The size of the silicone elastomers market at a projected $8,3445 million in 2021, which will advance at a growth rate of almost 8% in the near future, to reach about $16,425 million by 2030. The industry is driven by the high requirement for silicone elastomers in the electrical & electronics sector, their better properties, and an elderly population, which is powering product requirements in the healthcare sector.
In 2021, construction had the largest share, at 42%, and it will maintain this position in the years to come. Silicone elastomers play an indispensable role in a diversity of building materials and equipment, like assembled building elements. Since the emphasis on enhanced construction eminence is rising, the competition is increasing in a more and more price-sensitive market. Concurrently, building companies must keep to the ever-stricter construction quality guidelines.
The silicone elastomers market is likewise driven by the high demand for these materials from the electronics and electrical industry. A diversity of grades is offered to offer flame retardation, heat resistance, low volatility for delicate components, protection from moisture, as well as adhesion to the variability of surfaces.
The Europe silicone elastomers market region held the largest share at around 35%, in 2021. The trend of plummeting the weight of the vehicles mainly driving the market. Silicone elastomers have the capability to supplement metals and other materials in vehicles, thus lowering their weight and improving fuel efficacy, and, eventually, lowering the emission of numerous pollutants, primarily CO2. Silicones retain their properties and, more importantly, guarantee that vehicles, aircraft, ships, and trains run efficiently and safely for long.
The increasing demand for elastomers is increasing in different industries, and other than that, there are various technological advancements as well.
