Silicone Elastomers Market Worth $8.81 Billion by 2023
Healthcare is projected to be the fastest-growing end-use industry of silicone elastomers, in terms of both volume and value.
CHICAGO, September 24, 2018 /PRNewswire/ --
According to the new market research report on the "Silicone Elastomers Market by Type (HTV, LSR, RTV), Process (Extrusion, Liquid Injection, Injection, Compression), End-use Industry (Transportation, Electronics, Healthcare, Consumer Goods, Industrial Machinery), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the market is projected to grow from USD 6.38 billion in 2018 to USD 8.81 billion by 2023, at a CAGR of 6.7% during the forecast period. The superior properties of silicone elastomers, aging population fueling the demand from the healthcare industry, and the high demand from the electrical & electronics industry are driving the silicone elastomers market across the globe. Silicone elastomer is used in various industries such as automotive & transportation, electrical & electronics, healthcare, consumer goods, and industrial machinery due to its excellent properties. Silicone elastomers are generally stable, non-reactive, and resistant to extreme environments and temperatures ranging between -55°C and 300°C, along with maintaining its useful properties.
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HTV is projected to be the largest type of silicone elastomers, in terms of both volume and value during the forecast period.
HTV elastomers are cured at a high temperature, either by means of platinum catalyzation or organic peroxides. The cured rubber is added with reinforcing fillers to give it mechanical strength. HTV silicone rubbers have wide application areas due to their excellent properties such as high strength of siloxane bond, electrical conductivity, radiation resistance, steam resistance, flame retardance, oil resistance, and extreme temperature resistance. In addition, they offer a wide range of service temperature - between -58°F and 392°F (-50°C and +200°C). It ranges between -130°F and 572°F (-90°C and +300°C) for special formulations.
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Liquid injection molding is projected to be the fastest-growing process for silicone elastomers, in terms of both volume and value during the forecast period.
Liquid injection molding involves extruding un-vulcanized preform rubber through a cylinder into a closed heated mold. It has low per-part production price, and high production rates are attainable. The process needs short molding cycles and does not need preform preparation or trimming with the correct mold design. LSR products such as gaskets, O-rings, and overmolded parts are manufactured using the liquid injection molding process. Since a lot of industries are utilizing automated processing techniques nowadays, the liquid injection molding process segment is expected to grow at a higher rate.
Healthcare is projected to be the fastest-growing end-use industry of silicone elastomers, in terms of both volume and value.
Silicone elastomers are extensively used in the healthcare industry, owing to their versatility, biocompatibility, low surface tension, high permeability, and pressure-sensitive properties. The growing aging population worldwide, along with the rising awareness about health concerns drives the healthcare industry. The use of silicone elastomers in dental and surgical devices, diagnostics and imaging, fluid and drug delivery devices, scar management, laboratory accessories, wound drains and bulbs, dialysis O-rings, and sterilization mats also drive the silicone elastomers market in the healthcare end-use industry.
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The APAC silicone elastomers market is projected to register the highest CAGR during the forecast period, in terms of both volume and value.
The growth of the APAC silicone elastomers market can be attributed to the easy availability of cheap labor and raw materials, which have led to significant foreign investments in the region. This, in turn, has led to the growth of various industries in the region, thereby, resulting in an increased demand for silicone elastomers from APAC. The growing economy of the countries such as China, Indonesia, Taiwan, and India are also attracting increased foreign investments in these countries, thereby, leading to the growth of the silicone elastomers market in the region.
The key companies operating in the silicone elastomers market include Dow Corning (US), Wacker Chemie (Germany), Momentive Performance Materials (US), Shin-Etsu (Japan), China National Bluestar Silicones (China), KCC Corporation (South Korea), Reiss Manufacturing (US), Mesgo SpA (Italy), Zhejiang Xinan Chemical Industrial Group Co., Ltd. (China), and Specialty Silicone Products (US).
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