The Silicone Elastomers Market is poised to exceed USD 15.5 billion by 2027, Says Global Market Insights Inc.
The growth of silicone elastomers market can be ascribed to a strong demand from the electrical and electronics industry owing to its superior insulation properties, and increasing adoption across healthcare, construction, and consumer good applications, says the research report.
SELBYVILLE, Del., Jan. 31, 2022 /PRNewswire/ -- As per a latest report by Global Market Insights Inc., the Silicone Elastomers Market was valued at USD 10 billion in 2020 and is set to surpass a USD 15.5 billion valuation by 2027, registering with a CAGR of 6.5% from 2021 to 2027. The report delivers a thorough investigation of the market size & estimations, top winning strategies, drivers & opportunities, competitive scenario, latest market trends, and ongoing investment activities.
The ability of silicone elastomers to offer significant resistance to ozone, oxygen, and UV light has led to its substantial use in automotive and health care industries for fire protection and glazing seals applications. These compounds are high performance polymeric materials that generally used in end use industries ranging from electronics, automotive, aerospace to industrial components.
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Excellent properties of silicone elastomers, like low surface tension, versatile biocapacity, high pressure-sensitivity, and high permeability, make them highly preferable in the healthcare industry. The product is also used in catheters, valves, seals, handles of surgical instruments, cooling caps for chemotherapy, and more across the healthcare space, which would greatly foster the market share in the coming years. Growing investments in the medical sector is likely to boost the silicone elastomers market outlook as well.
Key drivers stimulating silicone elastomers market growth:
- Increasing use of electrical and electronic gadgets.
- Thriving automotive industry across prominent economies.
- Introduction to strict environment and human health protection regulations worldwide.
HTV product segment to expand considerably through 2027:
Based on the product type, HTV segment is likely to register a remuneration of USD 10.25 billion by 2027, primarily owing to its robust mechanical properties and mounting use in compression molding, injection molding, and other extrusion.
Industry machinery application segment to observe massive gains:
Given its exceptional electrical insulation properties and transparency, silicone elastomers market from the industrial machinery application segment is poised to account for a business share of USD 625 million by the end of the analysis timeframe.
Europe to emerge as the regional contender:
Regionally, Europe silicone elastomers market, led by the UK, Germany, and Italy would depict a CAGR of 6.5% through the forecast timeline. Germany has been at the forefront of the chemicals market in Europe and is home to several manufacturers of silicone elastomers. The nation is projected to experience an elevated demand for these products in coming years.
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Leading market players:
Prominent players active in silicone elastomers industry are KCC Corporation, Ltd., Reiss Manufacturing Inc., Reiss Manufacturing Inc., Zhejiang Xinan Chemical Industrial Group Co., Ltd., Stockwell Elastomerics, Stockwell Elastomerics.
COVID-19 impact on silicone elastomers market growth
The silicone elastomers industry observed a strategic growth during the COVID-19 pandemic, mainly across the medical industry. However, halt in production units and movement restrictions crippled the transportation space, posing a challenge to the industry expansion. Nevertheless, upliftment of lockdown regulations and recuperating business statistics are speculated to propel the market dynamics in coming years.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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SOURCE Global Market Insights Inc.
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