Silicone Elastomers Market worth $12.3 billion by 2029 - Exclusive Report by MarketsandMarketstm
CHICAGO, March 21, 2024 /PRNewswire/ -- The report "Silicone Elastomers Market by Type (HTV, RTV, LSR), Process (Extrusion, Liquid Injection Molding, Injection Molding), End-Use Industry (Building & Construction, Electrical & Electronics, Automotive & Transportation), & Region - Global Forecast to 2029", size was USD 8.6 billion in 2024 to USD 12.3 billion by 2029, at a CAGR of 7.4% from 2024 to 2029.
Silicone elastomers are used to enhance the performance of the products by extending their useful life, preserving their aesthetic appearance, and delivering performance and flexibility features. With ever increasing demands in the industry, silicone elastomers continue to evolve and become more innovative to meet these demands. The synthetic substance silicone, which has elasticity, heat resistance, and chemical stability, is used to make silicone elastomers, a kind of rubber. They are used in many industries because they perform and have more flexibility than conventional rubber.
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"High temperature vulcanized segment is estimated to be the largest type in silicone elastomers market in 2024, in terms of value."
High temperature vulcanized (HTV) silicone elastomers claim the leading position in the market due to their exceptional thermal stability and versatility. High temperature vulcanized silicone elastomers are favored for applications requiring prolonged exposure to elevated temperatures, making them crucial in industries such as automotive, aerospace, and industrial manufacturing. The demand for High temperature vulcanized silicone elastomers is propelled by their ability to maintain mechanical properties under extreme temperature conditions, ensuring durability and reliability in diverse end-use applications. Additionally, the material's resistance to harsh environmental factors and its suitability for high-performance applications contribute to the dominance of HTV silicone elastomers in the market.
"Compression molding segment is estimated to be the fastest-growing process for silicone elastomers market during the forecast period 2024 to 2029."
Compression molding emerges as the fastest-growing process in the silicone elastomers market due to its cost-effectiveness, scalability, and ability to produce large volumes with consistent quality. This method allows for efficient production of complex shapes and intricate designs, catering to the increasing demand for diverse silicone components in industries like automotive & transportation, healthcare, and consumer goods. The simplicity and shorter cycle times associated with compression molding contribute to its accelerated adoption, particularly in applications requiring precision and customization.
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"Healthcare segment is estimated to be the fastest-growing end-use industry for silicone elastomers market during the forecast period 2024 to 2029."
The healthcare segment experiences rapid growth in the silicone elastomers market during forecast period, primarily due to the increasing demand for advanced medical devices and equipment. Silicone elastomers are favored in healthcare applications for their biocompatibility, durability, and flexibility. The rising prevalence of minimally invasive surgical procedures and the expanding aging population drive the need for innovative medical solutions, including silicone-based implants and devices.
"Europe was the largest region for the silicone elastomers market in 2023, in terms of value."
Europe emerges as the largest region in the silicone elastomers market owing to a combination of factors. The region benefits from a robust manufacturing sector, particularly in automotive & transportation, and electrical & electronics, where silicone elastomers find extensive applications. Stringent regulatory standards and a focus on sustainable and eco-friendly solutions drive the demand for silicone elastomers in Europe. Moreover, the region's emphasis on innovation and technological advancements fosters the adoption of these materials in various industries, contributing to its leadership in the silicone elastomers market.
Key Players
The key market players identified in the report are Dow Inc. (US), Wacker Chemie AG (Germany), Momentive Performance Materials Inc. (US), Shin-Etsu Chemical Co., Ltd. (Japan), China National Bluestar (Group) co. Ltd. (China), Reiss Manufacturing Inc. (US), Mesgo S.p.A (Germany), Cabot Corporation (US), Rogers Corporation (US), and DuPont de Nemours, Inc. (US).
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