Silicone Elastomers Market size worth $12.8 Billion by 2023: Global Market Insights, Inc.
Global Silicone Elastomers Market size is forecast to reach USD 12.8 Billion by 2023; as per a new research report by Global Market Insights, Inc. Superior mechanical and chemical properties, compared to other elastomers and positive growth outlook across application market is likely to drive silicone elastomers market size to over 1,500 kilo tons by 2023.
Browse In-depth Research Report on Global Silicone Elastomers Market with detailed Charts and Figures: https://www.gminsights.com/industry-analysis/silicone-elastomers-market
Extended lifetime and a wide temperature operating range, low toxicity, low flammability, low smoke density, inertness to chemicals & solvents, oil & fuel resistance, and high productivity are some key attributes assisting industry penetration. Strong R&D focus for application development should create growth opportunities.
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HTV (High Temperature Vulcanize) silicone elastomer market size is forecast to witness 5.2% CAGR growth from 2016 to 2023. Room Temperature Vulcanize (RTV) industry revenue is forecast to exceed USD 1.3Billion by 2023.
Silicone elastomers market share holds over 45% of the overall silicone industry. Silicone can be transformed into a number of products including adhesives, coatings, sealants, lubricants oils, and resins. Rise in ageing population and urge to stay personable in the generation are some major factors that are expected to fuel the silicone implant industry.
Key Insights from the Report Include:
- Global silicone elastomer market size was over USD 7.1 Billion in 2015, with 7.6% CAGR expectation from 2016 to 2023.
- Construction silicone elastomers market share is forecast to exceed USD 5.5 Billion by 2023. With infrastructure spending in China, India and South-east Asia expected to rise by 10% every year; APAC will be the most attractive region for these applications.
- Electronic silicone elastomers market growth should be over 8% CAGR from 2016 to 2023. Healthcare is a relatively unexplored application for industry participants. Technology innovation and demographic trends are likely to offer potential growth throughout the forecast period.
- APAC was dominated by India and China silicone elastomers market share. Other developing markets such as Middle East & Africa are projected to experience brisk growth in areas such as automotive, construction, healthcare, consumer goods and electrical & electronics.
- South Korea silicone elastomers industry saw over 76 kilo tons consumption in 2015. Europe and North America are relatively sluggish regions. Smaller regional avenues such as Central & South America are expected to witness strong overall growth.
- The global industry is fairly concentrated, with over 80% share being dominated by top companies. Dow, Wacker, Momentive and Shin-Etsu dominate the production landscape.
- Industry value chain comprises raw material producers, silicone elastomer manufacturers, distributors, and end-use applications.