The silicone elastomers market is projected to grow from USD 6.38 billion in 2017

Posted on: Nov-2017

The increasing use of silicone elastomers in various end-use industries is driving the silicone elastomers market across the globe. The silicone elastomers market is projected to grow from USD 6.38 billion in 2017 to USD 8.81 billion by 2023, at a CAGR of 6.7% between 2017 and 2023. The superior properties of silicone elastomers, aging population fueling the demand from the healthcare industry, and high demand for silicone elastomers from the electrical & electronics industry are driving the silicone elastomers market across the globe.

On the basis of type, the HTV segment accounted for the largest share of the silicone elastomers market in 2017, in terms of both volume and value. 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.

The liquid injection molding process segment of the silicone elastomers market is projected to register the highest CAGR between 2018 and 2023, in terms of both volume and value. 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.

On the basis of end-use industry, automotive & transportation is the largest segment of the silicone elastomers market, in terms of both volume and value. Silicone elastomers are widely used in the automotive & transportation industry for the manufacturing of spark plug boots, connector seals, turbocharger hoses, silicone wiper blades, gaskets, and ignition cables. The use of these elastomers has revolutionized the designing and manufacturing process in the automotive & transportation industry.