaces and in medical applications, such as tubing for catheters to prevent bacterial growth. The growth of microbes will cause a strong odor, discoloration, and mildew formation. These antimicrobials are silver ion-based, thereby making them versatile and adaptable to a wide range of applications. They are widely used in healthcare and medical devices, beverage manufacturing, pet food production, food processing and foodstuff production, and agricultural activities. As per the US FDA's regulations, antimicrobials are used in the food industry for various applications such as food processing, vending tubing, dairy, breweries, and antimicrobial belting. For instance, Silicone Engineering offers various antimicrobial products under the 'suraSil' brand name. All these factors will result in the growth of the market during the forecast period.

Major Market Challenge

Stringent clinical and regulatory policies will impede the overall market growth. Biocompatible silicone elastomer products are used in critical healthcare-related and medical applications. So, it is mandatory for healthcare providers to follow both pre-market and post-market evaluations of medical devices used in healthcare. The regulatory bodies in the European Union and the US have taken several initiatives to streamline clinical policies and reforms. The European Union has formulated regulations to monitor the safety and performance of medical devices used in clinical settings. For instance, the Active Implantable Medical Devices Directive (Directive 90/385/EEC) regulates high-risk medical devices, such as pacemakers and deep brain stimulation devices. Likewise, the In-vitro Diagnostic Directive (Directive 98/79/EC) relates to in-vitro devices. These stringent regulations and clinical policies formulated pose a challenge to manufacturers with regards to demonstrating and documenting their compliance.

Key Market Customer Landscape

The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global Market Customer Landscape

Who are the Major Silicone Elastomers Market Companies?

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Bentec Medical - The company offers silicone elastomers that are used in the manufacturing of tubes, which are later used in a variety of surgical procedures. Also, the company is involved in fabricating silicone-based components by utilizing various raw materials and the fabrication capabilities available.

The market report also includes detailed analyses of the competitive landscape and information about 15 market players, including:

• Avantor Inc.
• Bentec Medical
• CHT Germany GmbH
• Continental AG
• Dow Inc.
• DuPont de Nemours Inc.
• Elkem ASA
• HEXPOL AB
• J M Huber Corp.
• KCC Co. Ltd.
• Momentive Performance Materials Inc.
• REISS MANUFACTURING Inc.
• Rogers Corp.
• Shin Etsu Chemical Co. Ltd.
• Specialty Silicone Products Inc.
• Stockwell Elastomerics Inc.
• URM
• Wacker Chemie AG

Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.

Segment Overview

The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. 

• Product Outlook 
  • HTV
  • LSR
  • RTV

• End-User Outlook 
  • Construction
  • Automotive
  • Electrical and electronics
  • Consumer goods
  • Others

• Region Outlook
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • South America
    • Chile
    • Brazil
    • Colombia
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

Market Analyst Overview

The Market is integral to various industries, including automotive, aerospace, healthcare, and electrical. With unique properties like extreme temperature resistance, electrical conductivity, and antimicrobial characteristics, silicone elastomers find applications in cable insulation, seals, tubing, and wire insulation. Manufacturers cater to diverse needs with LSR and HCR/HTV grades, ensuring biocompatibility and healthcare applications. These elastomers offer excellent flame retardance, oil resistance, and radiation resistance, making them indispensable in harsh environments like the automotive and petrochemical industries. The market sees continuous innovation in extrusion processes and compression molding techniques to meet demand from raw material producers and distributors. As demand rises in consumer goods and electrical & electronics sectors, silicone elastomer manufacturers play a crucial role in supplying high-quality materials for industrialization and technological advancements.

Moreover, the market caters to a diverse range of industries, from aerospace and automotive to healthcare and consumer goods. These elastomers find extensive applications in electrical and electronics, benefiting from their unique properties such as steam resistance and electrical insulation. In the automotive industry, silicone elastomers are crucial for manufacturing automotive vehicles and electric vehicles (EVs), ensuring durability and performance. The healthcare sector relies on medical-grade silicone elastomers for biocides and healthcare products, while the food processing industry utilizes silicone tubing rods for its steam resistance. Industrial machinery and manufacturing industries also heavily depend on silicone elastomers for their liquid silicone rubber and LSR & HCR grades. With their versatility and wide-ranging applications, silicone elastomers play a pivotal role across various sectors in the global economy.

Additionally, the market serves a diverse range of industries, including aerospace, automotive, consumer goods, and healthcare. These elastomers, derived from silicone metal through platinum catalyzation, offer unique properties ideal for various applications in the electrical and electronics industry, as well as in industrial machinery and manufacturing. With fluoro-silicone rubber and HTV elastomers, they find use in demanding environments requiring resistance to harsh chemicals and extreme temperatures. The industrial silicone supply chain ensures availability for the production of preforms and optical components. As exemptions and rebates influence the market landscape, silicone elastomers continue to be essential components in products across sectors, reinforcing fillers enhance their durability, while their resistance to microorganisms makes them valuable in healthcare settings.

In today's interconnected world, the electrical & electronics industry plays a pivotal role in shaping our daily lives. With a growing population and disposable income, demand for consumer electronics continues to surge, driving innovation and market growth. The healthcare industry benefits from advancements in electrical components, enhancing medical diagnostics and treatment options. Similarly, the optical industry leverages cutting-edge technology to develop precision instruments and devices. Petrochemical products serve as essential raw materials for various industries, including Aerospace industry and Munitions industry, powering innovation and progress. Meanwhile, the automobile industry embraces electrical innovations to improve vehicle performance and safety. Amidst these developments, silicone elastomers stand out for their unique properties, offering durability and flexibility across diverse applications. As these industries converge, collaboration and innovation pave the way for a brighter, more connected future.

Silicone Elastomers Market Scope
Report Coverage	Details
Page number	179
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 5.67%
Market growth 2023-2027	USD 2.89 billion
Market structure	Fragmented
YoY growth 2022-2023(%)	5.32
Regional analysis	APAC, North America, Europe, Middle East and Africa, and South America
Performing market contribution	APAC at 58%
Key countries	US, China, Japan, India, and Germany
Competitive landscape	Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled	Avantor Inc., Bentec Medical, CHT Germany GmbH, Continental AG, Dow Inc., DuPont de Nemours Inc., Elkem ASA, HEXPOL AB, J M Huber Corp., KCC Co. Ltd., Momentive Performance Materials Inc., REISS MANUFACTURING Inc., Rogers Corp., Shin Etsu Chemical Co. Ltd., Specialty Silicone Products Inc., Stockwell Elastomerics Inc., URM, and Wacker Chemie AG
Market dynamics	Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting of the market between 2023 and 2027
• Precise estimation of the size of the market size and its contribution to the parent market
• Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
• Growth of the market industry across Europe, North America, APAC, South America, and Middle East and Africa
• Thorough market growth analysis of the market’s competitive landscape and detailed information about vendors
• Comprehensive market analysis and report on the factors that will challenge the market research and growth of market companies

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