The global silicone elastomers market is expected to reach USD 10.02 billion by 2022, according to a new report by Grand View Research, Inc. Superior quality over conventional elastomers make it imperative for industrial usage. Surge in demand for silicone elastomer in major end-use industries such as electrical & electronics, healthcare, automotive and construction is expected to drive the overall demand for the next seven years.
High production costs may emerge as a major hindrance to the overall market development. These costs are attributed to raw material availability and processing. Massive infrastructure development taken by governments in the emerging economies such as China, India, Brazil, and Argentina are expected to create apple opportunities for the business players to gain market share and attain sustainability.
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Further key findings from the report suggest:
- Global silicone elastomer market was worth USD 6,507.31 million in 2014 and is expected to grow at an estimated CAGR of 5.8% from 2015 to 2022.
- High temperature vulcanized (HTV) was the most dominant product and accounted for over 50% of the overall revenue generated from the product segment. Room temperature vulcanized (RTV) to witness fastest growth at a CAGR of 6.3% from 2015 to 2022. Liquid silicone rubber (LSR) is expected to gain market share by 0.13% for the forecast period.
- Silicone elastomer used in construction accounted for over 40% of the overall application segment. Rapid urbanization and industrialization in emerging countries is expected to increase the overall demand. Electrical & electronics applications and healthcare industry is expected to increase grow at a CAGR of 5.7% and 6.4% over the next seven years.
- Asia Pacific silicone elastomer market accounted for over 55% of the overall revenue in 2014. Support from various applications from emerging countries such as South East Asia, South Korea, China and India is expected to benefit the regional market. Central & South America is expected to grow at an estimated CAGR of 5.6% from 2015 to 2022. Increasing construction spending in Brazil, Argentina and Peru is expected to have positive impact on the market.
- The industry has numerous market players and frequent price wars are witnessed. Frequent investment on M&As and expansion is witnessed to gain market share. Dow Corning announced the expansion of its Silastic fluorosilicone rubber product line. This expansion is presumed to benefit the automotive industry as this product increases temperature resistance and offers flexibility for next generation designs. The company also introduced its novel Liquid Silicone Rubber processing technology for medical devices, developed in collaboration with Silcotech.
Grand View Research has segmented the silicone elastomers market on the basis of product, application and region:
Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2022)
- High Temperature Vulcanize (HTV)
- Room Temperature Vulcanize (RTV)
- Liquid Silicone Rubber (LSR)
Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2022)
- Electrical & Electronics
- Automotive & Transportation
- Industrial Machinery
- Consumer Goods
Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2022)
- North America
- Asia Pacific
- South Korea
- Middle East & Africa
- Central & South America