Silicone Elastomers Market Size 2018 | Industry Challenges, Growth Factors, Latest Rising Trend & Forecast to 2023

“Silicone Elastomers Market has been segmented by Type, Application and Region”
Global Silicone Elastomers Market: Information by Type (High Temperature Vulcanized [HTV], Liquid Silicone Rubber [LSR], Room Temperature Vulcanized [RTV]), Application (Automotive, Electrical & Electronics, Healthcare, and Others), and Region—Forecast till 2023

Silicone Elastomers (polysiloxane), also known as vulcanized silicone-based polymers, can be found in various forms such as solids, open cell foams, closed cell sponges, thermally conductive, and electrically conductive. The superior properties of Silicone Elastomers such as extreme temperature resistance, excellent environmental resistance, and low compression set make them suitable for application in various end-use industries such as transportation, electrical and electronics, and healthcare. By type, the silicone elastomers market has been categorized as high temperature vulcanized, liquid silicone rubber, room temperature vulcanized, and others. The high temperature vulcanized Silicone Elastomers segment accounted for the largest market share in 2017 on account of the excellent mechanical and chemical properties of the product. 

The growth of the Global Silicone Elastomers Market is expected to be driven by the rapidly expanding automotive industry across the globe. The product is being increasingly used in automobiles in gaskets, hoses, connector seals, fuel system valves, diaphragms, and others. Increasing automobile production, especially in developing economies such as China, India, and Thailand, is fuelling product demand. Furthermore, an increasing middle-class population coupled with rising disposable income has led to a growing number of car owners in developing markets, which, in turn, is expected to boost product demand during the forecast period. 

Product consumption is growing in the electronics industry due to its increasing use in LEDs, gaskets, rollers, and other consumer electronics. The growing electrical and electronics industry, with the surging demand for consumer electronics such as mobiles phones, TVs, home appliances, and wearable electronic devices, is expected to result in lucrative opportunities for players in the Silicone Elastomers Market during the review period. 

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Segmentation 

The Global Silicone Elastomers Market has been segmented by Type, Application and Region. 

On the Basis of Type, the market has been segmented into high temperature vulcanized (HTV), liquid silicone rubber (LSR), room temperature vulcanized (RTV), and others. 

Based on Application, the market has been segmented into automotive, electrical and electronics, healthcare, energy, aerospace, and others. 

Based on Region, the market has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. 

Regional Analysis 

Asia-Pacific accounted for the largest share of the Silicone Elastomers Markets in 2017 as a result of the presence of a wide industrial base in developing economies such as India, China, and Thailand. Market growth is heavily influenced by increasing automotive production as a result of the surging demand for automobiles coupled with the rising per capita income of consumers. 

North America is a prominent region for the Silicone Elastomers Market owing to the burgeoning electrical and electronics industry with the rising demand for consumer electronic devices such as wireless speakers and wearable devices. 

In terms of market share, North America is followed by Europe, on account of the reviving automotive industry with a surge in demand for high energy-efficient and lightweight vehicles. Additionally, the expanding healthcare industry as a result of increased spending on healthcare coupled with the growing geriatric population and high per capita income is propelling market growth. 

The Latin American market is expected to grow at a significant rate during the review period with the burgeoning automotive industry in Brazil and Mexico. The market in the Middle East & Africa is likely to grow at a considerable CAGR in the coming years due to the growing industrial base in the region. 

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