The global silicone elastomers market is likely to grow at a healthy CAGR between 2018-2023, as per the new Market Research Future (MRFR) report. Silicone elastomer, simply put, is an elastic material which comprises oxygen, hydrogen, carbon, silicon, and fillers. It comes in various forms, including thermally conductive materials, electrically conductive, open-cell forms, closed cell sponges, and solids. Parts made of this compound when exposed to extreme temperatures such as rain, UV rays, and wind will not cause any change in the physical property. Owing to its superior characteristics such as self-adhesive nature, thermal resistance, tear resistance, and low surface friction, silicone elastomers find wide application in industrial sectors, electrical and electronics, medical, healthcare, consumer goods, automotive, and construction.
Numerous factors are adding to the global silicone elastomers market growth. These factors, according to the recent MRFR report, include the growing demand from the automotive industry, growing electrical and electronic industry, and increased applications in healthcare sectors and medical devices. Besides, an increase in the aviation sector that is boosting the aerospace applications, growing demand for sterile and safe surgical as well as other instruments, expanding healthcare sector, and growing transmission & distribution are also adding to the market growth.
On the other hand, volatility in raw material prices may hamper the global silicone elastomers market growth over the forecast period.
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Eminent players profiled in the global silicone elastomers market report include Specialty Silicone Products, Inc. (US), Rogers Corporation (US), Bentec Medical (US), ALLERGAN (Ireland), MESGO S.p.A. (Italy), Reiss Manufacturing, Inc. (US), China National Bluestar (Group) Co., Ltd. (China), KCC CORPORATION (South Korea), Shin-Etsu Chemical Co., Ltd. (Japan), DowDuPont (US), Wacker Chemie AG (Germany), and Momentive (US). Industry players have adopted several strategies to stay ahead in the competition, such as strategic alliances, extensive R&D activities, collaborations, new product launch, and others.
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The MRFR report provides an inclusive segmental analysis of the global silicone elastomers market based on application and type.
By type, the global silicone elastomers market is segmented into room temperature vulcanized (RTV), liquid silicone rubber (LSR), high temperature vulcanized (HTV), and others. Of these, the high temperature vulcanized segment will lead the market over the forecast period.
By application, the silicone elastomers market is segmented into aerospace, energy, healthcare, electrical and electronics, and others.
By region, the global silicone elastomers market covers the recent trends and growth opportunities across North America, Europe, the Asia Pacific (APAC), the Middle East and Africa (MEA), and Latin America. Of these, the APAC region will command the largest share in the market during the forecast period for the presence of a huge industrial base in India, Thailand, and China. Besides, consumers increasing per capita income and rising automotive production due to growing demand for automobiles are also adding market growth.
The global silicone elastomers market in North America is predicted to have a healthy growth over the forecast period for the growing electrical & electronics industry due to the growing demand for wearable devices, wireless speakers, and other consumer electronic devices.
The global silicone elastomers market in Europe is predicted to have notable growth over the forecast period for the reviving automotive industry due to the growing demand for lightweight and energy-efficient cars. Besides, the high per capita income, growing geriatric population, and expanding healthcare industry due to increasing expenditure on healthcare are also adding market growth.
The global silicone elastomers market in Latin America is predicted to have a healthy growth over the forecast period for the growing automotive industry in Mexico and Brazil.
The global silicone elastomers market in the MEA will have a steady growth over the forecast period for the growing industrial base.
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