Silicone elastomers market forecast at $15.2 billion by 2032

Pune, India – The silicone elastomers market size is expected to reach USD 15.29 billion by 2032, growing at a 10.3% CAGR from USD 5.74 billion in 2022 according to Future Market Insights.

Superior silicone elastomer properties, an ageing population driving demand from the healthcare industry, and high demand for silicone elastomers from the electrical and electronics industries are expected to drive the silicone elastomers market as well as accelerating the silicone elastomers adoption trends.

However, stagnant silicone elastomers market growth in developed countries limits silicone elastomers market expansion.

On the other hand, rising production of antimicrobial silicone elastomers for the healthcare industry, rising use in the optical industry due to its highly transparent properties, and rising demand for automotive vehicles are expected to drive the silicone elastomers market key trends and opportunities and in turn escalate the sales of silicone elastomers.

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.

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.