Silicone Elastomers Market Size & Forecast

The Silicone Elastomers Market is expected to reach $15.1 billion by 2031, at a CAGR of 7.9% from 2024 to 2031. The growth of this market is attributed to the increasing utilization of silicone elastomer in medical devices, developments in Materials science, and high demand for silicone elastomer in the electrical & electronic industry. Moreover, the integration of silicone elastomer with IoT devices and increasing demand for silicone elastomer for automobiles are expected to offer growth opportunities for the players operating in this market.

Silicone Elastomers Market Growth Drivers

Increasing Utilization of Silicone Elastomers in Medical Devices

Silicone elastomers are becoming increasingly popular in the medical device industry due to their unique combination of properties that are suited for a wide range of applications. Liquid silicone rubber (LSR) products are pumpable thermoset silicone elastomers that can be processed by molding equipment. Their relatively low viscosity makes them ideal for intricate designs and close-tolerance parts. Silicone elastomers are used to make a variety of implantable devices, such as catheters, breast implants, and heart valves. They are non-toxic and are unlikely to cause irritation when implanted in the body. Silicone elastomers are resistant to a wide range of chemicals, including acids, bases, and solvents. Thus, they are used in devices that will be exposed to bodily fluids or other harsh chemicals. Various companies offer a broad range of uncatalyzed and platinum-catalyzed silicones designed for the fabrication of medical devices and device components.

Organizations are also focusing on offering silicone elastomers to meet the increasing demand for medical devices. For instance, in January 2022, B9Creations (U.S.) launched BioRes–Silicone, an elastomeric resin to customize medical and consumer tech applications for comfortable skin contact products, such as headphones, hearing aids, wristbands, attachments for wearables, and medical devices. Thus, the increasing utilization of silicone elastomers in medical devices is expected to continue in the coming years, driven by the growing demand for safe, effective, and long-lasting medical devices.

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Development in Materials Science

Materials science is a rapidly evolving field that is constantly innovating and developing new innovative materials. Advancements in materials science offer new ways to manufacture silicone elastomers for faster curing times, reduce energy consumption during production, and reduce costs. Materials science advancements allow for the creation of new fillers, additives, and curing agents for silicone elastomers. Research and innovations in materials science offer new opportunities and functionalities for silicone elastomers, such as:

• Self-healing properties to extend product life

• Integration with conductive or magnetic properties
• Development of biocompatible and bioactive properties for tissue engineering
• Better biocompatibility for medical applications

Materials science allows modifications to make silicone more biocompatible for medical applications. It helps to create custom formulations for silicone elastomers with specific performance needs. This allows manufacturers to cater to diverse applications across various industries. Such factors and the ongoing development are driving the growth of silicone elastomers market use across various industries.

Silicone Elastomers Market Trends

Additive Manufacturing

Additive manufacturing (AM), also known as 3D printing, is a developing field for silicone elastomers. Additive manufacturing offers manufacturers design freedom, rapid prototyping, and the potential for multi-material printing. It also helps manufacturers to make complex geometries, intricate details, and even internal lattices for various applications. Multiple silicone materials with different properties can be integrated into a single design using additive manufacturing. It also enables faster design iteration and product development for silicone parts.

Organizations and researchers are exploring additive manufacturing for bioprinting with silicone-based bioinks to create scaffolds for tissue engineering and regenerative medicine. Additive manufacturing also eliminates the need for expensive molds, especially for low-volume production and customized parts. This reduces upfront costs and production time significantly. Thus, the increasing trend of additive manufacturing further supports the demand for silicone elastomers.

Silicone Elastomers Market Opportunity

Integration of Silicone Elastomer with IoT Devices

With the development of IoT technology, the innovative applications for silicone elastomers is also increasing. Silicone elastomers offer various properties that make them highly attractive for integration with Internet of Things (IoT) devices. The elastomeric properties of silicone make it ideal for manufacturing electronic components within IoT devices. This protects them from shock, vibration, and moisture access.

