Silicone elastomer market forecast at $10.6 billion by 2033

Newark, DE – The silicone elastomer market size is projected to surpass US$ 5.5 billion in 2023 and is likely to attain a valuation of US$ 10.6 billion by 2033. The silicon elastomer market share is expected to rise at an astounding CAGR of 6.7% from 2023 to 2033 according to Future Market Insights.

Silicon elastomers are being utilized to make ultra-compact and flexible components for wearable gadgets, IoT sensors, and other small electronic items as the electronics industry continues to miniaturize. The quest for smaller, lighter, and more flexible electronic gadgets drives this trend.

Silicon elastomers utilized in healthcare applications are changing to fulfill ever-increasing biocompatibility requirements. The development of silicon elastomers suited for long-term implantation, tissue engineering, and drug delivery systems is becoming increasingly important.

Companies are concentrating on producing new silicon elastomer formulations with exact characteristics to fulfill the demands of certain industries. Customization is becoming a popular trend, catering to applications in industries such as healthcare, aerospace, and electronics.

The market has a strong drive for sustainability and environmental responsibility. Manufacturers are working on environmentally friendly silicon elastomers that are recyclable or derived from renewable sources. This tendency is consistent with global initiatives to lessen material’s environmental imprint.

Silicon elastomers are becoming more popular in applications that demand toughness in harsh conditions. This includes deep-sea research, space missions, and the car industry for adverse weather conditions.

The competitive environment is distinguished by continual R&D efforts to improve silicon elastomer qualities like as durability, thermal conductivity, and electrical characteristics. Wacker Chemie AG purchased a 60% share in a Chinese specialized silane company in October 2022 to improve its position in the silicone elastomers industry. Dow Inc. launched its first low-density liquid silicone rubber (LSR) for injection molding to brand owners and formulators in Europe and North America in March 2022. Because of its characteristics, the material is ideal for food dosing valves, closures, dispensers, seals, gaskets, and other food-contact applications. Momentive Performance Materials, Inc. announced in January 2022 that it will purchase KKC Corporation’s silicones business, boosting its position in the worldwide advanced silicones market.