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Silicone Elastomers Industry Displays An Oligopolistic And Consolidated Nature

The global silicone elastomers market size is expected to reach USD 12.5 billion by 2030, according to a new study by Grand View Research, Inc. The market is projected to advance at a CAGR of 10.3% from 2022 to 2030. Silicone elastomers have widespread applications in the medical and healthcare industry. Starting from medical equipment to drug delivery systems, silicone elastomers have gained acceptance in this industry fairly rapidly. Such acceptance can be attributed to favorable properties such as inertness, high permeability, easy processing, and low toxicity

Industry is facing a number of challenges, The COVID-19 pandemic has halted manufacturing activities of end-use industries, low demand in developed economies along with high price of raw materials have affected sales of silicone elastomer. The growing population, rising disposable income, and rapid industrialization and urbanization in the developing regions are some of the key factors that are presumed to drive the regional markets. R&D initiatives to develop superior-quality robust products that have a wide application base across diverse industries offer ample opportunities for market development.

A surge in demand for properties such as extended lifetime, efficient performance over a wide range of temperatures, low toxicity, low flammability, low smoke density, inertness to chemicals & solvents, oil & fuel resistance, and high productivity is anticipated to be beneficial for the overall market advancement. The increasing scope of silicone elastomers in the healthcare industry is expected to have a positive impact on the market.

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Some of the notable applications of silicone elastomers in the medical industry include catheters, tubing, medical cables, seals & gaskets, membranes, O-rings, valves, respiratory care applications, anesthetic masks, medical instruments & equipment, and medical textile coatings. Such a wide range of applications is touted to create ample opportunities for the silicone elastomers industry in the coming years.

The market for silicone elastomers has been classified into three segments, on the basis of product, application, and region. Major silicone elastomer products include high-temperature vulcanize (HTV), room temperature vulcanize (RTV), and liquid silicone rubber (LSR). HTV has dominated the market demand in the last few years. Room temperature vulcanize is slated to witness the highest growth rate during the forecast period.

Some of the prominent applications of silicone elastomers include electrical & electronics, automotive & transportation, industrial machinery, consumer goods, and construction, among others. The construction application segment dominated the global market in 2021, ahead of the automotive, and electrical & electronics segments. Other applications such as medical & healthcare and cosmetics are anticipated to experience the highest CAGR during the forecast period.

The silicone elastomers industry displays an oligopolistic and consolidated nature. The industry is characterized by mergers & acquisitions. The industry exhibits a fairly high threat of new entrants and a low threat of substitutes.

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Grand View Research has segmented the global silicone elastomers market on the basis of product, application, and region

on August 10 at 12:08

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