Global Silicone Elastomers Market Analysis 2022
The Global Silicone Elastomers Market is expected to reach $16.4 billion by 2028 growing at a CAGR of 9.4% from 2021 to 2028. Silicone elastomers are silicone-based polymers that are vulcanized. Silicone elastomers are commonly employed in high-performance applications, particularly in hostile situations where other polymeric materials cannot be used. They are preferred because of their ability to withstand temperature, environment, and compression.
Factors such as increasing demand for silicone elastomers in the electrical & electronics industry and rising disposable income are driving the growth of the market. However, the high price of silicone elastomer is restraining the growth of the market.
Based on end user, the automotive & transportation segment is going to have a lucrative growth during the forecast period silicone elastomers are extensively used in the automotive & transportation industry for the manufacturing of automotive components. The use of these elastomers has revolutionized the designing and manufacturing process in the automotive & transportation industry thus, silicone elastomers are being extensively incorporated in automobiles.
The key vendors mentioned are Dow Corning Corporation, Zhejiang Xinan Chemical Industrial Group Co., Ltd., Wacker Chemie, Specialty Silicone Products Inc., DuPont, Reiss Manufacturing Inc., Momentive Performance Materials, KCC Corporation, India National Bluestar (Group) Co, Ltd., GW Plastics, Mesgo S.P.A, Delphi and Shin-Etsu.
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