Global Silicone Elastomers Market to Grow at a CAGR of 7.3% During 2024-2032, Aided by the Rising Application of Silicone Elastomers in the Electrical and Electronics Industry

The rising application of silicone elastomers in the electrical and electronics industry is driving the market growth. This can be attributed to the rising demand for electrical appliances from the household sector owing to the rising disposable incomes and growing awareness about the technological advancements in the electronics and electrical industry. Silicone rubber is a great insulator for high-voltage components and transformers and liquid silicone rubber can maintain its electrical properties even during temperature fluctuations and moisture.

In terms of region, the Asia Pacific region is likely to account for a significant share in the market and is anticipated to witness a considerable growth in the forecast period. The thriving automotive and construction industry in the emerging economies of the continent including India, China, and South Korea is likely to drive the market in the region. Furthermore, the easy availability of labour and raw materials in the region is likely to be a major driving factor in the forecast period.

In June 2019, Wacker (ETR: WCH) announced the inauguration of its new line of production of silicone elastomers at its Zhangjiagang site in China. With this inauguration, Wacker will aim towards boosting its expansion in China. In February 2020, Elkem ASA announced the acquisition of all the shares in Polysil, which is a privately owned company in Zhongshan, China.

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Market Breakup by Product, Application, and Region:

• The market is segmented on the basis of product into high temperature vulcanise (HTV), room temperature vulcanise (RTV), and liquid silicone rubber (LSR).

• Based on application, the market is divided into electrical and electronics, automotive and transportation, industrial machinery, consumer goods, construction, healthcare and medical devices, among others.

• Region-wise, the global market for silicone elastomers can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The global market for silicone elastomers is being driven by the rising application of the material in various end-use industries, including automotive, construction, electrical and electronics, and industrial machinery, among others.

• The rising demand for electrical appliances from the household sector will provide impetus to the market growth.

• In addition to this, the changing preference of the manufacturers and construction workers towards materials with high strength and constant electrical properties is anticipated to boost the market growth.

• Moreover, silicone elastomers is anticipated to witness a significant demand in the forecast period owing to the rising demand for medical equipment.

Key Offerings of the Report:

• The EMR report gives an overview of the global silicone elastomers market for the periods (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the products, applications, and regions of silicone elastomers.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global silicone elastomers industry are The Dow Chemical Company, Momentive Performance Materials Inc., MESGO S.p.A., Shin-Etsu Chemical Co., Ltd., and Reiss Manufacturing, Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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