Silicone is biocompatible and is used to make wearable IoT devices such as fitness trackers, smartwatches, and other wearables to minimize the risk of irritation or allergic reactions. Silicone elastomers are used in medical devices to monitor vital signs or deliver medication due to their biocompatibility and comfort.

Organizations are offering IoT devices by using silicone elastomers for various sectors. For instance, in April 2024, Silicon Laboratories (U.S.) launched BG22E, MG22E, and FG22E series energy-efficient wireless SoCs for developing energy-harvesting devices. All three SoCs will enable IoT device makers to build high-performance, Bluetooth Low Energy (LE), 802.15.4-based, or Sub-GHz wireless devices for battery-optimized and battery-free devices. Such developments support the integration of silicone elastomers in IoT devices and offer growth opportunities for the silicone elastomers market.

Increasing Demand for Silicone Elastomer in Automobiles

The shift towards electric vehicles (EVs) is a major driver supporting the growth of the silicone elastomers market. Silicone elastomers are used in various EV components, such as battery systems, charging infrastructure, and thermal management solutions. The features such as heat resistance, electrical insulation, and sealing capabilities of silicone elastomers make them ideal for these EV applications. Government bodies are implementing stricter regulations on vehicle emissions. Silicone elastomers help meet these standards by contributing to lighter-weight vehicles and improving fuel efficiency.

Manufacturers are launching silicone elastomers to use in car engines and other parts due to their higher durability that withstand extreme temperatures, vibrations, and chemicals. For instance, in December 2022, The Dow Chemical Company (U.S.) launched the SILASTIC SA 994X Liquid Silicone Rubber (LSR) series to use for multiple automotive applications such as connector seals, battery vent gaskets and radiator gasket seals for electric and hybrid vehicles.

Silicone Elastomers Market Analysis: Key Findings

By Type: In 2024, the High-temperature Vulcanize (HTV) Segment to Dominate the Silicone Elastomers Market

Based on type, the silicone elastomers market is segmented into room-temperature vulcanize (RTV), liquid silicone rubber (LSR), and high-temperature vulcanize (HTV). In 2024, the high-temperature vulcanize (HTV) segment is expected to account for the largest share of above 52% of the silicone elastomers market. The large market share of this segment is attributed to the advancements in manufacturing technologies; increasing demand for HTV in various industries such as automotive, aerospace, healthcare, and electronics, where high temperatures are prevalent; and increasing use of HTV for manufacturing of gaskets, seals, and components in engines and appliances in the electronics industry. The demand for HTV continues to increase as industries continue to prioritize safety, efficiency, and durability in their products and processes.

However, the liquid silicone rubber (LSR) segment is projected to register the highest CAGR during the forecast period. The segment's growth is attributed to the innovations and development in materials science, increasing demand for biocompatible material, and increasing high-volume production of complex parts in the automotive, healthcare, and electronics sectors. In March 2021, The Dow Chemical Company (U.S.) launched low-density liquid silicone rubber (LSR) for injection molding for various applications such as food dosing valves, closures, dispensers, seals, gaskets, and food contact applications in Europe and North America.

By Process: In 2024, the Molding Process Segment to Dominate the Silicone Elastomers Market

Based on process, the silicone elastomers market is segmented into extrusion process, molding process, calendaring process, and other processes. In 2024, the molding process segment is expected to account for the largest share of above 45% of the silicone elastomers market. The large market share of this segment is attributed to the increasing demand for LSR injection molding for the creation of complex parts, advancements in molding technologies and materials science, and the growing demand for molding process for mass production of silicone elastomer parts across various industries. Moreover, this segment is also projected to register the highest CAGR during the forecast period.

