Silicone elastomer market forecast with a CAGR of 6.5 percent through 2027

Selbyville, DE – Silicone Elastomers Market was valued at USD 10 billion in 2020 and is estimated to grow at a CAGR of over 6.5% through 2027 with increasing application scope in consumer goods and automotive industries according to Global Market Insights.

Silicone elastomers plays an essential role in construction materials and machinery, as it plays a critical role in the delivery of high-quality prefabricated building elements and building elements. The increasing urban population worldwide is one of the most significant factors contributing to the demand for silicone elastomers in construction industry.

Aging infrastructure is a major concern across the globe, which has led to a focus on the infrastructure upgrade is driving the demand for silicone elastomers in the coming years. Conservation & development, transportation, office, public safety, and highway & street are some of the areas of focus in infrastructural development in developing countries like China, India, UK and the U.S.

The booming construction sector in India, China, Malaysia, and Vietnam as a result of rapid industrialization and urbanization is benefitting the silicone elastomers market. Rapidly emerging economies of across the globe are leading to the construction of commercial & residential buildings, creating a high demand for silicone elastomers from the construction sector. In addition to that, superior properties of elastomers such as low surface friction, tear resistance, temperature resistance, and self-adhesiveness, make them ideal for a variety of applications in the construction, automotive, consumer goods, healthcare, medical, electrical & electronics, and industrial sectors.

Silicone elastomers market from liquid silicone rubber segment are anticipated to show significant growth of over USD 5.5 billion by 2027. Liquid elastomers rubber is projected to increase its market share due to virtue of increasing its application in various end-users industries which include packaging, furniture, consumer goods, automotive, toys.

LSR is often used to create injection molded parts used in textile and automotive industries. Thus, booming textile and automotive industry is witnessing favorable growth to the LSRs market. In addition to these, excellent properties of LSR such as, lower production cost, reduced cycle items, fast cure rates are also uplifting the silicone elastomers market share across the globe.

Moreover, LSR has excellent thermal stability and can resist temperatures ranging from -58 to 392 degrees Fahrenheit. Also, it can withstand and resist change in a variety of environments, including engine heat, electric motors, and friction-prone parts. As a result of its wide operating temperature ranges, it is more widely accepted in automotive applications.

The global silicone elastomers market value from electrical and electronics segment was valued at USD 1.40 billion in 2020. Silicone elastomers have good dielectric properties and can be formulated to be electrically conductive and insulated, making them compatible for a wide range of application in the electronic and electrical industry.

Silicone elastomers are widely used in highly sensitive circuits, semiconductor applications and other electronic components and assemblies. These elastomers have good insulation properties, which help in protecting electrical circuits in various electronic components such as computers, television, aircraft videos display from dust, and heat. These are also ideal for high voltage application and for effectively insulating underground and aboveground power cables.

The ongoing trend of miniaturization in the electronics industry has forced component manufacturers to produce smaller components with stronger resistance in order to reduce the probability of failure in future and ensure reliability. Silicone elastomers provide adequate protection to the component interfaces, which is critical requirement in high power electronics. RTV elastomers are used in electrical & electronics for LED devices, IGBT modules and circuit based assemblies, which supports silicone elastomers market growth from electrical & electronic applications.

The North America silicone elastomers market size is expected to exceed USD 3.10 billion by 2027, growing with a CAGR of 6% from 2021 to 2027 owing to growing construction, and automotive industries across the region. The superior durability strength and resistance of high performance silicone make it ideal for manufacturing material for construction and machinery. North America has witnessed significant growth in the construction sector due to increasing disposable income, evolving business, and work opportunities.

Rising urbanization along with escalating migration to the country has increased the need for infrastructure to facilitate their occupation. Supportive infrastructure development initiatives by the U.S. federal government including the investments of USD 10 trillion for the next 10 years in upgrading roads, bridges, water systems, broadbands, and power grids, boosting the regional construction industry.

The building & construction industry in the U.S. may see an uptrend in the foreseeable future owing to increasing government regulations toward energy-efficient buildings and smart building technologies. Supportive government initiatives, such as the Green and Healthy Homes Initiative undertaken in the U.S. that led to the reduction of asthma symptomatic episodes, emergency room visits, and hospitalizations for children who benefited from the initiative, are likely to further encourage the growth of the construction industry in the region, thereby propelling the growth of the silicone elastomers market.

Innovative product offerings and constant research & development activities remain key business strategies incorporated by major market players
The global silicone elastomer industry includes key players such as 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, Stockwell Elastomerics among several others. Major market players serve their products to a wide range of application industries, which include electrical & electronics, automotive & transportation, industrial machinery, consumer goods and construction.