Silicone Elastomers Is Estimated To Witness High Growth Owing To Increased Demand In End-Use Industries
Silicone elastomers find wide applications in various end-use industries such as construction, automotive, consumer goods, electrical & electronics, and healthcare. With superior properties such as heat resistance, superior flexibility, chemical resistance, and stability over other typical rubber materials, silicone elastomers are preferred for manufacturing seals, O-rings, gaskets, hoses, connectors, and tubing. Growing demand from construction industry for using silicone to insulate and seal buildings to make them weather resistant and energy efficient is driving the market. In automotive industry, silicone elastomers are used in manufacturing seals and sealing parts such as airbags and tubes to ensure high tensile strength under high temperature.
The global silicone elastomers market is estimated to be valued at US$ 10.1 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030.
Market Dynamics: One of the major drivers for the growth of silicone elastomers market is the increasing demand from end-use industries. Growing construction industry due to rapid urbanization and industrialization is driving the demand for silicone elastomers for sealing and insulation in buildings. In automotive industry, strict regulations regarding vehicle emissions and fuel efficiency are propelling the demand for advanced sealing materials like silicone elastomers for manufacturing advanced parts. Additionally, superior properties of silicone elastomers like heat resistance and flexibility makes them suitable for manufacturing gaskets, hoses and tubes even under extreme conditions, thereby witnessing increasing consumption across industries. Changing preference of consumers towards better quality and durable products is also favoring the market growth of silicone elastomers.
SWOT Analysis
Strength: Silicone elastomers have superior temperature and chemical resistance which makes them suitable for various industrial applications. They offer high flexibility and elasticity allowing their usage in applications requiring repeated deformations. Their biocompatibility enables usage in medical devices and implants.
Weakness: Silicone elastomers have high production costs compared to other polymers which can be a drawback. They also have low strength and stiffness restricting their usage where high strength is required.
Opportunity: Growing demand from industries such as automotive, healthcare and construction due to properties like flexibility and resistance to extreme temperatures and chemicals will drive the market. Usage of silicone elastomers in 3D printing will open new opportunities.
Threats: Strict environmental regulations around the world regarding volatile organic compound emissions during silicone elastomer production can hamper market growth. Development of alternative polymers with improved properties is a threat to silicone elastomers market.
Key Takeaways
The Global Silicone Elastomers Market Share is expected to witness high growth.
Regional analysis related content comprises North America currently dominates the market and is expected to maintain its dominance during the forecast period owing to extensive usage of silicone elastomers in various industries like automotive, healthcare, etc in the region. Asia Pacific is expected to be the fastest growing regional market propelled by surging demand from industries like automotive, healthcare, construction in major economies like China and India.
Key players operating in the silicone elastomers market are Neuralink Corporation, Neurable, Emotiv Inc., BitBrain, Alpha Omega, Blackrock Microsystems, LLC, Femtonics Ltd, NeuroNexus, Opto Circuits (India) Limited, BIOTRONIK, Plexon Inc., Noldus Information Technology, NextMind, Nectome, and Paradromics. Key players are involved in new product launches, expansions and collaborations to enhance their market presence. For instance, in 2022 Neuralink showcased improved design of brain-machine interface and also received approval for human trials.
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