July 24, 2024
Silicone Elastomers Market

Silicone Elastomers in Healthcare is the Fastest Growing Segment Fueling the Growth of the Silicone Elastomers Market

The global Silicone Elastomers Market is estimated to be valued at US$10.10 Bn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Silicone elastomers are synthetic elastomers produced by polymerizing siloxane with different end groups which show superior properties like high temperature resistance, flexibility in wide temperature ranges and chemical inertness. These properties make silicone elastomers ideal for use in applications like medical implants, wound care products and healthcare devices where safety and compatibility with living tissues is crucial.

Market Overview:
Silicone elastomers have high tensile strength, tear resistance and flexibility. They do not degrade easily and are stable in a wide range of temperatures. Key applications include compression seals, O-rings, gaskets and bellows where consistent sealing performance is required in challenging conditions.

Market key trends:
One of the key trends in the silicone elastomers market is the increasing demand from the healthcare industry. Silicone elastomers are widely used in medical devices as tubing, catheters and implants due to their excellent biocompatibility. Their flexible and elastic properties make them suitable for applications involving movement and contact with living tissues. The growing healthcare expenditures and increase in complex surgeries/procedures are expected to drive the demand for silicone elastomers over the forecast period.

Segment Analysis

The global Silicone Elastomers Market Demand is segmented based on type, application, and region. Based on type, the market is segmented into HTV, RTV, and LSR. The RTV segment is currently dominating the market due to its high elongation strength, flexibility, and stability at high and low temperatures. RTV silicone elastomer products are widely used for sealing and caulking applications across industries such as construction, automotive and consumer goods.

Key Takeaways
The global silicone elastomers market size is expected to witness high growth, exhibiting CAGR of 7.4% over the forecast period, due to increasing demand from end use industries such as transportation, electrical & electronics and construction industries.

Regional analysis
Asia Pacific region currently dominates the global silicone elastomers market and is expected to witness highest growth over the forecast period due to high demand from industries such as automotive, construction and consumer goods in emerging economies like China and India.

Key players
Key players operating in the silicone elastomers market are Dow Inc. (US), Wacker Chemie AG (Germany), Momentive Performance Materials Inc. (US), Shin-Etsu Chemical Co., Ltd (Japan), China National Bluestar (Group) Co., (China), Reiss Manufacturing Inc. (US), and CHT Germany GmbH (Germany). The global market is highly consolidated with top players accounting for major share.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it