Silicone elastomers are cross-linked synthetic polymers that exhibit rubber-like properties through the reactive bonding between silicon atoms and organic side chains. They are characterized by their flexibility, resilience, and electrical insulation over a wide range of temperatures. Silicone elastomers find extensive usage in medical devices due to their biocompatibility and stability. They are commonly used to produce components for orthopedic braces, prosthetics, catheters, tubes, sheets, wound care products, and medical implants. Growing geriatric population susceptible to chronic diseases and increasing healthcare spending have propelled the demand for advanced medical devices, driving the uptake of silicone elastomers in their manufacturing.
The global silicone elastomers market is estimated to be valued at US$ 10.1 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Healthcare Emerging as Major End-Use Sector
One of the primary drivers for the silicone elastomers market is the flourishing healthcare sector.silicone elastomers are increasingly replacing other materials in medical devices due to their advantageous properties such as flexibility, resilience, and biocompatibility. They confer comfort and durability to orthopedic implants, prosthetics, wound care dressings, and catheters. Silicone elastomers have excellent resistance to moisture, temperature fluctuations, and UV radiation, retaining their elasticity over long periods of use. These attributes have spurred their adoption in healthcare applications over the past few years. Growth in geriatric population, increasing incidence of lifestyle diseases, and improving access to healthcare in emerging nations are some key factors propelling the demand from the healthcare industry.
Segment Analysis
The global silicone elastomers market is segmented on the basis of product type and end use industry. Based on product type, the market is segmented into Liquid Silicone Rubber (LSR), High Consistency Rubber (HCR), and Room Temperature Vulcanization (RTV). The LSR sub segment dominates the market as LSR products offer benefits such as resistance to high and low temperatures, high purity levels, excellent flexibility, and fast curing properties. Based on end use industry, the market is segmented into automotive & transportation, healthcare, electrical & electronics, consumer goods, and others. The automotive & transportation sub segment dominates due to wide use of silicone elastomers in manufacturing automotive parts like seals, gaskets, hoses due to their heat and chemical resistance properties.
PEST Analysis
Political: No major political factors affecting the market growth.
Economic: Rising disposable incomes and growing automotive sector in developing nations driving the demand for silicone elastomers used in automotive parts manufacturing.
Social: Increasing consumer preference for automotive parts made from high quality materials further propelling the market growth.
Technological: Advancements in LSR material technologies helping develop silicone components with enhanced properties suited for various applications in industries like automotive, healthcare etc.
Key Takeaways
The Global Silicone Elastomers Market Share is expected to witness high growth over the forecast period of 2023 to 2030.
Regional Analysis: The Asia Pacific region is expected to be the fastest growing as well as dominating region owing to presence of large automotive hubs and expanding manufacturing sector in countries like China and India.
Key players operating in the silicone elastomers market are Neuralink Corporation, Neurable, Emotiv Inc., BitBrain, Alpha Omega, Blackrock Microsystems, LLC, Femtonics Ltd, NeuroNexus, Opto Circuits (India) Limited, BIOTRONIK, Plexon Inc., Noldus Information Technology, NextMind, Nectome, and Paradromics. Neuralink Corporation dominates the market with innovations in LSR material science allowing development of custom silicone elastomers catering to specific application requirements of automotive and healthcare industries.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it