According to Data Bridge Market Research new Market report, global silicone elastomers market will account to an estimated USD 5.80 billion in 2017 growing at a CAGR of 6.3% during the forecast period of 2018 to 2025.
Global Silicone Elastomers Market
Silicone elastomers are chemical materials that have enhanced and superior characteristics like ability to withstand extreme temperatures, extreme environmental conditions and ability to hold their shape. They are found in a number of forms such as foam, sponge or even in solid form. Due to their superior characteristics they found their uses and application in a number of different industries.
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Global silicone elastomers market is segmented on the basis of type, process, end use industry and geography.
By Type (High Temperature Vulcanized, Liquid Silicone Rubber, Room Temperature Vulcanized), Process (Extrusion, Liquid Injection Molding, Injection Molding, Compression Molding, Others), End Use Industry (Automotive & Transportation, Electrical & Electronics, Healthcare, Consumer Goods, Industrial Machinery, Others) and Geography (North America, South America, Europe, Asia-Pacific, Middle East & Africa)
FACTORS DRIVING GROWTH IN SILICONE ELASTOMERS MARKET
High levels of R&D expenditure by the governments of various countries
According to OECD (Organisation For Economic Co-Operation And Development), there has been a rise in gross domestic expenditure on R&D for medical and healthcare from the governments of various countries, thereby having a positive effect on the growth of the market and with this factor acting as a driver the market is expected to undergo a rise in its market value.
Due to added benefits of silicone elastomers in the products for the healthcare segments the market is expected to undergo a rise in its market value due to the increase in levels of expenditure carried out in the healthcare industry by the various government institutes.
Few of the major competitors currently working in the silicone elastomers market are The Dow Chemical Company, Momentive, Wacker Chemie AG, Shin-Etsu Chemical Co. Ltd., Mitsubishi Chemical Corporation, KCC CORPORATION., China National Bluestar (Group) Co Ltd., REISS MANUFACTURING INC., MESGO S.p.A., Zhejiang Xinan Chemical Group Co. Ltd., Specialty Silicone Products Inc., Bentec Medical, Rogers Corporation, ALLERGAN, ELMET, Cabot Corporation, Marsh Bellofram Group of Companies, Akzo Nobel N.V., SIGMA Engineering GmbH, Saint-Gobain, STOCKWELL ELASTOMERICS INC., ContiTech India Pvt. Ltd. and Quantum Silicones LLC – a CHT Group Company.
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