Market worth $13.5 billion by 2027 - Exclusive Report by MarketsandMarkets™

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May 27, 2022, 06:30 ET

CHICAGO, May 27, 2022 /PRNewswire/ -- According to the new market research report "Silicone Elastomers Market by Type (HTV, RTV, LSR), By Process (Extrusion, Liquid Injection Molding, Injection Molding), End-Use Industry (Building & Construction, Electrical & Electronics, Automotive & Transportation) & Region - Global Forecast to 2027", published by MarketsandMarkets™, The Silicone Elastomers Market is projected to reach USD 13.5 billion by 2027, at a CAGR of 7.4 % from USD 9.4 billion in 2022. The growing development in healthcare industry is driving the demand for silicone elastomers. Rising awareness towards health & hygiene and interest towards antimicrobial properties will further drive the demand for silicone elastomers in the industry. The superior properties of silicone elastomers with electrical conductivity make it suitable for electrical & electronics applications.

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Liquid Silicone Rubber (LSR) is projected to grow at fastest CAGR during the forecast period.

LSR is a low-viscosity silicone that can be injection molded or cast into silicone rubber sheets. The liquid term is used in the name to distinguish LSR from HCR products. LSRs are cured by platinum catalyzed cure systems in contrary to other rubber-based silicones that are cured by peroxide. LSR is projected to be the fastest-growing type of silicone elastomer during the forecast period. This is due to its unique properties, such as biocompatibility, flexibility, and easy processing, which makes it suitable for various end-use industries such as healthcare, automotive & transportation, and consumer goods.

Compression molding is projected to be the fastest growing segment by process in silicone elastomers market, in terms of value.

Compression molding involves placing preform rubber into a heated mold and then into a press to allow the silicone elastomers to melt and fill the mold cavity. This process has low-to-medium production rates. Compression molding is an economical method for short runs and start-up production, with a short setup time. It leads to low wastage, when carried out for correct mold design, and has the ability to mold large and fairly intricate parts.

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Asia Pacific is expected to be the fastest growing market for silicone elastomers during the forecast period, in terms of value and volume.

Asia Pacific is projected to be the fastest-growing market for silicone elastomers during the forecast period. The rapidly growing end-use industries, competitive manufacturing costs, and high economic growth rate are the favorable factors for the growth of the silicone elastomers market in this region. These factors are also attracting the market players to expand their businesses in Asia Pacific.

New product launches and expansions are the major growth strategies adopted by the key players in the market. Dow Inc (US) and Wacker Chemie AG (Germany) are the key players that have focused on new product launches and developments for deeper market penetration. Momentive Performance Materials Inc. (US), Shin-Etsu Chemical Co., Ltd (Japan), China National Bluestar (Group) Co., (China) have undertaken expansions in the silicone elastomers market.

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