Global silicone elastomer market forecast at $15 billion by 2032

Pune, India – The global demand for silicone elastomers is projected to experience a robust 10.3% annual growth, reaching a value of US$15.29 billion by 2032 according to Future Market Insights. This growth is primarily fueled by the escalating cost of natural rubbers, prompting increased adoption of synthetic rubbers within the silicone elastomers market. As industries shift away from natural rubbers due to their high prices, silicone elastomers have gained traction, especially in the industrial sector.

The durability of silicone elastomers has instilled confidence among manufacturers, contributing to their widespread adoption. This durability factor has particularly boosted the market’s leading players. In addition to domestic applications, silicone elastomers have found use in medical-grade products, benefiting from their biocompatibility and low toxicity, making them suitable for healthcare and food sectors.

While silicone elastomers are susceptible to microbial activity, the market is evolving with antimicrobial silicone production for healthcare applications. Moreover, their transparent properties have sparked demand in the optical industry, and the increasing automotive industry demands further provide growth avenues. These trends collectively point to a promising future for the silicone elastomers market with diversified opportunities across various industries.

The global pandemic had a negative impact on the silicone elastomers market opportunities and the silicone elastomers market as a whole.

The sudden increase in demand for silicone elastomers from various sectors dramatically increased raw material and energy prices. This has increased the overall prices of silicone elastomers, and many major silicone elastomers market manufacturers have announced price increases ranging from 10% to 30% for silicone elastomer products.

Asia Pacific led the silicone elastomers market in 2022, accounting for more than 51% of revenue, ahead of Europe and North America. Due to the end-use industry saturation, developed regions such as North America and Europe are expected to lose silicone elastomers market share.

Automotive, construction, healthcare, consumer goods, and electrical & electronics are expected to grow rapidly in developing silicone elastomers markets such as Asia Pacific and the Middle East & Africa. Strong demand for silicone elastomers from these industries is expected to drive the regional silicone elastomer market along with silicone elastomers market future trends.

Key Takeaways: The liquid silicone rubber (LSR) product segment leads the silicone elastomers market, accounting for 61.0% of total revenue.
The construction sector in the application segment leads the silicone elastomers market, accounting for more than 43.0% of total revenue.
Asia Pacific to lead the silicone elastomers market in 2022, accounting for more than 51.0% of revenue, ahead of Europe and North America.

Competitive Landscape: The silicone elastomers market is oligopolistic and highly consolidated. Mergers and acquisitions characterise the silicone elastomers market. Several silicone elastomers market participants are working hard to improve their product portfolios and gain a competitive advantage in rapidly growing regional silicone elastomers markets. The silicone elastomers market faces a relatively high threat from new entrants but a low threat from substitutes.

China National BlueStar (Group) Co., Ltd., Mesgo S.P.A., Momentive Performance Materials Inc., Shin-Etsu Chemical Co., Dow Corning Corporation, KCC Corporation, Ltd., Reiss Manufacturing Inc., Reiss Manufacturing Inc., Stockwell Elastomerics, major silicone elastomers market players sell their wares to a diverse range of industries, including electrical and electronics, automotive and transportation, industrial machinery, consumer goods, and construction.