Silicone Elastomers Global Market Report 2024

Silicone elastomers are versatile materials extensively used for electrical insulation purposes, including as sheets, tapes, coverings for wires and cables, extruded sleeving, moldings, and various other applications. These elastomers, known for their heat stability and elasticity, play a crucial role in providing high-quality prefabricated building elements.

The main types of silicone elastomers include high-temperature vulcanized, room temperature vulcanized, and liquid silicone rubber. High-temperature vulcanized rubber exhibits robust mechanical properties within the elastomer product space and is employed in processes such as compression molding, extrusion, and injection molding. Different process types involved in the manufacturing of silicone elastomers include compression molding, liquid injection molding, injection molding, extrusion, and others. These silicone elastomers find applications across various industries, including automotive and transportation, electrical and electronics, healthcare, consumer goods, industrial machinery, and other end-user sectors.

The silicone elastomers market research report is one of a series of new reports that provides silicone elastomers market statistics, including silicone elastomers industry global market size, regional shares, competitors with a silicone elastomers market share, detailed silicone elastomers market segments, market trends and opportunities, and any further data you may need to thrive in the silicone elastomers industry. This silicone elastomers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The silicone elastomers market size has grown strongly in recent years. It will grow from $7.91 billion in 2023 to $8.59 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. The growth observed in the historical period can be attributed to various factors, including the utilization of silicone elastomers in industrial and automotive applications, their role as sealing and gasket materials, increased demand for medical and healthcare products utilizing these materials, growth in the construction and infrastructure sectors, and the incorporation of silicone elastomers in consumer and personal care products.

The silicone elastomers market size is expected to see strong growth in the next few years. It will grow to $12.02 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The anticipated growth in the forecast period can be attributed to various factors, including the drive for automotive lightweighting and the demand for electric vehicle components, ongoing innovation in medical and wearable devices utilizing silicone elastomers, the use of silicone elastomers in sealing solutions for renewable energy applications, the role of these elastomers in industrial automation and robotics, and their application in 5G infrastructure. Additionally, consumer demand for silicone in cosmetics is expected to contribute to the growth. Key trends expected in the forecast period include the adoption of liquid silicone rubber (LSR) for 3D printing, the development of bio-based and biodegradable silicone elastomers, advancements in self-healing and shape-memory elastomers, the use of conductive and stretchable silicone materials, the application of silicone elastomers in soft robotics, and the formulation of customized silicone for specific applications.

The anticipated rapid growth in the automotive and construction industries is set to propel the silicone elastomers market in the future. Silicone elastomers find widespread use in these sectors for applications such as engine and gearbox gasketing, power-train sealing, and battery modules. As per data from India Brand Equity Foundation in 2021, the Indian automotive industry, including component manufacturing, is expected to reach Rs. 16.16–18.18 trillion (USD 251.4–282.8 billion) by 2026. Additionally, global construction output experienced a growth of 5.7% in 2021, as reported by international construction data in 2021. Consequently, the burgeoning automotive and construction industries will be pivotal in driving the growth of the silicone elastomers market.

The expanding healthcare industry is anticipated to contribute significantly to the growth of the silicone elastomers market. Silicone elastomers, renowned for their biocompatibility, durability, and flexibility, are integral to medical devices, implants, and seals within the healthcare sector. According to the American Health Care Association in May 2023, the number of hospitals in the US increased to 6,129 from 6,093 in 2022. Moreover, a report by the Office for National Statistics in May 2023 revealed a 9.4% increase in healthcare spending in the UK between 2020 and 2021. This expansion in the healthcare industry is a driving force behind the growth of the silicone elastomers market.

The introduction of biomedical-grade silicone elastomers stands out as a prominent trend in the silicone elastomers market. Major companies in the sector, like DuPont, are actively unveiling biomedical-grade silicone elastomers such as DuPont-Liveo pharma bottle closures. These one-piece silicone stoppers and tubing cater to critical fluid transfer applications, offering a solution for sealing threaded glass and plastic bottles and containers.

Companies operating in the silicone elastomers market are strategically developing new silicone products for the cosmetics and hair-care industries. Silicone products, valued for their smoothing, emollient, and protective properties, are commonly used in a variety of cosmetic and hair-care products, ranging from hair serums to foundation primers. Wacker Chemie AG, for example, introduced four innovative silicone products in March 2023, designed for applications in the cosmetics and hair-care industries. These offerings include silicone elastomer gels and gum blends, with a novel formulation approach that incorporates organic solvents, providing greater flexibility in meeting regulatory requirements effectively.

In January 2021, Momentive Performance Materials, Inc., a leading chemical company in the US, acquired Basildon Chemicals, a subsidiary of KCC Corporation, with a focus on expanding its global footprint and strengthening its innovation pipeline. Basildon Chemicals, a UK-based chemical manufacturing company specializing in silicone elastomers, became part of Momentive's strategic growth initiatives.

Major companies operating in the silicone elastomers market include Mesgo SPA, Momentive Performance Materials Inc., Shin-Etsu Chemical Co., KCC Corporation Ltd., China National BlueStar (Group) Co. Ltd., Specialty Silicone Products, ContiTech AG., Dow Corning Inc., Wacker Chemie AG, Allergan Inc., Saint-Gobain, Bentec Medical LLC, Zhejiang Xinan Chemical Group Company Limited, Reiss Tech Inc., Cabot Corporation, Shenzhen Inno Silica Co. Ltd., ICM Products Inc., 2D Chemical Ltd., Elkem ASA, Silchem Inc., Novagard Solutions, Quantum Silicones LLC, Accurate Products Co., Nusil Technology LLC, Silteq Limited, Gelest Inc., Hoshine Silicon Industry Co.Ltd., Rogers Corporation, Air Liquide S.A., Applied Silicone Corporation

North America was the largest region in the silicone elastomers market in 2023. Asia-Pacific is expected to be the fastest-growing region in the market share. The regions covered in the silicone elastomers market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the silicone elastomers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The silicone elastomers market consists of sales of high-consistency rubber and fluorosilcone. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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