Silicone Elastomers Market Size, Share and Industry Analysis Report by Product (High Temperature Vulcanized, Room Temperature Vulcanized, Liquid Silicone Rubber) and Application (Electrical & Electronics, Automotive & Transportation, Industrial Machinery,

Silicone Elastomers Market Size, Share and Industry Analysis Report by Product (High Temperature Vulcanized, Room Temperature Vulcanized, Liquid Silicone Rubber) and Application (Electrical & Electronics, Automotive & Transportation, Industrial Machinery, Consumer Goods, Construction), Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 - 2027

The global silicone elastomers market is anticipated to see robust growth by 2027 owing to rapid industrialization and booming construction sector across key regions. In addition, the proliferating healthcare industry around the world is likely to propel market expansion over the forecast period as well.

Silicone elastomers are non-toxic for humans and can withstand the high temperatures used in sterilization operations, making them ideal for medical applications, such as medical devices, skin contact, long term implants, and artificial cornea, among others. As a result, it is witnessing flourishing revenue gains from the healthcare industry, which is predominantly fueling industry uptake in recent years.

Industry participants have been engaging in profitable strategies to strengthen their foothold in the evolving marketplaces, thereby supporting the overall business expansion. For instance, in July 2021, HEXPOL Group, a leading chemical manufacturing company, announced the acquisition of Unión de Industrias C.A., S.A. (Unica), a Spain-based manufacturer of rubber compounds. The deal enabled HEXPOL to expand its business by leveraging Unica’s strong market presence in Spain and other EU nations.

To cite another instance, in December 2021, Dow Chemical Company, a global chemical manufacturing company, launched its novel silicone synthetic leather, dubbed the LUXSENSE™ Silicone Synthetic Leather. The LUXSENSE™ Silicone Synthetic Leather, a sustainable synthetic leather solution, has been designed for application across furniture, fashion, transportation interiors and seating, consumer electronics, and wearable gadgets.

The silicone elastomers industry landscape has been segmented on the basis of product, application, and region.

With respect to product, the industry has been divided into LSR, HTV, and RTV. The global silicone elastomers market from HTV products is projected to surpass USD 10 billion valuation by the end of 2027.

In terms of application, the is categorized into electrical & electronics, constructions, automotive & transportation, consumer goods, industrial machinery, and others. The automotive & transportation sub-segment was valued at USD 2 billion in 2020, owing to rising urbanization and surging vehicle demand, which is likely to continue fueling the market growth in the coming years.

From the regional point of view, the C&SA silicone elastomers market is expected to grow steadily with a CAGR of 6.5 % through the forecast period. Rising demand for aesthetically pleasing household appliances with excellent temperature resistance are is expected to boost the market growth in this region.

Meanwhile, due to the consistent growth of the industrial sector, the MEA silicon elastomers market was valued at more than USD 225 million in 2020 and is poised to observe steady growth over the study timeline.