Silicone Elastomers Market Demand, Size, Share & Forecast 2032

Silicone Elastomers Market: Industry Perspective

The global silicone elastomers market size was worth around USD 10.30 billion in 2023 and is predicted to grow to around USD 19.91 billion by 2032 with a compound annual growth rate (CAGR) of roughly 7.60% between 2024 and 2032.

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The report encloses the forecast and the current estimate for the silicone elastomers market on a global and regional level. The study provides the data from previous years 2018 to 2022 and the forecasts from 2024 to 2032 based on volume and revenue. The volume of the silicone elastomers market is in kilotons and the revenue is measured in USD billion. The study also provides the impact and the descriptive analysis of major drivers, restraints, and opportunities of the global silicone elastomers market.

Silicone Elastomers Market: Overview

Silicone elastomer is a vulcanized silicone-based polymer. It is often referred as silicone rubber. This material is readily available in different forms such as solids, thermally conductive, open cells foams, electrically conductive, and closed cells sponge. It exhibits unique mechanical and chemical properties that a conventional elastomer cannot match. Thus, it finds numerous end-users in various applications such as healthcare, electrical and electronics, automotive, consumer goods, and others. 

The global silicone elastomers market is primarily driven by growing demand for silicone elastomers especially in industrial machinery and consumer goods. Additionally, increasing end-uses of silicone elastomer in the automotive sector is likely to boom the market’s growth in the forthcoming years. However, high product cost may hamper the market growth. Nonetheless, growing transmission and distribution, as well as expanding healthcare sector across the developing regions such as China, India, Brazil, and South Africa, may offer the new avenues for the market in the forecast period. 

The study also offers the market attractiveness and Porter’s Five Forces model analysis to gauge the competitive landscape of major vendors of the global silicone elastomers market. This comprehensive study also provides you with a detailed analysis and overview of each segment included in the study. 

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Silicone Elastomers Market: Segmentation

The report segmentation includes the major type, process, application, and regional bifurcation.

Based on types, the global silicone elastomers market is segregated into room temperature vulcanized, liquid silicone rubber, and high temperature vulcanized. Among all, liquid silicone rubber was the largest segment of the global silicone elastomers market in 2023. It held significant market share over the past few decades and it is also expected to witness the highest growth over the forecast period. Furthermore, other types of silicone elastomers such as room temperature vulcanized and high temperature vulcanized are predicted to witness moderate growth in the near future.

Based on process, the silicone elastomers can be manufactured using different processes such as compression molding, liquid injection molding, injection molding, extrusion, and others. Among these processes, extrusion was the most attractive process of silicone elastomers market in 2023. Liquid injection molding was the second largest process of the market in 2023. Furthermore, it is likely to experience the fastest growth of the market in the coming future. Moreover, compression molding and injection molding is expected to grow at a moderate pace during the next few years. 

Based on the end-use industry, the market is categorized as construction, electrical & electronics, healthcare, industrial machinery, automotive & transportation, consumer goods, and others. Construction was the leading application sector of the global silicone elastomers market in 2023. Moreover, it is expected to grow at a moderate pace in the coming years. Automotive & transportation is predicted to grow at the highest CAGR in the years to come. Silicone elastomer is used in room temperature vulcanization adhesives and as anti-foaming agents in the industrial sector. Thus, industrial machinery application is likely to gain traction in the upcoming years. 

Silicone Elastomers Market: Report Scope

Silicone Elastomers Market: Regional Analysis

Regional segmentation covers the major regions and countries such as North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Furthermore, it is segmented into major countries including the U.S., the UK, Germany, France, China, India, Japan, and Brazil. 

The Asia Pacific was the dominating market for silicone elastomers in 2023 and further, it is expected to exhibit the highest growth in the forthcoming years. This growth is attributed to the growing automotive, healthcare, and construction industries especially in developing countries such as China, India, Korea, and Southeast countries over the next few years. Moreover, Asia Pacific was followed by Europe and North America in the same year. Latin America and the Middle East & Africa are projected to cater moderate growth in the coming future. 

Silicone Elastomers Market: Competitive Analysis

The global silicone elastomers market is dominated by players like:

• Dow Corning
• Cabot Corporation
• AkzoNobel
• Bentec Medical Incorporated
• ELMET
• Reiss Manufacturing Incorporated
• Sigmasoft Engineering GmbH.
• Wacker Chemie AG
• Momentive
• Allergan
• ContiTech AG
• Saint-Gobain
• Shin-Etsu Chemical Company Limited
• Arlon Silicone Technologies
• Rogers Corporation
• MESGO s.p.A
• Marsh Bellofram

The global silicone elastomers market has been segmented as follows:

Silicone Elastomers Market: Type Analysis

• Room Temperature Vulcanized
• Liquid Silicone Rubber
• High-Temperature Vulcanized

Silicone Elastomers Market: Process Analysis

• Compression Molding
• Liquid Injection Molding
• Injection Molding
• Extrusion
• Others

Silicone Elastomers Market: Application Analysis

• Construction 
• Electrical & Electronics
• Healthcare
• Industrial Machinery
• Automotive & Transportation
• Consumer Goods
• Others

Silicone Elastomers Market: Regional Analysis

• North America

  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• The Middle East and Africa