The Global Silicone Elastomers Market is accruing pervasively mainly due to the market penetration of 3D printing and usages of these elastomers in the field. Advantageous properties exhibited by Silicone Elastomers such as resistance to intense heat (temperature), environmental resistance, and low compression set to garner more market prominence.
Industries such as automotive, electrical & electronics, and health care are the major end-user industries of the Silicone Elastomer, generating huge demand worldwide. The augmenting demand is escalating the market growth on the global platform.
Recognizing the kind of traction, the market is garnering currently, Market Research Future (MRFR) in its recently published study report asserts that the Global Silicone Elastomers Market is estimated to ascend enormously by 2023 registering a phenomenal CAGR during 2017 to 2023.
Additional factors supporting the market growth include increasing population, industrialization, and urbanization. Improving economic conditions worldwide foster the market growth, increasing consumers’ purchasing power. Simultaneously increasing applications of Silicone Elastomers in the healthcare industry for manufacturing the medical devices and other products such as surgical devices, medical tubing, catheters, and keypads of medical equipment support the market growth.
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On the other hand, poor abrasion and oil and petroleum resistance properties of Silicone Elastomers inhibit its market growth, restricting its usages. Nevertheless, the cost-effectiveness of the silicone would keep the demand for silicone elastomer up and help to propel the market growth during the forecast period.
Industry/ Innovation/ Related News:
September 18, 2018 – Wacker Chemie AG (Germany), one of the leading global chemical company announced its expansion in the North American markets for silicon Elastomers. The company will be opening its first regional 3D printing lab in Ann Arbor, Michigan at the end of 2018. The new facility will provide ACEO silicone rubber 3D printing services.
North America being the largest and most dynamic market for 3D printing and the new tailor-made silicone elastomers with high UV resistance, and thermal stability is used for ACEO 3D printing which will surely benefit the company.
September 25, 2018 – ETH Zurich (Switzerland), launched its high-precision SLA 3D printing silicone service geared towards meeting the production needs of multiple vertical markets. The company can bring industrial-scale silicone 3D printing to the mass market. Powering this service is a VAT photopolymerization process and patent-pending materials technologies.
Global Silicone Elastomers Market – Regional Analysis
The Asia Pacific region is the largest and the dynamic market for Silicone Elastomers in terms of size and revenues. The presence of a wide industrial base in countries such as China, Thailand, and India alongside the burgeoning automotive industry is influencing the market growth in the region. Improving economic conditions are factoring the growth environment for the market. The constant rise of the automobile sector is projected to continue to fetch a major share of the silicone elastomer demand in this region.
The North American region accounts for the second most significant market for silicone elastomer, following the Asia Pacific closely. The burgeoning electrical and electronics industry in the region with its rising demand for consumer electronic devices predominantly drives the market growth. Furthermore, the increasing demand from the automotive industry is a key force acting as a tailwind to the market growth. In the transportation sector, aircraft and automotive industry are the two dominant segments consuming a major share of the total demand for silicone elastomer.
The European region is emerging as a lucrative market for Silicone Elastomer, globally. The demand is majorly pulled by the automobile industry in the region owing to the demand for high energy-efficient and lightweight vehicles. Moreover, the proliferating healthcare industry backed by the increasing healthcare expenditures and the resurging economy is propelling market growth.
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