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Extensive usage across the healthcare sector to foster global silicone elastomers market size through 2023

Author : Ravi Chawat | Published Date : 2020-10-07 

Extensive application in the construction sector is anticipated to fuel the growth of global silicone elastomers market over the forthcoming years. Silicone elastomers are used for structural glazing and as a sealant in the construction sector. In fact, the product’s application in the construction industry accounts for more than 40% of the overall market share.

A research led by Global Market Insights, Inc., estimates that the global silicone elastomers market might exceed a valuation of $12 billion through 2023.

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However, the coronavirus pandemic, that is currently impacting businesses worldwide, could act as a major factor refraining market growth. COVID-19 has affected almost every industry including the construction, electronics, and automotive industry. Apart from this, heavy cost of silicone elastomers would likely impact its demand across numerous sectors.

Extensive use in the automotive sector

Silicone elastomers are gaining immense traction in the automotive sector. This growth can be attributed to the product’s ability to resist high temperature, making its application vital in vibration dampers and gaskets. Surge in vehicle manufacturing across regions like Eastern Europe and Asia is likely to offer new growth opportunities for silicone elastomers suppliers.

Profound application in the healthcare sector

Silicone elastomers is used in the healthcare sector across applications such as textile coatings, aesthetic masks, instruments, membranes, tubing, medical cables, etc. Rise in R&D investments in the healthcare sector would play a crucial role in augmenting the demand and deployment of silicone elastomers. Use in gaskets and O-rings would further complement product penetration in the healthcare sector.

Growing demand across the Asia Pacific

Asia Pacific silicone elastomers market is projected to exhibit momentous growth through the forthcoming years, primarily due to the region’s increasingly expanding industries such as healthcare, electronics and electrical, industrial machinery, automotive, consumer goods, etc. Studies suggest that the region may register industry share of over 50% over the coming years. While the market is projected to grow at a healthy CAGR of 5.9% through 2023.

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On a global scale, major industry players are putting in their best to come up with new product innovations to increase their deployment and gain an edge over competitors. Citing an instance, in December 2019, Kraiburg, a renowned German company creating and marketing elastomers, announced that it has developed recyclable and non-toxic elastomers. These elastomers can be used across wide range of toys such as technical toys, electronic toys like the 3D Model, model building kits, etc. 

The competitive landscape of the silicone elastomers market is inclusive of players such as Shin-Etsu Chemical Co.; Ltd, KCC Corporation, Dow Corning Corporation, Wacker Chemie AG, and Momentive Performance Materials Inc. among others.

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About Author

Ravi Chawat

Ravi Chawat

Ravi Chawat holds a bachelor's degree in Electronics and Telecommunication Engineering. He has worked closely with industry specialists from different segments including chemicals, food and beverages, construction and manufacturing & energy and power. Ravi's article concentrates principally on balancing relevant data but never at the expense of making the content engaging. He believes in giving fair-minded information to guide significant business choices. [email protected] | https://twitter.com/RaviChawat

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