“The silicone elastomers market is projected to register a CAGR of 6.7% from 2018 to 2023, in terms of value.”
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The silicone elastomers market is projected to grow from USD 6.38 billion in 2018 to USD 8.81 billion by 2023, at a CAGR of 6.7% between 2018 and 2023. The superior properties of silicone elastomers, aging population fueling the demand from the healthcare industry, and high demand for silicone elastomers from the electrical & electronics industry are driving the silicone elastomers market across the globe.
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However, stagnant growth in the developed countries is expected to act as a restraint for the silicone elastomers market during the forecast period.
“The healthcare industry is projected to register the highest CAGR in the silicone elastomers market during the forecast period, in terms of both volume and value.”
The growth of the global healthcare industry plays a significant role in driving the silicone elastomers market. In this industry, silicone elastomers are used to make tubing for feeding, electro surgical hand pieces, test chambers & infusion sleeves, introducer tips & flexible sheaths, shunts & septum, ear plugs & hearing devices, and for the manufacturing of different types of seals, valves, stoppers, and clips.
The global aging population is a major driver for the silicone elastomers market in the healthcare industry. Pacemaker and other devices are made by silicone elastomers.
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The aging population is prone to organ failure, cardiovascular diseases, and hearing ailments, which indirectly increases the demand for healthcare and medical equipment, where silicone elastomers are used in the manufacturing process. Most of these products are manufactured using medical-grade silicone elastomers.
Thus, the medical application of silicone elastomers is directly influenced by the increasing demand for silicone elastomer-based products in the healthcare industry.
“Rising demand for silicone elastomers from the APAC region is a key factor driving the silicone elastomers market between 2018 and 2023.”
APAC is the largest silicone elastomers market. The growth in this region is mainly attributed to the high economic growth rate and heavy investments in the automotive & transportation, electrical & electronics, and healthcare industries.
In the recent years, APAC has emerged as a major market for silicone elastomers because of the growing demand from China and India. The manufacturers of silicone elastomers are targeting this region, owing to the advantages of setting up production facilities, low cost of production, and the ability to better serve the local emerging markets.
In addition, high domestic demand along with the easy availability of raw materials and low-cost labor also make APAC the most preferred region for producers of silicone elastomers.
In the process of determining and verifying the market sizes for several segments and sub segments of the silicone elastomers market gathered through secondary research, extensive primary interviews were conducted.
The break-up of the primary interviews is given below:
- By Company Type: Tier 1 – 42%, Tier 2 – 25%, and Others – 33%
- By Designation: C Level – 36%, Director Level – 19%, and Others – 45%
- By Region: Europe – 42%, North America – 25%, APAC – 17%, South America – 8%, and the Middle East & Africa – 8%
Tiers of the companies are based on their total revenue in 2017; Tier I – revenue greater than USD 5 billion, Tier II – revenue between USD 1 billion and USD 5 billion, and Tier III – revenue less than USD 1 billion.
The key companies profiled in this market research report include Dow Corning (US), Wacker Chemie (Germany), Momentive Performance Materials (US), Shin-Etsu (Japan), China National Bluestar Silicones (China), KCC Corporation (South Korea), Reiss Manufacturing (US), Mesgo SpA (Italy), Zhejiang Xinan Chemical Industrial Group Co., Ltd. (China), and Specialty Silicone Products (US).
The report covers the market for silicone elastomers across different industry verticals and regions. It aims at estimating the market size and potential of the silicone elastomers market based on type, process, end-use industry, and region.
The report also includes an in-depth competitive analysis of the key market players, along with their company profiles, recent developments, and key market strategies.
Reasons to Access the Report:
The report is expected to help market leaders/new entrants by providing them with the closest approximations of revenues in the silicone elastomers market. This report also aims at helping the stakeholders understand the competitive landscape of the market by providing them insights to position their businesses and formulate market strategies.
The report is also expected to help the stakeholders understand the pulse of the market and acquire information on the key drivers, restraints, challenges, and opportunities for the silicone elastomers market.
The report provides insights on the following pointers:
Market Penetration: Comprehensive information on silicone elastomers offered by the top market players.
Product Development/Innovation: Detailed insights on the upcoming technologies, R&D activities, and new product launches in the silicone elastomers market.
Market Development: Comprehensive information about the lucrative emerging markets – the report analyzes the market for silicone elastomers across varied regions.
Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and expansions in the silicone elastomers market.
Competitive Assessment: In-depth assessment of the market shares, growth strategies, products, and manufacturing capabilities of the leading players in the silicone elastomers market.