Silicone Elastomers Market

• Increasing need for Automobiles is driving market growth

Due to vehicle demand, the growing automobile industry is driving market CAGR for Silicone Elastomers. Silicone elastomers include solids, open and closed-cell sponges, and electrically and thermally conductive substances. Many different end-use industries benefit from the use of silicone elastomers. The rapidly growing  vehicle sector is responsible for the market's growth. Automobile diaphragms, fuel systems, gaskets, and seals frequently employ silicone elastomers. Additionally, elements, including rising disposable income and rising consumption of goods in the electronics industry, are anticipated to benefit market growth over the next years.

The growing healthcare industry is also anticipated to provide Silicone Elastomers companies with appealing chances in both developed and emerging nations.

Additionally, Numerous market opportunities are anticipated to be created by silicone elastomers for the healthcare industry for optical applications. On the other hand, silicone elastomers' low oil and petroleum resilience and resistance to abrasion are predicted to be significant barriers to the market's expansion. However, silicone elastomers offer low surface friction, heat and tear resistance, and self-adhesive properties, which also have a wide range of uses in the industrial, healthcare, and construction sectors. They are also utilized as tape and cable coverings for electrical insulation.

The increasing use of silicone elastomers in the international personal care and cosmetics sectors is another factor driving the market. They are used to focus online-filling qualities as an alternative to conventional high oil and fat alcohol systems. Leading manufacturers are also investing in R&D projects to diversify their product offerings. This is propelling the market's expansion, combined with quick urbanization and industrialization, a booming automobile sector, and increased people's desire to get plastic surgery. Additionally, it is projected that the flexibility of silicone elastomers in various forms and formations will propel market expansion.

The silicone elastomer market suffered from the COVID-19 outbreak. The requirement for silicone elastomer from end-use industries like the automotive industry sharply decreased in the marketplace. Due to COVID-19, industries have been under extreme pressure to survive. Companies shifted to digital methods, zero-based budgeting (ZBB), recurring income streams, asset deployment optimization, and resilient supply chain systems to enhance their organizational structures and operations. However, post-pandemic situations enhanced overall market growth.

For instance, Due to the maturity of key industries such as automotive and transportation, electronics, and consumer utility, the market for silicone elastomers has stagnated in developing nations, whereas emerging economies have enormous growth potential due to rising per capita income and car demand. As a result, it is anticipated that demand for Silicone Elastomers will increase throughout the projection period due to the increased consumption of automobiles. Thus, driving the Silicone Elastomers market revenue. In March 2023, DOW debuted a number of items from its ECOllaboration 2.0 ideas collection at the in-cosmetics worldwide 2023 event in Barcelona, Spain.

These goods are part of DOW's comprehensive portfolio of ethical and practical personal care items. DOWSIL EL-9341 Silicone Elastomer Blend, EcoSense APP-5000 Formulation Aid, EcoSense APP-1000 Surfactant, EcoSense GL-60 HL Surfactant and EcoSense GL-60 HA Surfactant, DEXCARE CD-1 Polymer, and other new arrivals and highlighted items are among them.

The automotive industry is witnessing a notable increase in the utilization of silicone elastomers due to their superior performance characteristics. These materials offer excellent thermal stability, chemical resistance, and flexibility, making them ideal for various automotive applications such as seals, gaskets, and insulation. In the Global Silicone Elastomers Market Industry, the automotive sector is projected to contribute significantly to the market's growth, with an estimated value of 11.3 USD Billion in 2024. This trend is likely to continue as manufacturers increasingly prioritize lightweight and durable materials to enhance vehicle efficiency and performance.

By Region, the research provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific Region dominates this market accounting for 45.8% of the market share. In addition, the growing automotive production fueled by rising per capita income will boost the market growth, especially in Asia-Pacific.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2  Silicone Elastomers Share by Region 2022 (%)

Source Secondary Research, Primary Research, Market Research Future Database, and Analyst Review

The North American Silicone Elastomers market accounts for the second-largest market share due to growing electrical components consumption like wearables.

