Silicone Elastomers Market To Generate Revenue worth $16,425.2 Million by 2030

The global silicone elastomers market is projected to generate $16,425.2 million revenue by 2030, advancing at a CAGR of 7.8% during 2021–2030. This will be due to the increasing demand for these materials in the construction industry and an aging population, which is fueling the demand for them in the healthcare industry.

The outbreak of COVID-19 has negatively impacted the market, due to the disruption of the supply chain and shutdown of the manufacturing sector. As the market is strongly dependent on the construction, automotive, and electronics industries and since these industries were severely impacted due to the lockdown measures, this industry was also affected.

Electrical & Electronics To Witness Fastest Growth

The electrical & electronics category is set to witness the highest CAGR, of around 8.5%, during 2021–2030. This is attributable to silicone elastomers' light resistance and transmissivity, extreme-temperature resistance, and electrical properties. Additionally, because of the growing usage of LEDs in lighting applications, silicone elastomers will see a significant consumption expansion in electrical and electronics applications. LEDs, which provide more-powerful illumination than the halogen systems currently in use, are widely being used for urban lighting.

Moreover, RTV is the fastest-growing type of silicone elastomers, progressing with a CAGR of more than 8% in the forecast period. RTV silicone possesses a variety of physical features, including water and chemical resistance, electrical insulation, a low coefficient of thermal expansion, and high dielectric strength. As a result, it is becoming increasingly popular for sealing and bonding applications in the automotive, aerospace, and construction industries.

Moreover, Europe held the largest share, of around 35%, in 2021. This is primarily due to the increasing demand for cosmetic implants in the healthcare industry, as well as the applications of these materials in windmills and solar panels in the renewable energy sector. The medical sector's growth in the market would be fueled by more uses for liquid silicone rubber. Silicones are also used extensively in the transportation, construction, electronics, and personal care industries.

In addition, APAC will grow with the highest CAGR, of more than 8%, due to the burgeoning electronics industry and rising living standards in India, Japan, South Korea, China, and Taiwan. The prosperity of the construction industry in the region will offer additional fuel for the APAC silicones market advance, especially in China, where the government is heavily investing in infrastructure projects.

Capacity Expansion Is Most-Effective Strategic Measure

Players in the silicone elastomers industry have been involved in capacity expansions to remain competitive. For instance, in July 2021, Dow Inc. expanded its capacities for numerous silicone-based products, to support the growing demand for them across key end markets.

Major players operating in the global silicone elastomers market are Dow Inc., Wacker Chemie AG, Shin-Etsu Chemical Co. Ltd., Momentive Performance Materials Inc., China National Bluestar (Group) Co., Reiss Manufacturing Inc., CHT Germany GmbH, Mesgo S.P.A., Zhejiang Xinan Chemical Industrial Group Co. Ltd., and Specialty Silicone Products Inc.