By End-use Industry: In 2024, the Electrical & Electronics Segment to Dominate the Silicone Elastomers Market

Based on end-use industry, the silicone elastomers market is segmented into automotive, aviation & aerospace, consumer goods, electrical & electronics, healthcare, energy, industrial machinery, construction, and other end-use industries. In 2024, the electrical & electronics segment is expected to account for the largest share of above 35% of the silicone elastomers market. The large market share of this segment is attributed to the increasing use of silicone elastomers for manufacturing various components such as power supplies, circuit boards, and LED lighting components; increasing demand for high-performance and reliable electronic devices; and growing trend towards smaller and more compact electronic devices. Manufacturers are integrating multiple functions in electronic devices and encapsulating silicone elastomers for protection against shock, vibration, and environmental factors. Certain formulations offer inherent fire resistance, providing an extra layer of safety in electronics prone to overheating.

However, the healthcare segment is projected to register the highest CAGR during the forecast period. The segment's growth is attributed to the increasing demand for biocompatible material for medical devices, increasing use of silicone elastomers to create controlled-release drug delivery devices to slowly release medication into the body, and increasing demand for silicone elastomers for various implants, such as breast implants, heart valves, and stents. Silicone elastomers are non-toxic and are unlikely to cause irritation when implanted in the body. In April 2023, DuPont de Nemours, Inc. (U.S.) launched Liveo Silicone Elastomer Blends to meet the growing consumer demand for products that address a range of troubling skin conditions such as scars, actinic keratosis, atopic dermatitis, psoriasis, and other skin conditions.

Geographical Analysis

In 2024, the Asia-Pacific Region to Dominate the Silicone Elastomers Market

In 2024, Asia-Pacific is expected to account for the largest share of above 53% of the silicone elastomers market. The market growth in Asia-Pacific is driven by the rapid economic development in Asian countries, particularly China and India, the growing healthcare industry in the region, the increasing use of silicone elastomer in the construction sector, and increasing adoption of silicone elastomers across various industries in countries such as South Korea, Japan, and Southeast Asian countries. China has become a major manufacturing hub for various industries that use silicone elastomers. For instance, in September 2023, Wacker Chemie AG (Germany) expanded its specialty silicone manufacturing capacities in China to manufacture functional silicone fluids, silicone emulsions, and silicone elastomer gels. Moreover, this region is also projected to record the highest CAGR of above 9% during the forecast period.

Silicone Elastomers Market: Key Companies

The report offers a competitive analysis based on an extensive assessment of the leading players’ product portfolios, geographic presence, and key growth strategies adopted in the last 3–4 years. Some of the key players operating in the silicone elastomers market are Momentive Performance Materials, Inc. (U.S.), China National Bluestar (Group) Co, Ltd. (China), The Dow Chemical Company (U.S.), Shin-Etsu Chemical Co., Ltd. (Japan), Wacker Chemie AG (Germany), DuPont de Nemours, Inc. (U.S.), Specialty Silicone Products, Inc. (U.S.), Reiss Manufacturing, Inc. (U.S.), MESGO S.p.A.(Italy), Rogers Corporation (U.S.), Stockwell Elastomerics, Inc. (U.S.), Zhejiang Xinan Chemical Industrial Group Co., Ltd. (China), Marsh Bellofram Group of Companies (U.S.), Cabot Corporation (U.S.), and CHT Germany GmbH (Germany).

Silicone Elastomers Industry Overview: Latest Developments from Key Industry Players

• In January 2024, SIGMA Engineering GmbH (Germany) partnered with Momentive Performance Materials, Inc. (U.S.) to optimize material data for silicone elastomers.

• In March 2023, Shin-Etsu Chemical Co., Ltd. (Japan) launched KE-5641-U, a new silicone rubber for molding high-voltage cables used in automobiles.

• In March 2023, Wacker Chemie AG (Germany) launched silicone elastomer gels and gum blends BELSIL EG 3000, BELSIL eco EG 3001, BELSIL eco DM 3096, and BELSIL GB 3010 for the cosmetics and hair-care industries.

Silicone Elastomers Market Research Summary

Key questions answered in the silicone elastomers market report: