Silicone Elastomers Market Size, Share & Trends Analysis Report By Product (High-temperature Vulcanize (HTV), Room-temperature Vulcanize (RTV), Liquid Silicone Rubber (LSR)), By Application (Electrical and Electronics, Automotive and Transportation, Industrial Machinery, Consumer Goods, Construction, Others) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2023-2031

Market Overview

The global silicone elastomers market size was valued at USD 9.1 billion in 2022 and is projected to reach USD 17.3 billion by 2031, registering a CAGR of 7.4% during the forecast period (2023-2031). Superior silicone elastomer qualities and strong demand for silicone elastomers from the electrical and electronics industries are projected to drive the market over the forecast period.

Silicone elastomers are rubber-like synthetic materials manufactured from silicone polymers. They are noted for their unique mix of qualities, making them suited for various applications in various sectors.

Silicone elastomers market share can expand due to several crucial variables, including high demand from end-use industries. When compared to other elastomers, silicone elastomers have superior properties. Such properties make it necessary for industrial use, which benefits the worldwide silicone market. Construction, automotive, and electrical and electronics end-use industries are predicted to increase rapidly during the projection period.

Market Dynamics

Global Silicone Elastomers Market Drivers

Wide Range of Applications

Silicone elastomers are well-known for their adaptability and ability to perform admirably in various industries and applications. This property has made them a popular choice in various industries, leading to the growth of the worldwide market. Silicone elastomers are widely utilized in the automotive industry for gaskets, seals, hoses, and engine components. They are used to seal important sections of engines, for example, to avoid leaks and to tolerate temperature fluctuations. The introduction of silicone elastomers in the automotive sector is motivated by their superior performance under the hood.

Furthermore, silicone elastomers are important in power generation by insulating high-voltage electrical equipment such as transformers and power cables. Their superior electrical insulating characteristics improve the efficiency and dependability of electricity infrastructure. According to the International Energy Agency (IEA), worldwide electricity demand is predicted to rise by 4% annually from 2020 to 2030. Due to the increasing demand, silicone elastomers will be used in power generation applications. Therefore, the silicone elastomers market trend is evolving due to their adaptability and performance qualities.

Global Silicone Elastomers Market Restraints

High Cost

Silicone elastomers are noted for their unique qualities and versatility, although they are frequently more expensive than standard elastomers like natural rubber or synthetic rubber. This increased cost is affected by various variables, including the specific manufacturing techniques and raw materials used to produce silicone elastomers. Silicones are generated from silicon, a naturally occurring mineral acquired from quartz. However, extracting and processing high-purity silicon compounds like siloxanes can be time-consuming and expensive. Furthermore, cost factors impact material selection in the consumer electronics industry, where silicone elastomers are used for components such as keypads, buttons, and seals. For example, manufacturers may choose less expensive rubber alternatives for low-cost items.

Furthermore, shifting raw material prices, such as methanol and silicone metals, harm the market. Methanol is produced from crude oil, the price of which is always fluctuating. The cost of creating silicone elastomers rises as crude oil prices rise, lowering companies' profit margins. While silicone elastomers have distinct advantages, their higher cost may necessitate thorough examination and selection by manufacturers in various industries, hampering the Silicone Elastomers market growth.

Global Silicone Elastomers Market Opportunities

Growth in the Healthcare Sector

Due to their particular qualities that suit them for numerous medical and pharmaceutical applications, silicone elastomers present a considerable growth opportunity in the healthcare sector. According to IBEF, the healthcare industry in India is estimated to reach USD 372 billion by 2022, driven by rising income, improved health awareness, lifestyle disorders, and more insurance coverage. Furthermore, silicone elastomers are prized for their biocompatibility, sterilizability, and chemical resistance, making them indispensable in medical products and equipment. Silicone elastomers are widely employed in the production of medical-grade silicone tubing for a variety of purposes. Platinum-cured silicone tubing, for example, is utilized in peristaltic pumps for drug delivery systems.

According to a study published in the Journal of Medical Engineering and Technology, silicone elastomers have gained popularity in medical applications due to their biocompatibility, durability, and simplicity of sterilizing. The study focuses on their applications in catheters, pacemaker leads, and other implantable medical devices. Pharmaceutical vial stoppers composed of silicone elastomers are also commonly used to keep injectable medications sterile and intact.

Regional Analysis

Asia-Pacific Dominates the Global Market

The global silicone elastomers market analysis is conducted in North America, Europe, Asia-Pacific, the Middle East and Africa and Latin America.

Asia-Pacific is the most significant global silicone elastomers market shareholder and is estimated to grow at a CAGR of 4% over the forecast period, owing to increased automobile production, which increases demand for silicone elastomers. Automobile manufacturing has risen in Asia-Pacific countries such as Malaysia, Japan, Taiwan, and India. China has led the way in producing low-cost consumer goods and utilities. IV flow regulators, make-up brushes, and pastry brushes are mass-produced in the region. As a result, the Asia Pacific silicone elastomers market has been rapidly expanding in recent years.