The Europe Silicone Elastomers Market is expected to be the fastest-growing market during the projected timeframe. This is due to expanding demand for energy-efficient vehicles and rising per capita income driving the overall market growth. Further, the German Silicone Elastomers market accounts for the highest market share, and the UK Silicone Elastomers market is the fast-growing Silicone Elastomers market in the European Region.

Moreover, China’s Silicone Elastomers market dominates the market share, and the Japan Silicone Elastomers market is expected to grow significantly in the Asia-Pacific region.

For instance, in China, affordable consumer goods are produced in high quantities, and in Asia-Pacific, the demand for silicone elastomers is increasing at a significant pace.

Leading market players are investing heavily in research and development to increase their production capacity, which will help the Silicone Elastomers market to expand in untapped markets. Market participants are using strategic approaches, whether organic or inorganic, to strengthen their  footprint, with important market developments including innovative product launches, Partnerships, mergers and acquisitions, high capital expenditure, and strategic agreements with other organizations. The silicone Elastomers industry must offer a cost-effective, innovative solution to compete in fragmented markets.

Manufacturing domestically or in regions with cheap labor to minimize operational costs is one of the key business strategies organizations use in the  Silicone Elastomers industry to benefit customers and capture untapped markets. In recent years, the Silicone Elastomers industry has offered significant advantages to the technological field. Major players in the Silicone Elastomers market, including Momentive (US), Wacker Chemie AG (Germany), DowDuPont (US), Shin-Etsu Chemical Co. Ltd. (Japan), KCC CORPORATION (South Korea), China National Bluestar (Group) Co.

Ltd. (China), Reiss Manufacturing Inc. (US), MESGO S.p.A. (Italy), ALLERGAN (Ireland), Bentec Medical (US), and Rogers Corporation (US), are attempting to generate more demand by investing in research and development operations to produce new innovative solutions.

Alexander Wacker created the worldwide chemical business Wacker Chemie AG in 1914. The company runs over 25 production facilities across the United States, Asia, and Europe.

Silicone rubbers, polymer goods, chemical products, and wafers for the semiconductor sector are all included in the product line. The company's product sales serve more than 100 nations. WACKER set targets for sustainable development, choosing eco-friendly sources for raw material purchases while reducing energy and water usage. Regardless of volume growth, WACKER's whole portfolio must comply with the standards and reduce greenhouse gas emissions by half by 2030. By 2045, the corporation wants to be net zero.

In October 2021, Wacker Chemie AG bought a 60% share in a Chinese specialized silane producer to expand its silicone business in October 2021.

One of Europe's top suppliers of silicone rubber goods and compounds, Primasil is the UK's largest autonomous producer of silicone rubber. The creation and distribution of silicone rubber compounds, the production of silicone rubber and non-silicone rubber products, and the development of silicone rubber from origin to high-volume production are their four primary business segments. The widespread use of Primasil products is a testimony to their ability to create materials that precisely meet customers' needs instead of using 'best fit' substitutes. In March 2022, Primasil was acquired by Quadion LLC, a leading manufacturer of highly engineered elastomers.

The Vercors announced in January 2022 the R&D team had successfully created a line of 3D printables approved for skin contact. The most recent development has given rise to numerous silicone elastomers, allowing for more pleasurable skin contact.DuPont announced the release of new low-cyclosiloxane silicone elastomer blends and silicone resin blends in April 2023 in response to the soaring customer demand for goods that address a variety of troublesome skin diseases.

In addition to meeting market demands and regulatory compliance with evolving REACH requirements, these new topical excipient blends also support DuPont and its customers' shared commitment to the United Nations Sustainable Development Goals (UN SDGs), particularly UNSDG No. 3 - Good Health and Well Being - which calls for protecting human health and well-being for all people at all ages.

DuPont announced in 2023 the launch of new silicone elastomer blends with low cyclosiloxane and silicone resin blends in response to increased consumer demand for solutions that address a variety of problematic skin diseases. In addition, these new topical excipient blends support DuPont's and its customers' shared commitment to the United Nations Sustainable Development Goals (UN SDGs), particularly UNSDG No. 3 - Good Health and Well Being, which calls for protecting human health and well-being for all people at all ages. They also address the market's need to comply with evolving REACH regulatory compliance demands.