Silicone Elastomers Market Size, Share & Trends Analysis Report By Product (HTV, RTV, LSR), By Application, By Region, And Segment Forecasts, 2022 - 2030

Silicone Elastomers Market Growth & Trends

The global silicone elastomers market size is expected to reach USD 12.5 billion by 2030, according to a new study by Grand View Research, Inc. The market is projected to advance at a CAGR of 10.3% from 2022 to 2030. The growing population, rising disposable income, and rapid industrialization and urbanization in the developing regions are some of the key factors that are presumed to drive the regional markets. R&D initiatives to develop superior-quality robust products that have a wide application base across diverse industries offer ample opportunities for market development.

A surge in demand for properties such as extended lifetime, efficient performance over a wide range of temperatures, low toxicity, low flammability, low smoke density, inertness to chemicals & solvents, oil & fuel resistance, and high productivity is anticipated to be beneficial for the overall market advancement. The increasing scope of silicone elastomers in the healthcare industry is expected to have a positive impact on the market.

Some of the notable applications of silicone elastomers in the medical industry include catheters, tubing, medical cables, seals & gaskets, membranes, O-rings, valves, respiratory care applications, anesthetic masks, medical instruments & equipment, and medical textile coatings. Such a wide range of applications is touted to create ample opportunities for the silicone elastomers industry in the coming years.

The market for silicone elastomers has been classified into three segments, on the basis of product, application, and region. Major silicone elastomer products include high-temperature vulcanize (HTV), room temperature vulcanize (RTV), and liquid silicone rubber (LSR). HTV has dominated the market demand in the last few years. Room temperature vulcanize is slated to witness the highest growth rate during the forecast period.

Some of the prominent applications of silicone elastomers include electrical & electronics, automotive & transportation, industrial machinery, consumer goods, and construction, among others. The construction application segment dominated the global market in 2021, ahead of the automotive, and electrical & electronics segments. Other applications such as medical & healthcare and cosmetics are anticipated to experience the highest CAGR during the forecast period.

Regionally, the market has been segmented into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa. North America occupied a significant market share in the recent past. However, this region, along with Western Europe, is expected to lose substantial market share and witness sluggish growth in the next seven years. Emerging markets such as the Asia Pacific are touted to witness the highest demand in the near future. Economies such as China, India, and Southeast Asian countries are projected to lead the regional market.

Silicone Elastomers Market Report Highlights

• Asia Pacific dominated the overall market and is expected to advance at the fastest CAGR of 10.6% in terms of revenue during the forecast period
• LSR was estimated to be the largest product segment in the global market for silicone elastomers in 2021 and is also anticipated to dominate the market during the projection period
• Construction accounted for the largest revenue share of more than 43% in the application segment of the global market for silicone elastomers in 2021 and is also anticipated to dominate the market in the projection period
• Silicone elastomers have widespread applications in the medical and healthcare industry. Starting from medical equipment to drug delivery systems, silicone elastomers have gained acceptance in this industry fairly rapidly. Such acceptance can be attributed to favorable properties such as inertness, high permeability, easy processing, and low toxicity