Global Silicone elastomers market size to be worth over USD 15.5 billion by 2027

According to a new research report by Global Market Insights Inc., the Silicone Elastomers Market size is anticipated to surpass USD 15.5 billion by 2027.
 

Silicone elastomers have unique properties such as excellent high and low temperature resistance, electrical insulation, oil resistance, excellent weatherability and flame radiant. Owing to these unique characteristics, silicone elastomers are widely used to replace petrochemical product in various industries which includes construction, automobiles, aerospace, medical and food processing industries.
 

This durable resistance elastomers are best for use in appliance even in temperatures higher than 100 degree C, thus it has wider acceptance in consumer goods, especially in food processing industries.  Rapid curing, optimum adhesion, outstanding resistance to oil and coolant, and low compression set properties of silicone elastomers help in enhancing the performance of automotive.
 

Excellent properties of silicone elastomers such as flame retardance, heat resistance will stimulate market growth from consumer goods application

Global silicone elastomers market from consumer goods application is expected to grow over USD 915 million by the end of 2027. As, silicone elastomers used in a wide variety of consumer goods and home appliances. These products are being preferred because of their excellent properties which includes flame retardance, heat resistance, and dirt protection. These properties make them preferable for variety of bonding, sealing, and insulating applications.
 

Economic expansion in emerging countries and rising urbanization is the primary reason fueling the market demand from consumer goods application. Furthermore, changing lifestyles, and an increase in the number of families are all driving up demand for silicone kitchenware products.

With the growth of hospitality industry, market players are upgrading their products and services and purchasing more silicone kitchenware products thereby boosting the silicone elastomers market share from consumer goods application. Silicone cookware and bakeware have a flexible, non-stick surface that is easy to clean and does not add flavor or odor to food. For instance, Muffin molds, Cake pans, and baking mats, can move from freezer to oven, microwave, or dishwasher without compromising the taste or quality of the meal.
 

Browse key industry insights spread across 165 pages with 157 market data tables and 28 figures & charts from the report, Silicone elastomers Market Size By Product (High Temperature Vulcanized, Room Temperature Vulcanized, Liquid Silicone Rubber), By Application (Electrical & Electronics, Automotive & Transportation, Industrial Machinery, Consumer Goods, Construction), Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2021– 2027”, in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/silicone-elastomers-market
 

Asia Pacific is gaining traction owing to increasing demand of elastomers in automotive industry

Asia Pacific silicone elastomers market revenue is anticipated to gain traction at a CAGR of 6.5 % by 2027 driven by rapidly growing automotive industry. Gaskets, hoses, connection seals, fuel system valves, and other components of automobiles are progressively using the silicon elastomer material. Increased automobile production, particularly in developing economies like China, India, and Thailand, is boosting regional market demand.
 

The presence of an expanding middle class population and growing disposable income in China, India, and South Korea are likely to drive the automotive sector in the region. China automotive market production surpassed 25 million vehicles in 2019, indicating healthy growth opportunities for the market. Substantial population growth and rapid economic development will boost the automotive industry and trigger the demand for silicone elastomers.
 

Various countries in Southeast Asia including Indonesia, Malaysia, and Thailand serve as manufacturing hubs owing to the ease of attaining economies of scale in the region. Traditional car manufacturers and new startups are increasingly making significant investments in developing electric vehicles, appropriate infrastructure, and powering networks to achieve regulatory compliance.
 

The battery electric vehicles market in Asia Pacific witnessed sales of over 970 thousand vehicles, representing ample growth opportunities. Silicone elastomers shield electric car components from electromagnetic interference while also protecting them from dissipating battery heat. They also allow for good temperature control of the battery, which is one of the most important parts of an electric vehicle. These aforementioned reasons are fueling the market demand in the region and projected to remain significant over the forecasted period.
 

Key manufacturers in the silicone elastomers industry are investing in several activities, such as mergers, acquisitions, collaborations, and research & development, as the products find an array of applications in the market including electrical & electronics, automotive & transportation, industrial machinery, consumer goods, construction, and others. Some of the key players operating in the market are China National BlueStar (Group) Co., Ltd., Mesgo S.P.A., Momentive Performance Materials Inc., Shin-Etsu Chemical Co., Dow Corning Corporation and KCC Corporation, Ltd.