Silicone elastomers market contributes towards 45% of the total silicone industry share. Silicone is a polymer that finds application in sealants, lubricants, resins, coatings, and thermal & electrical insulation. Further, silicone implant market growth driven by an increase in old age population and their desire for aesthetic appeal, is predicted to fuel the demand for silicone elastomers and their products.
Silicone Elastomers Market share worth USD 7.1 billion in 2015, is estimated to grow at a CAGR of 7.6% over the period of 2016-2023, reaching USD 12.8 billion mark by 2023. Favorable mechanical & chemical features along with its growing applications in construction, automotive, consumer goods, healthcare, electronics, and machinery sectors are anticipated to drive the market growth trends.
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Asia Pacific to lead the global silicone elastomers market: Revenue estimated to hit USD 6.6 billion by 2023. Construction applications segment is predicted to surpass USD 5.5 billion by 2023, at a CAGR of 5.3% over the period of 2016-2023. Asia Pacific is predicted to fuel the segment growth owing to the increasing investments in infrastructural developments in countries like India and China.
Automotive applications segment is forecast to record a CAGR of 5.2% over the period of 2016-2023. Healthcare is an unexplored application predicted to offer huge opportunities for the market growth in the next few years.
Electronics applications segment is predicted to grow at a CAGR of 8% over 2016-2023. Technological breakthroughs and demographic trends are predicted to boost the segment growth over the next seven years. HTV (High Temperature Vulcanize) silicone elastomers market, contributing 600 kilotons in 2015, is expected to grow at a CAGR of 5.2% over the period of 2016-2023.
RTV (Room Temperature Vulcanize) silicone elastomers market is projected to surpass USD 1.3 billion by the end of 2023 owing to its growing demand in key end-use applications. LSR (Liquid Silicone Rubber) silicone elastomers market is predicted to surpass 457 kilotons by the end of 2023 due to its high temperature injection molding application/use in automobiles, musical instruments, medical devices, houseware, toys, consumer goods, and furniture.
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Asia Pacific silicone elastomers market, leading the global demand for the product, is predicted to touch the revenue of USD 6.6 billion by 2023. India, China, and Japan are predicted to contribute significantly towards the regional growth in the next seven years owing to high growth witnessed in infrastructure, automotive, and electronics sectors in these regions.
North America silicone elastomers market is predicted to witness slow growth in the next few years owing to low investments in construction and automobile sectors. The U.S. silicone elastomers market share is predicted to touch USD 1.37 billion by the end of 2023.
Central & South America silicone elastomers market is predicted to witness a significant growth over the period of 2016-2023. Europe silicone elastomers market is forecast to grow at a CAGR of 4.9% over the next seven years. Germany is predicted to be the major revenue pocket.
MEA silicone elastomers market is expected to witness a rapid growth in healthcare, electronics, construction, and consumer goods applications in coming years.
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Key industry players are Dow Corning Corporation, Shin-Etsu Silicones, Wacker Chemie AG, and Momentive. Product portfolio enhancement, regional expansion, and strategic collaborations & partnerships will be some of the major growth strategies adopted by the market players over the coming years.