The silicone elastomers market size is expected to reach USD 15.29 billion by 2032, growing at a 10.3% CAGR from USD 5.74 billion in 2022.

Superior silicone elastomer properties, an ageing population driving demand from the healthcare industry, and high demand for silicone elastomers from the electrical and electronics industries are expected to drive the silicone elastomers market as well as accelerating the silicone elastomers adoption trends.

However, stagnant silicone elastomers market growth in developed countries limits silicone elastomers market expansion.

On the other hand, rising production of antimicrobial silicone elastomers for the healthcare industry, rising use in the optical industry due to its highly transparent properties, and rising demand for automotive vehicles are expected to drive the silicone elastomers market key trends and opportunities and in turn escalate the sales of silicone elastomers.

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The global pandemic had a negative impact on the silicone elastomers market opportunities and the silicone elastomers market as a whole.

The sudden increase in demand for silicone elastomers from various sectors dramatically increased raw material and energy prices. This has increased the overall prices of silicone elastomers, and many major silicone elastomers market manufacturers have announced price increases ranging from 10% to 30% for silicone elastomer products.

Asia Pacific led the silicone elastomers market in 2022, accounting for more than 51% of revenue, ahead of Europe and North America. Due to the end-use industry saturation, developed regions such as North America and Europe are expected to lose silicone elastomers market share.

Automotive, construction, healthcare, consumer goods, and electrical & electronics are expected to grow rapidly in developing silicone elastomers markets such as Asia Pacific and the Middle East & Africa. Strong demand for silicone elastomers from these industries is expected to drive the regional silicone elastomer market along with silicone elastomers market future trends.

Key Takeaways:

• The liquid silicone rubber (LSR) product segment to lead the silicone elastomers market, accounting for 61.0% of total revenue.
• The construction sector in the application segment to lead the silicone elastomers market, accounting for more than 43.0% of total revenue.
• Asia Pacific to lead the silicone elastomers market in 2022, accounting for more than 51.0% of revenue, ahead of Europe and North America.

Competitive Landscape:

The silicone elastomers market is oligopolistic and highly consolidated. Mergers and acquisitions characterise the silicone elastomers market. Several silicone elastomers market participants are working hard to improve their product portfolios and gain a competitive advantage in rapidly growing regional silicone elastomers markets. The silicone elastomers market faces a relatively high threat from new entrants but a low threat from substitutes.

China National BlueStar (Group) Co., Ltd., Mesgo S.P.A., Momentive Performance Materials Inc., Shin-Etsu Chemical Co., Dow Corning Corporation, KCC Corporation, Ltd., Reiss Manufacturing Inc., Reiss Manufacturing Inc., Stockwell Elastomerics, major silicone elastomers market players sell their wares to a diverse range of industries, including electrical and electronics, automotive and transportation, industrial machinery, consumer goods, and construction.

To strengthen their silicone elastomers market position, manufacturers are engaged in a variety of activities such as product development and innovation, mergers and acquisitions.

Recent Development:

Acquisition:

• Wacker Chemie AG acquired a 60% stake in a Chinese specialty silane manufacturer in October 2022 to strengthen its position in the silicone elastomers market.
• Momentive Performance Materials, Inc. announced the acquisition of KKC Corporation’s silicones business in January 2022, strengthening its silicone elastomers market position for global Advanced silicones capabilities.

Product Launch:

• Dow Inc. will introduce its first low density liquid silicone rubber (LSR) for injection moulding to brand owners and formulators in Europe and North America in March 2022. The properties of the material make it a good choice for food dosing valves, closures, dispensers, seals, gaskets, and other food contact applications.