Global Silicone Elastomers Market growing at 7.6% CAGR up to 2023

Silicone Elastomers Market size was over USD 7 billion for 2015 and is anticipated to expand at a CAGR of 7.6% during the forecast period. LSR (Liquid Silicone Rubber) is anticipated to expand at a CAGR of 7.2% in terms of value in the forecast period. 

Silicone Elastomers Market size is set to exceed USD 12 billion by 2023; as reported by a new study from Global Market Insights, Inc.

Browse this research report@ https://www.gminsights.com/industry-analysis/silicone-elastomers-market

These are extensively used as an adhesive in electrical & electronics industry. The rise in the demand of electronic gadgets and devices especially cellular phones and other portable electrical products is anticipated to boost global silicone elastomers market consumption.

U.S. Silicone Elastomers Market size, by application, 2013-2023 (USD Million)

Widespread use construction industry as a sealant and structural glazing has been a strong growth factor. 

The ability to resist high temperature makes these polymers suitable to be used across gaskets and vibration dampers in vehicles. Positive vehicle production outlook across Eastern Europe, India, China and South Korea could see a significant advantage for silicone elastomer market participants.

Healthcare industry is another upcoming application segment of silicone elastomers, and is used in the applications like textile coatings, instruments, anesthetic masks, membranes, medical cables, tubing etc. Strong R&D investment trends across the healthcare space are likely to translate into revenue potential for the silicone elastomers market. O-rings and gaskets are another avenue offering strong growth potential for manufacturers. 

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https://www.gminsights.com/request-sample/detail/361

Key insights from the report include:

Asia Pacific is the leading region in the global silicone elastomers market and is anticipated to maintain its market share during the forecast period. This contribution of Asia Pacific is attributed to the booming industries in the region such as electronics & electrical, automotive, healthcare, industrial machinery, consumer goods etc. Asia Pacific is anticipated to expand at a CAGR of 5.9% in terms of volume with a market share of more than 50%.

Europe silicon elastomers market is anticipated to contribute more than USD 1 billion in revenue, driven by the well-established German automobile industry. There is also decent growth across electronic gadgets, construction and industrial machineries.

High Temperature Vulcanized (HTV) is used for high temperature applications such as in vibration dampers and gaskets in automobiles. Also, it is having a wide application in industrial machineries and some healthcare devices.

LSR (Liquid Silicone Rubber) is another significant product used as an adhesive in electronics and electrical equipments industry. LSR was valued as more than USD 2.0 billion in 2015 and is estimated to expand at a CAGR of 7.9%.

Construction industry is the most dynamic application avenue for the silicone elastomer market, which are used in sealants and structural glazing. These applications are responsible for more than 40% of global consumption.

Major manufacturing companies include Momentive Performance Materials Inc., Wacker Chemie AG, Dow Corning Corporation, KCC Corporation, Shin-Etsu Chemical Co. Ltd. 

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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