Furthermore, the usage of silicone elastomers in the manufacture of gaskets, cosmetics, and various types of lenses has strengthened regional market positions. The industry is also being driven by rising demand in the lifestyle and automotive sectors. However, the market for silicone elastomer is constrained by volatile raw material prices. The silicone elastomer market faces significant hurdles due to government rules governing carbon emissions throughout manufacturing. The silicone elastomer market in Asia-Pacific has enormous growth potential. The rapidly growing construction, automotive, electronics, healthcare, and consumer goods industries are expected to drive the silicone elastomer market.

North America is anticipated to exhibit a CAGR of 4.3% over the forecast period, propelled by various automotive, healthcare, electronics, construction, and aerospace applications. The United States holds a sizeable market share in these industries, enabling it to maintain its dominance in North American nations.According to the International Monetary Fund (IMF), in 2022, the nominal gross domestic product (GDP) of the United States was USD 20.49 trillion, the highest in the globe. According to the Bureau of Economic Analysis of the United States, the US construction industry is one of the largest globally, accounting for 4.2% of total GDP. This is one of the primary causes of the nation's market dominance.

North American manufacturers utilize silicone elastomers to create medical devices such as surgical instruments, tubing, closures, and implantable devices. These substances are favored due to their biocompatibility and sterilizability. According to the U.S. Department of Commerce, the U.S. medical device market was worth over USD 180 billion in 2020. Silicone elastomers considerably contribute to this market by allowing the creation of safe and dependable medical devices.

Europe's market for silicone elastomers is anticipated to account for a disproportionately large global market revenue share over the forecast period due to the region's increasing product launches and expansions. DuPont, for example, introduced new low-cyclosiloxane silicone elastomer mixes and silicone resin blends in response to increased consumer demand for products that treat various problematic skin diseases. In addition to addressing the market's need to comply with evolving REACH regulatory compliance requirements, these new topical excipient blends support DuPont and its customers' shared commitment to the United Nations Sustainable Development Goals (UN SDGs), specifically UNSDG No. 3, Good Health and Well-Being, which calls for protecting the health and well-being of all people of all ages. 

Moreover, the European market for medical devices is substantial, with Germany, France, and the United Kingdom as major participants. Silicone elastomers considerably contribute to this market by allowing the creation of safe and dependable medical devices. Europe's automotive manufacturing, healthcare, communications, and construction industries continue to expand. This expansion increases the demand for silicone elastomers in a variety of applications.

The Latin America silicone elastomers market is a segment of increasing significance globally. Silicone elastomers remain a versatile and valuable material option for applications requiring resilience, durability, and high-performance solutions as Latin American industries continue to expand and modernize.

Segmental Analysis

The global silicone elastomers market is segmented based on product, application, and region.

Product is further segmented into High-temperature Vulcanize (HTV), Room-temperature Vulcanize (RTV), Liquid Silicone Rubber (LSR)

Liquid Silicone Rubber (LSR) is the largest shareholder in the market.

LSR, as its name implies, is a liquid elastomer that solidifies via a specialized injection or compression molding process. Typically, heat is used for curing. LSR is renowned for its ability to reproduce intricate details and maintain close tolerances, making it an ideal material for precision components. Due to its biocompatibility, clarity, and flexibility, LSR is widely used in medical devices, infant care products, automotive components (such as gaskets and seals), and consumer goods.

 Recently, HTV became the dominant product, representing more than half of the market. Major end-use industries, particularly in developing regions, are anticipated to be a key growth driver. The curing procedure for HTV silicone elastomers typically involves temperatures above 150°C (302°F). This procedure transforms raw silicone into a substantial elastomeric form.

The segment can be bifurcated by application into Electrical and electronics, Automotive and transportation, Industrial Machinery, Consumer Goods, and Construction.

Construction influenced the market growth.

In construction, silicone elastomers are used for sealing, weatherproofing, and insulating. To ensure the durability and protection of structures, they are included in architectural coatings, sealants, adhesives, and weatherproofing materials. Global population growth is expected to exert significant pressure on the healthcare industry. Along with a population increase, the aging of populations in developed nations is anticipated to benefit the market.

Silicone elastomers are utilized in various applications within the automotive and transportation industry, including gaskets, seals, tubing, and vibration dampeners. In automotive and transportation systems, they are chosen for their ability to withstand extreme temperatures and exposure to fuels and lubricants and provide reliable sealing and vibration control.

Recent Developments

• September 2023- Dow introduced low-carbon, bio-based, and circular propylene glycol solutions in Europe.
• September 2023- Shin-Etsu Chemical will advance its QST® substrate business for applying GaN power devices.