Silicone Elastomer Market to Garner $7.3 Billion, Globally, By 2030 at 6.0% CAGR, Says Allied Market Research
Rise in demand from the construction industry and surge in demand from the electronics industry have boosted the growth of the global silicone elastomer market
PORTLAND, Ore., April 14, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Silicone Elastomer Market by Product Type (High Temperature Vulcanized, Liquid Silicone Rubber and Room Temperature Vulcanized) and End-Use Industry (Automotive, Healthcare, Electronics, Apparel, Medical Devices, Home Repair & Hardware, Construction and others): Global Opportunity Analysis and Industry Forecast, 2021–2030" As per the report, the global silicone elastomer industry was accounted for $6.9 billion in 2020, and is expected to reach $7.3 billion by 2030, growing at a CAGR of 6.0% from 2021 to 2030.
Major determinants of the market growth
Rise in demand from the construction industry and surge in demand from the electronics industry have boosted the growth of the global silicone elastomer market. However, high cost of silicone elastomer hinders the market growth. On the contrary, increase in demand from the automobile industry is expected to open new opportunities in the future.
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Covid-19 scenario:
- The Covid-19 pandemic has reduced the sales of silicone elastomer due to halted manufacturing activities in end-use industries.
- Owing to the shutdown of production factories and lockdown to curb the spread of the virus, the vehicle manufacturing activities declined significantly. This disrupted the supply chain and increased the prices of raw materials.
The liquid silicone rubber segment dominated the market
By product type, the liquid silicone rubber segment held the largest share in 2020, accounting for more than half of the global silicone elastomer market. In addition, the segment is estimated to register the highest CAGR of 6.2% during the forecast period, due to rise in demand from medical device, healthcare, and electronics industries. The report includes an analysis of other segments such as high temperature vulcanized and room temperature vulcanized.
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The automotive segment to portray the highest CAGR through 2030
By end-use industry, the automotive segment is projected to manifest the highest CAGR of 6.5% from 2021 to 2030, due to rise in demand for automobiles from Asia-Pacific region and increase in demand for silicone elastomer from automobile manufactures to reduce weight of vehicle and boost efficiency. However, the construction segment held the largest share in 2020, accounting for around one-fourth of the global silicone elastomer market, owing to rise in demand from developing countries such as China, India, Brazil, South Africa, and UAE.
Asia-Pacific, followed by North America, held the lion's share
By region, the global silicone elastomer market across Asia-Pacific, followed by North America, dominated in 2020, accounting for nearly half of the market, owing to presence of key players & huge consumer base in the region and rise in environmental concerns about carbon emissions in China, India, and Japan. However, the market across LAMEA is anticipated to showcase the highest CAGR of 6.6% during the forecast period, owing to rise in demand from end-use industries such as healthcare, automobile, and medical device.
Major Market Players
- ICM Products Group
- KCC Corporation
- Elkem AS
- Mesgo S.p.A.
- The Dow Chemical Company
- Reiss Manufacturing, Inc.
- Momentive Performance Materials Inc.
- Specialty Silicone Products Inc.
- Shin-Etsu Chemical Co., Ltd.
- Wacker Chemie AG (Wacker)
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