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Silicone Elastomer Market Expected to Exceed US$ 10.6 Billion by 2033 with a 6.7% CAGR

In Canada, the demand for silicone-based elastomeric products is projected to grow at a Compound Annual Growth Rate (CAGR) of 5.8% through 2033. This growth is closely tied to Canada’s emphasis on energy efficiency and sustainability in building design and construction.

NEWARK, Del, Oct. 20, 2023 (GLOBE NEWSWIRE) — The silicon elastomer market size is projected to surpass US$ 5.5 billion in 2023 and is likely to attain a valuation of US$ 10.6 billion by 2033. The silicon elastomer market share is expected to rise at an astounding CAGR of 6.7% from 2023 to 2033.

Silicon elastomers are being utilized to make ultra-compact and flexible components for wearable gadgets, IoT sensors, and other small electronic items as the electronics industry continues to miniaturize. The quest for smaller, lighter, and more flexible electronic gadgets drives this trend.

Silicon elastomers utilized in healthcare applications are changing to fulfill ever-increasing biocompatibility requirements. The development of silicon elastomers suited for long-term implantation, tissue engineering, and drug delivery systems is becoming increasingly important.

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Companies are concentrating on producing new silicon elastomer formulations with exact characteristics to fulfill the demands of certain industries. Customization is becoming a popular trend, catering to applications in industries such as healthcare, aerospace, and electronics.

The market has a strong drive for sustainability and environmental responsibility. Manufacturers are working on environmentally friendly silicon elastomers that are recyclable or derived from renewable sources. This tendency is consistent with global initiatives to lessen material’s environmental imprint.

Silicon elastomers are becoming more popular in applications that demand toughness in harsh conditions. This includes deep-sea research, space missions, and the car industry for adverse weather conditions.

Key Takeaways from the Silicone Elastomer Market Report:

  • In 2018, the global market size stood at US$ 4.6 million.
  • The market size expanded at a 3.1% CAGR from 2018 to 2022.
  • In 2022, the global market size stood at US$ 5.2 million.
  • LSR product segment occupied 61.3% of the market shares in 2023.
  • Construction applications captured 42.8% of the silicone elastomer market share in 2023.
  • The market in Canada will rise at a 5.8% CAGR through 2033.
  • The market in Germany will develop at a 4.0% CAGR through 2033.
  • The silicone elastomer market in France will rise at a 4.9% CAGR through 2023.
  • The silicon elastomer market in India will thrive at a 7.9% CAGR through 2033.

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Note from the Analysts:

“The silicon elastomer market is poised for significant development, propelled by a relentless quest for innovative, sustainable, and tailored solutions. With a worldwide emphasis on environmental responsibility and technological improvements, the market remains a dynamic environment for firms and investors alike. Companies who can effectively combine innovation, personalization, and sustainability as the sector advances will flourish in this competitive and ever-changing environment,” says Senior Consultant Ismail Sutaria in Packaging at Future Market Insights (FMI).

Recent Developments Observed by FMI:

  • In October 2022, Wacker Chemie AG acquired a 60% stake in a Chinese specialist silane firm in order to strengthen its position in the silicone elastomers market.
  • In March 2022, Dow Inc. introduced its first low-density liquid silicone rubber (LSR) for injection molding to brand owners and formulators in Europe and North America. The material’s properties make it perfect for food dosing valves, closures, dispensers, seals, gaskets, and other food-contact applications.

Key Players in the Global Silicone Elastomer Market

  1. China National BlueStar (Group) Co. Ltd.
  2. Dow Corning Corporation
  3. KCC Corporation
  4. Mesgo S.P.A.
  5. Momentive Performance Materials Inc.
  6. Shin-Etsu Chemical Co.Ltd.
  7. Reiss Manufacturing Inc.
  8. Wacker Chemie AG
  9. Zhejiang Xinan Chemical Industrial Group Co. Ltd.
  10. Stockwell Elastomerics
  11. Specialty Silicone Products Inc.

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Silicone Elastomer Market Segmentation

By Product:

By Application:

  • Electrical & Electronics
  • Automotive & Transportation
  • Industrial Machinery
  • Consumer Goods
  • Construction
  • Others

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East & Africa (MEA)

Author

Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.

Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics. 

Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show – Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.

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About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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Originally published at https://www.einpresswire.com/article/663120326/silicone-elastomer-market-expected-to-exceed-us-10-6-billion-by-2033-with-a-6-7-cagr-future-market-insights-inc

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