The global silicone elastomers market is expected to reach USD 14.07 billion by 2025, according to a new report by Grand View Research, Inc. Rising consumption of silicone elastomers in consumer goods and industrial machinery is anticipated to fuel the market growth.
Beneficial properties of silicone elastomers including broad operating temperature range, high oil & fuel resistance, low smoke density, flammability, & toxicity are projected to enhance the product penetration in the market.
Increasing product use in the interiors, engine, electrical systems, and other body parts of automotive is expected to boost the industry demand. Growing application scope of silicone elastomer products in healthcare and transmission & distribution sectors is anticipated to augment the market positively.
Silicone elastomers industry is governed by various regulations that cover the entire life cycle ranging from production to disposal. For instance, FDA has sanctioned a list of silicon elastomers additives, which can be used in food applications. Increasing manufacturing industry and availability of low cost of labor is anticipated to positively influence the industry growth over the forecast period.
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https://www.grandviewresearch.com/industry-analysis/silicone-elastomers-market
Further key findings from the report suggest:
- The global silicone elastomers demand was 1.06 kilo tons in 2015 and is estimated to grow at a CAGR of 5.6% from 2016 to 2025
- High temperature vulcanize is anticipated to grow at CAGR of 5.5% from 2016 to 2025 owing to its excellent mechanical and chemical properties
- LSR is estimated to exceed USD 8 million by 2025, owing to its outstanding curing properties, which provides processing advantage in various applications such as industrial machinery and consumer goods
- Product demand in Asia Pacific is expected to grow at a significant rate of 6.6% over the forecast period owing to growing infrastructure in the region
- Increasing demand for silicone elastomers as gaskets, O-rings, hoses, ignition cables, exhaust hangers, and fuel system valves in transportation industry is projected to propel the industry growth
- Business expansions by companies such as China National Bluestar (Group) Co. Ltd. and Shin-Etsu Silicone Korea is anticipated to strengthen the market presence over the coming years
- Companies such as China National Bluestar (Group) Co. Ltd., KCC Corporation, and Momentive Performance Materials Inc. offer services for consumer goods, automotive, and electrical & electronics industries
For More Information: www.grandviewresearch.com
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