Silicone Elastomers Industry Forecasted to Reach $13.5 Billion by 2027
The silicone elastomers industry is projected to reach USD 13.5 billion by 2027, at a CAGR of 7.4 % from USD 9.4 billion in 2022. The growth is largely driven by factors such as high demand from industries such as healthcare and electrical & electronics. The growing demand for consumer goods and the emerging markets like e-mobility are expected to provide growth opportunities for players in the silicone elastomers market.
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The key players in this market are Dow Inc. (US), Wacker Chemie AG (Germany), Momentive Performance Materials Inc. (US), Shin-Etsu Chemical Co., Ltd (Japan), China National Bluestar (Group) Co., (China), among others. Players in the silicone elastomers market are adopting both organic and inorganic growth strategies in order to grow their regional and global presence within the market. These major players are continuously developing new products to cater to their customer needs. They are also aggressively acquiring other small companies to increase their market share within the global silicone elastomers market.
Dow Inc. (US) is one of the leading players in global silicone elastomers market. It is the most innovative company in the world and provides sustainable solutions in plastics, industrial intermediates, coatings and silicone businesses. Dow Inc. offers silicone elastomers under the brand names DOWSIL and SILASTIC. It caters to diverse needs of customers in industries including building and infrastructure; consumer and electronics; industrial and chemical processing; mobility and transportation; home care; and personal care. The company offers all types of silicone elastomers solutions i.e., high temperature vulcanized, room temperature vulcanized and liquid silicone rubber. As part of its growth strategy, Dow Inc. continuously innovating new technology and entering emerging markets which is helping enhance the sales. The company is focusing on investing in high-growth markets and sub-markets. Through its extensive R&D department, the company is developing new solutions to cater to the growing needs of its customer.
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Wacker Chemie AG (Germany) is a global specialty chemicals manufacturer. It is a dominant player within silicone elastomers market. The company’s portfolio includes more than 3,000 products which are supplied in over 100 countries. It operates business through five reportable segments, namely silicones, polymers, biosolutions, polysilicone, and others. Silicon-based products account for approximately 65% of company’s sales. Business segment silicones has the broadest range of products with around 2,800 silicone products in seven groups, namely, silanes, siloxanes, silicone fluids, silicone elastomers, silicone emulsions, silicone resins, and pyrogenic silica. As part of its growth strategy, Wacker Chemie AG is focusing on both organic and inorganic growth strategies. It is also capitalizing on its strong R&D capability to consolidate its position in the silicone elastomers market. In October 2021, Wacker Chemie AG acquired 60% stake in Chinese specialty silane manufacturer to strengthen its silicone business.
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