Silicone elastomer market forecast to read $8.8 billion by 2023
Tokyo, Japan — The silicone elastomers market is projected to grow from USD 6.38 billion in 2018 to USD 8.81 billion by 2023, at a CAGR of 6.7% between 2018 and 2023 according to Comserv.
The superior properties of silicone elastomers, aging population fueling the demand from the healthcare industry, and high demand for silicone elastomers from the electrical & electronics industry are driving the silicone elastomers market across the globe. However, stagnant growth in the developed countries is expected to act as a restraint for the silicone elastomers market during the forecast period.
The growth of the global healthcare industry plays a significant role in driving the silicone elastomers market. In this industry, silicone elastomers are used to make tubing for feeding, electrosurgical handpieces, test chambers & infusion sleeves, introducer tips & flexible sheaths, shunts & septum, ear plugs & hearing devices, and for the manufacturing of different types of seals, valves, stoppers, and clips. The global aging population is a major driver for the silicone elastomers market in the healthcare industry. Pacemaker and other devices are made by silicone elastomers.
The aging population is prone to organ failure, cardiovascular diseases, and hearing ailments, which indirectly increases the demand for healthcare and medical equipment, where silicone elastomers are used in the manufacturing process. Most of these products are manufactured using medical-grade silicone elastomers. Thus, the medical application of silicone elastomers is directly influenced by the increasing demand for silicone elastomer-based products in the healthcare industry.
APAC is the largest silicone elastomers market. The growth in this region is mainly attributed to the high economic growth rate and heavy investments in the automotive & transportation, electrical & electronics, and healthcare industries. In the recent years, APAC has emerged as a major market for silicone elastomers because of the growing demand from China and India. The manufacturers of silicone elastomers are targeting this region, owing to the advantages of setting up production facilities, low cost of production, and the ability to better serve the local emerging markets. In addition, high domestic demand along with the easy availability of raw materials and low-cost labor also make APAC the most preferred region for producers of silicone elastomers.